Chapter 13

Chapter 13 Bankruptcy

Chapter 13 bankruptcies differ from chapter 7 filings in that the complete elimination of debts is not the goal but instead, the reorganization of debts to meet the filer’s needs is taken in to consideration. The best way to think about a chapter 13 bankruptcy is that of a repayment plan. The term of the repayment plan can be for three to five years depending on the specific circumstances of your case.
Payments to creditors are all made to a trustee, i.e., an agent appointed by the court to receive payments on behalf of creditors. Anyone that files for a chapter 13 bankruptcy will make their installment payments directly to the trustee for the duration of their repayment plan. While chapter 13 bankruptcy does not completely eliminate debts, it does provide the filer with an alternative to ongoing financial hardships and relentless collection calls from creditors. What is more, chapter 13 bankruptcy provides for specific aspects of foreclosure relief as well.
To find out if you are a candidate for a chapter 13 bankruptcy filing free of charge, call the Law Offices Marshall E. Rosenbach today at (310) 860-4764.