Millions of Bankruptcies were filed in the US last year, and over 200,000 bankruptcies were filed in California alone. With so many homeowners underwater and with uncontainable debt, Chapter 13 has been a way to save homes for many families and restructure their debt. The main reason this particular chapter often saves homes is Chapter 13 bankruptcy can often stop foreclosure.
We learned from a local attorney that in California, under Chapter 13 homeowners are allowed to keep their property, but they must repay all or a portion of their debts over a set time period. Chapter 7 allows individuals to eliminate much of their debt by liquidating non-exempt property to repay creditors. The bankruptcy laws vary for businesses, so check the laws in your state.
Residents of the Golden State, specifically in the San Diego County area seeking a bankruptcy lawyer may find San Diego bankruptcy attorney Craig Trenton a viable advocate to help get a handle on overwhelming financial matters. We found out that attorney Craig Trenton would give free bankruptcy consultations to homeowners struggling in the San Diego Area. Many of these stressed homeowners may benefit from his Chapter 13, home saving strategy.
We also learned that underwater and overwhelmed homeowners often use Chapter 13 bankruptcy, and it may just work in your city and state as well. Many homeowners have experienced financial difficulties as a result of unexpected circumstances. Most creditors will not wait for a person’s financial situation to improve as their bills accumulate, in many of these cases, bankruptcy may be a viable option. Bankruptcy permits individuals and businesses to legally reduce, restructure or completely wipe out their debts, provided they meet stringent and specific requirements.
A chapter 13 may be just the tool needed to STOP Foreclosure on your home! Don’t let the banks bully you, get an attorney and fight back!