The term “drowning in debt” can be a very real feeling. Interest, fees, and penalties can make an already- hefty debt overwhelming. Dozens of times each month, debtors talk to The Law Office of Stephanie White explaining that they don’t feel right filing bankruptcy, that they are responsible people, and that they just want to find a way to get everyone paid and make ends meet. Our attorneys explain that some life situations can make meeting your obligations nearly impossible, and lawmakers have provided bankruptcy protection to give Americans the chance to get out from the downward financial spiral that comes from mounting penalties, fees, interest. Most Chapter 13 Bankruptcy debtors are able to pay back a reasonable portion of the debts they owe and then start fresh by having much of the rest of their debt discharged in bankruptcy.
Supportive Bankruptcy Firm
The Law Office of Stephanie White helps debtors get out of the downward spiral of debt through bankruptcy consultation, preparation and representation. We like to think of our office as your “bankruptcy concierge” guiding you through the requirements and processes of bankruptcy to have your debts discharged.
We are pleased to help debtors throughout Southern California who need the help of bankruptcy protection.
Benefits of Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is sometimes called “re-organization.”
Debtors can be able to keep their assets, equity, and property, but they will have a “Repayment Plan” to pay a calculated amount to the Bankruptcy Trustee who sends payments out to the creditors. The Plan lasts 5 years (sometimes 3 years, depending on your specific situation). After that time, the remaining debt amounts are discharged.
If you are behind on secured payments (like a car payment or mortgage), a Chapter 13 Bankruptcy can help you catch up on those payments through the Plan. This can allow debtors to keep their homes that might otherwise be lost to mounting debt and non-payment.
You may also be eligible to discharge certain taxes.
The Chapter 13 Process
From the time a Chapter 13 Bankruptcy petition is filed until the discharge of debts typically takes either three years or five years.
After meeting with a Chapter 13 Bankruptcy attorney at The Law Office of Stephanie White, you will understand the best options based on your earnings, assets, and obligations.
Once you hire our office, we assist you in gathering the documents and information needed to file your petition and prepare your proposed Repayment Plan.
When the petition is filed a Trustee is assigned by the Bankruptcy Court. That Trustee is the person who, on behalf of the court, will conduct the hearing to verify statements made in your petition. This hearing is known as a “341 Hearing” named after Section 341 of the Bankruptcy Code that allows for this meeting. It is also called a “Meeting of Creditors” because creditors may attend to ask questions of the debtor; creditors very rarely do this.
After the 341 Hearing, the Trustee can 1) be satisfied that they have everything they need to find you eligible to take achieve a bankruptcy discharge through the Repayment Plan, 2) ask for additional documents and/or Plan modifications, or 3) conduct further investigation. Attorneys at The Law Office of Stephanie White work diligently to make sure your full financial picture is represented so no investigation is ordered and work diligently to provide pertinent and required information to the Trustee on behalf of the debtor.
After the 341 Hearing the Trustee will tell the court whether they approve of your Repayment Plan given their analysis of your financial information. Debtors make Plan payments under the proposed Plan until a Plan is approved. Then payments continue as set forth in the Approved Plan until the term of the bankruptcy has ended (3 years of 5 years).
Eligibility for Debtors with a Prior Bankruptcy
To be eligible for a Chapter 13 Bankruptcy discharge generally you must not have received either a Chapter 13 Bankruptcy discharge or Chapter 7 Bankruptcy discharge within the last 3 years (if you are on a 5-year Plan) or 5 years (if you are on a 3-year Plan).
Benefits of Using an Experienced Bankruptcy Attorney
Chapter 13 Bankruptcy is a complex and involved process. The Bankruptcy Code is lengthy and complicated. Let our experienced attorneys at The Law Office of Stephanie White help guide your case through the paperwork, process and plan to help you get the discharge that can set a new course for your financial future.