As a Riverside resident, when you file your bankruptcy petition, you will be issued an automatic stay from the court, which will prevent the creditors from pursuing the money you owe them. This means that all collections will halt and foreclosure sales will stop.
You would need a good attorney, and the complexity of the case depends on your financial situation. At SM Law Group, we will classify the exempt property and help you decide whether declaring bankruptcy is the best solution for your case. Our expert attorneys will study your financial situation in detail to decide if Chapter 13 bankruptcy is the right option for you.
Under Chapter 13 bankruptcy, you can propose to pay your debts over a period of 3-5 years. The payment plan would discuss the timeline of the financial transactions. Your creditors cannot object to the plan or foreclose any property owned by you.
Once you have completed the payment plan, all the remaining debts get discharged. However, Chapter 13 is not freely available to everyone. It has some eligibility criteria that depend on a number of circumstances.
If you are feeling trapped with mortgage payments or other debts, Chapter 13 can give you a chance to manage the burden of your debt. At SM Law Group, we have experience in helping Riverside residents with different aspects of Chapter 13. Our experts understand the law and how it can work for you.
There are several homeowners who lose a lot of equity on their home in just a few years. A chapter 13 bankruptcy can help them regain the equity. If your property is of lower value than what you owe on the first mortgage, we can help you eliminate the second mortgage through Chapter 13.
One of the several benefits of Chapter 13 bankruptcy is cram down. With a cram down, you’ll have to pay the present value of your property instead of what you actually owe.
Our lawyers will analyze the situation and understand whether you are eligible for chapter 7 or chapter 13 bankruptcy. Whichever method you choose, we will help you through the process.
Contact SM Law Group Today
If you are facing problems in keeping up with debts and loans and are considering filing for Chapter 13 bankruptcy, our attorneys are here to help you. Contact us today for a free consultation!