Thomas F. Miles, Attorney and Counselor at Law
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Chapter 13 Archives

Why might Chapter 13 bankruptcy be better for me than Chapter 7?

Both Chapter 13 bankruptcy and Chapter 7 bankruptcy afford debtors the opportunity to free themselves from the heavy burdens of unmanageable financial obligations. San Diego residents who are considering whether bankruptcy may serve their financial needs are encouraged to get more information about their own unique situations.

Helping you through the Chapter 13 bankruptcy process

Dealing with financial problems is never easy. And for California residents currently living with debt that continues to accumulate, it can feel like a never-ending problem with no resolution or end in sight. However, when it comes to debt problems, there are steps individuals and families could take to overcome this major life obstacle. Although many are not ready and willing to jump on the bankruptcy bandwagon, it is certainly a realistic approach that could help you obtain a fresh financial start.

How can Chapter 13 bankruptcy help address debt problems?

Many individuals in California and other states across the nation carry some form of debt with them. While debt because of a home, vehicle or other major purchases is very common, when individuals accumulate consumer debt, this debt has the tendency of getting out of control. Whether you rack up a balance on a credit card for consumer goods or because of medical bills, it is important to understand that there are ways to address these financial troubles.

How does Chapter 7 differ from Chapter 13 bankruptcy?

As a previous post highlighted, filing for a Chapter 7 bankruptcy can help a debtor obtain a fresh financial start. California residents struggling with financial problems probably understand that there are mechanisms that could help with their debt situation. However, not everyone explores how the bankruptcy process could assist him or her. The term bankruptcy is a tough one to include in one's vocabulary, but even if Chapter 7 is not right for one person, there are other bankruptcy and debt relief options. One of these options is to file for a Chapter 13 bankruptcy.

Who should consider Chapter 13 bankruptcy?

If you are in debt, it is important to weigh all your possible options before making a decision on how to best tackle your plight. For some people, even the word bankruptcy can sound scary and intimidating. But the reality is that bankruptcy is designed to help people get out of debt so that over time they will have a fresh start. One possible consideration is Chapter 13 bankruptcy, though it is important to understand that one must qualify and meet certain conditions to be eligible. Over the next two weeks we will discuss all the necessary requirements one needs to qualify for Chapter 13 bankruptcy.

Some factors that can make a person ineligible for Chapter 13

Chapter 13 bankruptcy has a set of requirements that must be met for a person to be eligible to file for bankruptcy under it, if these requirements are not met then the person will be considered ineligible and will not be allowed to do so. These are the factors that can make a person ineligible:

Advantages and disadvantages of declaring Chapter 13 bankruptcy

Chapter 13 bankruptcy is commonly recognized as the reorganization bankruptcy. This form of bankruptcy essentially eliminates the need to sell all of the person's assets for repayment and instead replaces this with a repayment scheme which makes use of the income of the person to gradually pay off outstanding payments. Chapter 13, as with all plans, has its own advantages and disadvantages.

What are my duties under a Chapter 13 plan?

No one plans to let debt overwhelm them. Most of us have every intention of paying our creditors. But sometimes life intervenes. It may be a lost job or a demotion that has you struggling to make payments. Or it could have been a medical emergency you had no way of foreseeing. Regardless of the reasons, if you find yourself getting calls and letters from creditors and you see no way out, you may be considering filing for Chapter 13 bankruptcy.

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

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