Thomas F. Miles, Attorney and Counselor at Law
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Debt Relief through Chapter 13 Bankruptcy

Filing for bankruptcy is a sure way of getting out of massive debts. It also helps creditors to recover their dues from properties that you do not require to live. In California, there are four types of bankruptcy.

  • Chapter 7 bankruptcy is common to individuals. The court trades your assets for cash and pays your creditors.
  • Chapter 12 bankruptcy is a reorganization for small farmers. You keep your property and pay your creditors through a repayment plan agreed in the bankruptcy court.
  • Chapter 13 bankruptcy caters for people who earn a regular income. Under these proceedings, you keep your property and pay your debts over a period of 3 to 5 years. There are some types of debts that Chapter 13 covers and there is a given amount of money that it cannot go beyond. An attorney can advise whether you qualify for consideration.

The main advantage of Chapter 13 is that you do not give up your property. You pay a fraction of your debts and survive within a tight budget monitored by a trustee of the bankruptcy court. If you cannot make the agreed monthly repayments, the whole plan fails, and your debts remain. Chapter 13 bankruptcy gives you relief from some debts which you cannot discharge through Chapter 7 bankruptcy as well as the ones which you do not give priority. Examples of such debts are car loans, home mortgage, student loans, taxes, alimony and child support.

Many variables govern the bankruptcy law. Representing yourself when filing for bankruptcy is not wise. Only an experienced attorney can take you through the process successfully. The rules are rather complicated to discourage scores of people from filing for bankruptcy when unnecessary. Find a lawyer who specializes in bankruptcy or spends most of the time in this field.

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Thomas F. Miles, Attorney and Counselor at Law
152 West Park Ave
El Cajon, CA 92020

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