Chapter 13 Bankruptcy

Are you buried in bills each month? Do you find yourself constantly struggling with debt? Do you want creditors to stop harassing you? Let an experienced attorney at Shulman Law Offices in San Jose, CA help you find a solution to your financial problems and start lowering your stress level.

Ike Shulman can assist you in resolving your debts through Chapter 13 bankruptcy. When you work with Ike, he will provide you with a personalized plan—never a cookie-cutter solution. Let him evaluate your financial situation, and he will offer the legal advice that addresses your particular needs.

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Why File for Chapter 13 Bankruptcy?

Chapter 13 can allow you to retain all your assets, including cars and homes. It also permits you to restructure your debts, and in many cases reduce those debts dramatically through a repayment plan that you can manage.

Moreover, Chapter 13 can halt foreclosure on a home, repossession on a car, and also shield you from bank levies and wage garnishments by tax agencies, such as the IRS or Franchise Tax Board.

If you wish to learn more about Chapter 13 bankruptcy, don’t hesitate to give us a call and schedule a free consultation. Ike Shulman will discuss in detail with you how filing for Chapter 13 bankruptcy can help you.

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What Is Chapter 13 Bankruptcy and How Does It Work?

Chapter 13 is also called “reorganization bankruptcy.” You file the same forms as you file in Chapter 7 plus a proposed repayment plan, in which you describe how you intend to repay your debts over the next three to five years.

Some debts must be repaid in full, some are paid at a fractional rate, and others aren’t paid at all. Some debts you have to pay with interest, some are paid at the beginning of your plan, and some at the end. A bankruptcy trustee is assigned to oversee the case and handle your payments.

You will attend the First Meeting of Creditors about six to seven weeks after you file. If the trustee is satisfied with your payment plan, he or she will recommend its approval by the judge. A few weeks after the First Meeting of Creditors, the judge normally confirms (approves) your plan if no creditor opposes it and the trustee has recommended it.

When a creditor or the trustee objects to a plan, the judge usually holds a hearing within a few months to determine whether your plan should be approved over the objection. It is also possible for you to resolve the objection before the judge’s hearing by amending the plan to satisfy the objection.

If your plan is confirmed, and you make all the payments called for under your plan, you will receive a discharge of any balance owed on all dischargeable debts at the end of your case.

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