Bakersfield Bankruptcy Lawyer

Chapter 13 Attorney Kern County

When people hear the term bankruptcy, they often think it means that an individual is out of money completely and must start all over again. They also imagine that all debts are forgiven. This is actually not the case for all kinds of bankruptcy. As a matter of fact, Chapter 13 is a common bankruptcy process and basically allows individuals to form payment plans with their creditors. If you are thinking of filing for Chapter 13 bankruptcy, then you should meet with an experienced Bakersfield bankruptcy lawyer before you take any steps. This is a complicated process that can be made easy with the help of an experienced bankruptcy lawyer.

Understanding Chapter 13 Bankruptcy

You may be wondering what kind of people file for Chapter 13 and if you would qualify. Many people who file for Chapter 13 are people who filed for Chapter 7 but did not have their filings approved. Chapter 7 is the liquidation bankruptcy that sells off all non-exempt property and forgives the money owed to most creditors. Many people who file for Chapter 13 are people who may not want to give up various properties they own. They may also be people who know that they will be able to pay back the money they owe in the future but cannot do so in the present.

Chapter 13 Representation for all of Kern County

When you file for Chapter 13, the court will appoint a trustee. The trustee will then collect all of the money you pay. In other words, you will no longer pay your creditors directly. Instead, you will set up a 3-5 year payment plan with the bankruptcy court. This system is very similar to loan consolidation. You pay a certain amount of the total you owe each period to the trustee. The trustee then pays the correct amounts of money to the creditors. The amount you will pay per month to the bankruptcy court depends on a number of factors, such as your monthly income, your expenses, and the amount of money you owe.

Free Consultation With An Attorney

Contact us today at 661-952-9740 for a free consultation to find out if Chapter 13 bankruptcy is your best option. We can also help to find other solutions is filing for Chapter 13 isn't the best option. If you are considering filing for relief of your debts, you should always consult with an experienced Bakersfield bankruptcy lawyer.