While Chapter 7 bankruptcy is meant for individuals who do not have enough income to cover their outstanding debts after taking care of their basic living expenses, Chapter 13 is designed to help those who have a regular income, but still require debt relief.
Chapter 13 is basically a repayment plan, or debt reorganization plan. However, in most Chapter 13 cases creditors receive less than 10% repayment on the debts. Chapter 13 provides a chance for you to establish an affordable payment plan so that you can reduce certain debts. At the California Law Offices of W. Kirk Moore, we will evaluate your situation from every angle and provide an honest appraisal. Our goal is to place you in the bankruptcy that best serves your needs and goals.
Do not confuse your Chapter 13 repayment plan with debt consolidation. Unlike debt counseling or consolidation, your Chapter 13 plan is approved by the court, which obligates your creditors to agree to its terms. You simply make payments to your bankruptcy trustee who then distributes the funds to your creditors.
Filing for bankruptcy is the only legal way to stop creditor harassment. Once you file, you benefit from the automatic stay, which prevents creditors from calling, writing or pursuing legal action against you in order to collect a debt.
Our legal team has extensive experience establishing affordable Chapter 13 plans. Our San Jose Chapter 13 bankruptcy attorney, W. Kirk Moore, has filed thousands of cases. He understands the complex regulations that govern Chapter 13. His background in finance also enables him to review complicated financial data in order to establish a plan that you can stick to over the course of three to five years.
We are committed to helping you manage your debts so you can imagine a life without financial worries. Bankruptcy is ALL we do.
Chapter 13 enables you to manage debts by placing certain arrears into your repayment plan. Successfully established, your repayment plan can allow you to:
Our legal team understands how to use Chapter 13 to address tax issues. Depending on your situation, you may be able to stop the interest and penalties associated with your income tax debt. If you meet specific requirements, you may be able to wipe away tax arrears through your Chapter 13 repayment plan.