If you are considering bankruptcy, you have several options. Under certain circumstances, the United States Bankruptcy Code allows you to obtain debt relief without liquidating your assets. As a Chapter 7 and Chapter 13 bankruptcy lawyer in San Jose, Ronda Edgar and her team of bankruptcy professionals help clients in California determine the path of least resistance in bankruptcy proceedings. She works with clients to determine their financial condition, goals and expectations and guides them through their options.
One of the biggest drawbacks to Chapter 7 liquidation – the most common form of bankruptcy – is the requirement that petitioners sell most of their assets in order to satisfy their outstanding debts. Needless to say, for many people, the prospect of losing everything they own is daunting.
Chapter 13 – also called the wage earner plan – is an option for individuals who still have a regular monthly income. Under this chapter of the Bankruptcy Code, the petitioner does not sell off his or her assets but instead enters into a three-to-five year repayment plan. If the petitioner diligently adheres to that plan and fulfills other requirements, he or she may receive a discharge of unsecured debts at the conclusion of the plan period. Moreover, filing Chapter 13 stays foreclosure proceedings and halts collection activity.
Chapter 13 is an excellent option for individuals who do not wish to sell their property. Chapter 13 is only available to individuals whose secured and unsecured debts fall below statutorily established levels. Additionally, unlike Chapter 7, Chapter 13 is only available for individuals. Business entities cannot qualify for Chapter 13 relief. A Chapter 13 bankruptcy attorney in San Jose can analyze your finances to determine if you qualify for this type of relief.
As a San Jose Chapter 13 bankruptcy lawyer, Ronda Edgar reviews her clients’ financials, advises them of their options and, should they choose bankruptcy, guides them through the process from start to finish. We are conveniently located in downtown San Jose and serve businesses and individuals throughout the Bay Area, including Sacramento, San Francisco, Oakland, Modesto and the surrounding areas. We offer flexible hours by appointment and free consultations. Call us today at 877-345-3591 or contact us online to discuss your case.
We are available to discuss your case for free in an initial consultation. During this consultation, we can discuss specifically what our team will do to move your case forward and meet your needs. Call 877-345-3591 or email today to schedule a meeting.