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BANKRUPTCY DOES NOT HAVE TO BE OVERLY EXPENSIVE OR TIME CONSUMING. IT JUST NEEDS TO BE DONE CORRECTLY THE FIRST TIME.
Call Us Today
(559) 385-2586

Chapter 13

One of the main benefits to filing a Chapter 13 bankruptcy is that it protects your assets from being seized and liquidated by creditors.  A person filing Chapter 13 bankruptcy requires that the person file a plan in which you propose to pay your creditors over a period of time, while still being allowed to keep your property.

BANKRUPTCY DOES NOT HAVE TO BE OVERLY EXPENSIVE OR TIME-CONSUMING. IT JUST NEEDS TO BE DONE CORRECTLY THE FIRST TIME. 

No Bailout For You?

Chapter 13 Bankruptcy allows a person to consolidate their debt while making affordable payments to a Chapter 13 Bankruptcy Trustee. A payment plan is proposed, which repays in whole or in part the total indebtedness over a three or five year period, depending on an individual’s income and expenses.  The amount of the payment depends on the following factors: monthly income, monthly expenses, and the amount and nature of the debt, and the nature and extent of one’s assets.

The most common reasons a person files Chapter 13 Bankruptcy is to repay arrears on an individual’s home, restructuring auto loans to save the family vehicle, and retaining “non-exempt” assets.

The Bankruptcy Reform Act of 2005, requires individuals seeking bankruptcy relief, whose income is greater than their state’s median income, to file under Chapter 13 of the Bankruptcy Code. In other words, if your income is “above average” you may have to repay all or part of your debt. Depending on a number of legal rules and technicalities, your repayment plan may be 0 percent, 100 percent, or somewhere in between.

Types of Debt

There are some unsecured and secured debt limitations that may prevent a person’s eligibility to file for Chapter 13 bankruptcy.  If a person exceeds those limits or has had a previous discharge under Chapter 7 or Chapter 13, they may not be eligible to file for Chapter 13 Bankruptcy.  It is best to contact an experienced attorney to assist you with determining your eligibility.

When you file for Chapter 13, you will be required to list all of your debt.  There are several ways an individual can propose to repay their debt through a Chapter 13 Bankruptcy plan.  The Law Offices of Thomas Armstrong a Fresno Bankruptcy Attorney will develop a plan based on your situation and assist you in moving forward and reorganize your debt.


Contact Us Today, amd speak to your Fresno Bankruptcy Attorney Thomas H. Armstrong and start the road to financial freedom.