One unique characteristic of a Chapter 13 bankruptcy in California is that your debts are not eliminated; instead, your finances are restructured and you are placed on a repayment plan. Typically, you will not be required to repay 100% of the amount owed. The amount that you must pay is determined by your disposable income, the length of your repayment plan, and the total amount your creditors would have received had you filed a Chapter 7 bankruptcy. Therefore, it is important that you consult with an experienced Chula Vista bankruptcy attorney who will represent your best interests when filing for a bankruptcy in San Diego.
Not all of your debts, however, may be reduced. In a Chapter 13 filing certain debts and fees must be paid back in full. The following is a list of such fees and debts:
The rules and laws involved in any bankruptcy proceeding must be strictly followed in order to ensure that you can take advantage of the bankruptcy protections. Unfortunately, these laws can be confusing. It is therefore essential that you seek the guidance of an experienced California bankruptcy lawyer who can help you to decide whether a Chapter 13 bankruptcy is right for you. To learn more, call our office today at 619-458-3739 for a consultation.
