Let Us Help

Call: (909) 612-5787

732 N. Diamond Bar Blvd., Ste. 210,
Diamond Bar, CA 91765
Please enter your first and last name
Please enter your email address

 

You need to upgrade your Flash Player
 
 
Bankruptcy
Business Law
Construction Law
Estate Planning
Family Law
Landlord & Tenant
 
 

Chapter 13 Bankruptcy

Friday, 01 February 2013 11:26
Rate this item
(0 votes)

Have you fallen behind on your mortgage payments? Or maybe you are in the process of foreclosure, also known a Trustee’s Sale? Perhaps filing a Chapter 13 Bankruptcy can
save your home. However, you must file prior to the Trustee’s sale of the property or bankruptcy can no longer save your home.  A Chapter 13 Bankruptcy is a powerful tool.

It immediately stops your creditors from collecting against you.  You then determine, according to federal and local guidelines, how much money you have left over to pay your creditors on a monthly basis, after your reasonable living expenses.  Whatever is left over is then used to pay your unsecured creditors for a period of either 36 or 60 months, depending upon your income.  Secured creditors generally have to be paid in full; however, there are exceptions.  Additionally, if you have a second or third trust deed that is completely unsecured because the value of your house fell, you may be able to completely get rid of the loan(s).
Once the petition is filed for a chapter 13, the filing “automatically stays” most collection actions against a debtor or the debtor’s properties. Creditors listed by the debtors will be given notice by the bankruptcy clerk that a stay is in effect. Creditors cannot take action in violation of the stay with respect to any forms of collections, wage garnishments or even make telephone calls demanding payments once notice has been given. In other words, filing a petition under chapter 13 automatically stays (stops) the foreclosure procedure and all other collection activity. The debtor (you) can then bring the past due balance to a current status in a specific amount of time, in about 3 to 5 years.
The Law Offices of Gloria D. Cordova provides chapter 13 services. Call to set up a free consultation to inquire about any concerns you may have. Please also check in regularly to learn more bankruptcy facts. And check us out on https://www.facebook.com/gcordovalaw?ref=hl.

 

Read 11274 times Last modified on Wednesday, 22 July 2015 09:12

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

BANKRUPTCY

Bankruptcy Law I represent Debtors and Creditors in Chapters 7, 11, and 13 bankruptcy filings and various adversary...
read more >>

BUSINESS LAW

Business Law I represent business clients in the selection, formation, dissolution, and purchase and sale of their...
read more >>

CONSTRUCTION LAW

Construction Law I represent developers, owners, architects, general contractors, subcontractors and material...
read more >>

ESTATE PLANNING

Estate Planning I represent those dealing with durable power of attorney, trusts, wills, probate, guardianship and...
read more >>

FAMILY LAW

Family Law I represent those in the process of Divorce or Marriage Dissolution, Child Custody, Child or Spousal...
read more >>

LANDLORD & TENANT

Landlord and Tenant I represent Property Managers, Landlords and Tenants dealing with rentals, contracts, eviction...
read more >>
2010 © The Law Offices of Gloria D. Córdova - All Rights Reserved

Office Location

The Law Offices of Gloria D. Córdova
t: (909) 612-5787 | www.GCordovaLaw.com
732 N. Diamond Bar Blvd., Ste. 210
Diamond Bar, CA 91765

GET DIRECTIONS >>