Chapter 13 Bankruptcy Attorney in Riverside
Accomplished Legal Professionals Helping Clients Fight Debt
At The Kostopoulos Bankruptcy Law, we are committed to using our vast legal resources and extensive knowledge to assist clients of all backgrounds who are serious about shedding their overwhelming debt and regaining control of their finances. Our reputable firm proudly provides consumer debtors with reliable guidance so they can successfully navigate each phase of the Chapter 13 bankruptcy process.
Our esteemed lawyers possess the skill, experience, and knowledge that you need in your corner to overcome burdensome debt. If you have a steady source of income but are struggling to make a dent in your debt load, or you are facing foreclosure, then Chapter 13 bankruptcy might be the right option to get your financial affairs back in order.
Call our law firm today at (877) 969-7482 if you are feeling paralyzed by debt and want to take action.
How Does Chapter 13 Bankruptcy Work?
With a Chapter 13 debt consolidation plan, the debtor repays a percentage of the debt they owe, usually at 0% interest. Chapter 13 bankruptcy allows the debtor to create a plan to repay all or a portion of their debts over a three to five year time period through monthly payments they can reasonably afford.
Some of the benefits of Chapter 13 bankruptcy include:
- Can be used to avoid or prevent foreclosure
- You can catch up on overdue mortgage payments while staying current with the obligations included in the repayment plan
- You can restructure the repayment of debts to a new schedule, which might reduce the payments over time
- Chapter 13 can help protect third parties who share liability (such as co-signers)
- Creditors are prohibited from starting or continuing any type of collection efforts during the repayment plan
When you create a repayment plan to repay your debts to creditors, it must include all of your priority debts, unsecured debts, secured debts, and any back payments for your home or car if you are keeping the property. The monthly payments are based on how much disposable income you have, while the plan depends on if your current monthly income is higher than the median for your household size in your state. If your income is higher, then your plan can last five years. If it is lower, your plan can be three years.
Let Our Bankruptcy Professionals Review Your Case Today
Our firm’s lead attorney is a Certified Bankruptcy Specialist by the American Board of Certification. The Kostopoulos Bankruptcy Law has been named among the Top 100 Firms by the Debt Education and Certification Foundation (DECAF), and we have represented over 8,000 bankruptcy clients. We know that facing your debt can be stressful, which is why our bankruptcy lawyers are here to help you find the most viable solution to achieving debt relief.
Call (877) 969-7482 today or contact us online to discuss your situation and get started on the road to financial recovery!