Stockton Bankruptcy Attorney

A Chapter 13 bankruptcy, also known as a wage earner’s plan, is a form of bankruptcy that is available to individuals, married couples, corporations and partnerships. Chapter 13 sets and enforces a repayment plan that includes installment payments over 3 to 5 years. Chapter 13 plans are generally used by individuals with significant debts, but have assets they would like to hold onto such as a home. Chapter 13 may not be the best route for certain individuals, and many low income individuals may benefit from seeking a Chapter 7 filing instead. There are many things to take into account when determining whether to file a Chapter 13 bankruptcy, and only a qualified bankruptcy lawyer in Stockton can help determine which route is best for you.

Chapter 13 Bankruptcy Eligibility

Eligibility for a Chapter 13 filing will be based upon the amount of debt the filing individual has at the time of filing. Debts are divided into two categories, secured debt and unsecured debt, and each has a different threshold:

• Secured Debt – These debts must total less than $1,150,000 – secured debt is debt secured by collateral, and includes your mortgage and any car loans
• Unsecured Debt – These debts must total less than $383,000 – unsecured debt is debt that is not secure by collateral, and includes standard credit cards

In addition to the amount of secured and unsecured debt requirements, an individual must have received credit counseling in the prior 180 days, and they could not have had a prior petition dismissed in the prior 180 days due to lack of court appearance of completion of court orders in order to file a Chapter 13 petition.

Filing Chapter 13 Bankruptcy

If you are thinking about filing bankruptcy, make sure to seek guidance from a qualified Stockton bankruptcy lawyer. In order to file any form of bankruptcy, the attorney will require some financial information to complete the necessary forms. In addition to the bankruptcy petition, and anything the court orders otherwise, you will be required to file:

• Schedule of assets and liabilities
• Schedule of current income and expenditures
• Schedule of executory contracts and unexpired leases
• Statement of financial affairs

The courts require, and expect, absolutely all of the information they request, and pleading ignorance will not help if you have been found to be hiding information form the bankruptcy court. The process becomes increasingly complicated as the amounts of assets and liabilities increase, and you should make sure to seek out a qualified Stockton bankruptcy lawyer if you are considering bankruptcy.

Filing Bankruptcy is Easy with the Help of a Bankruptcy Attorney!

If you are even remotely thinking about filing for bankruptcy, you are likely already experiencing the harassment of creditors. The collection agents will not let-up, they will only get worse. The sooner you file, the sooner you can breathe easy. Call our Stockton bankruptcy attorney today if you have significant delinquent debts.

Our experienced team at the Law Office of Robert W. Fong will assess your current financial situation and determine the best course of action. Whether it be a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, or even a Chapter 11 Bankruptcy filing, our Stockton bankruptcy attorney can help you today!