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Chapter 13 bankruptcy is a powerful and popular tool to help people out of financial difficulties. While not appropriate in every situation, well over 100,000 people every year take advantage of Chapter 13 to climb out of debt and get back on top of their finances. If you have a steady income but it is not enough to keep you afloat, Chapter 13 bankruptcy might be the lifeline you need to pay off your debt while protecting your home and other valuable assets. The Law Office of Charles A. May helps people in Orange County, Los Angeles, and all of Southern California get the debt relief they need with the help of tools like a Chapter 13 debt adjustment. Learn more below, and contact our lawyer today for a free consultation and immediate help.

Chapter 13 Bankruptcy Explained

Chapter 13 bankruptcy, also known as a “wage earner’s plan,” is a powerful tool designed to help individuals manage their debts and protect their assets. Unlike Chapter 7 bankruptcy, which potentially involves liquidating assets to pay off creditors, Chapter 13 allows you to create a manageable repayment plan over a period of three or five years, depending on your income and expenses.

Key Benefits of Chapter 13 Bankruptcy include:

  • Stop Creditor Harassment: Filing for Chapter 13 bankruptcy immediately puts an end to those harassing creditor calls, giving you peace of mind and keeping bill collectors off your back while you work on a plan to become debt-free.
  • Protect Your Home: If you are facing foreclosure, Chapter 13 can help you catch up on missed mortgage payments and keep your home. Chapter 13 stops a foreclosure in its tracks and takes you out of default.
  • Debt Consolidation: Chapter 13 allows you to consolidate your debts into a single, affordable monthly payment, making it easier to manage your finances. Note: This is different than the “debt consolidation” ads you see on TV and is much more effective.
  • Debt Discharge: After successfully completing your repayment plan, any remaining unsecured debts may be discharged, giving you a fresh financial start.
  • Asset Protection: Chapter 13 enables you to retain your valuable assets, such as your home, car and personal belongings, while still addressing your debt.

The Chapter 13 Process

Confused about how Chapter 13 works? Here’s a simplified overview of the process:

  1. Consultation: Begin by scheduling a free consultation with our firm’s lead bankruptcy attorney, Charles A. May. During this initial meeting, we will assess your financial situation and discuss whether Chapter 13 is the right option for you.
  2. Filing the Petition: If Chapter 13 is the best fit for your circumstances, we will file the necessary paperwork with the bankruptcy court in Santa Ana, Los Angeles, or another Southern California location.
  3. Repayment Plan: Together we develop a repayment plan that outlines how you will pay back your debts over the designated period, usually three or five years. Creditors can have input or object to a proposed plan, but once your plan is approved, they are bound to abide by it.
  4. Automatic Stay: Filing for Chapter 13 triggers an automatic stay, which halts all collection actions, including foreclosure, repossession, lawsuits and wage garnishments. The automatic stay remains in place while your case is underway, giving you breathing room and a break from the stress and pressure of creditor harassment.
  5. Confirmation Hearing: Your proposed repayment plan will be reviewed by the court at a confirmation hearing. Once approved, you can begin making payments according to the plan.
  6. Completion: After successfully making all payments outlined in your plan, any remaining eligible debts may be discharged, allowing you to enjoy a fresh financial start.

Why Choose The Law Office of Charles A. May?

At The Law Office of Charles A. May, we take pride in being your trusted partner on your journey to financial recovery. Here are some good reasons to choose us:

  1. Expertise: Our team focuses on bankruptcy law and has a deep understanding of the nuances of California’s legal landscape.
  2. Personalized Approach: We recognize that every client’s situation is unique, and we tailor our solutions to meet your specific needs and goals.
  3. Compassion: We understand the emotional toll that financial stress can take, and we provide compassionate and non-judgmental support throughout the process.
  4. Local Knowledge: As an Irvine consumer bankruptcy law firm, we have a deep understanding of the local courts and regulations, ensuring a smooth and efficient process.
  5. Dedication: Attorney Charlie May is here to be your counselor and provide the skilled legal assistance you need. We are dedicated to helping you achieve the best possible outcome.

Contact Us Today

If you are considering Chapter 13 bankruptcy in Orange County, Los Angeles, or elsewhere in Southern California, The Law Office of Charles A. May is here to guide you every step of the way. Do not let financial challenges hold you back any longer. Contact us today to schedule your free consultation and take the first step toward a brighter financial future. We are here to help you regain control of your life.

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