Chapter 13 Bankruptcy in San Jose
Legal guidance for San Jose, California bankruptcy, Chapter 7, Chapter 11 and Chapter 13
Clients with substantial assets who face serious debt issues often turn to the Law Offices of Gloria A. Florendo for trusted guidance to file Chapter 13 in San Jose.
What is a San Jose Chapter 13 bankruptcy?
Also called the wage earner’s plan, Chapter 13 is a form of bankruptcy for individuals to pay off debt through installments over a three or five-year period. This type of bankruptcy is appropriate even if the individual is a sole proprietor, has a partnership, or is operating an unincorporated business. A debtor must have a reliable source of income to file for Chapter 13, with the capability of making future payments to creditors. For debtors making more than the California median income, a five-year repayment plan usually applies as opposed to a three-year plan.
The amount of debt limits eligibility for Chapter 13. Under the U.S. Bankruptcy code, an individual may file for Chapter 13 if debt amounts fall within these limits:
§ Unsecured debts less than $336, 900
§ Secured debts less than $1,010,650
Advantages that Chapter 13 in San Jose provides
Many of the reasons debtors choose Chapter 13 to handle insolvency include:
§ Ability to stop foreclosure provided that delinquent mortgage payments are made during the three or five-year plan
§ Rescheduling of secured debt with possible lower payments
§ Protection of co-signers
§ No direct creditor contract
§ Trustee management of creditor payment under a re-payment schedule that works much like a loan consolidation plan
§ Automatic stay that prevents creditors from pursuing collection efforts
§ Ability to retain property during the repayment time period
Consult an experienced attorney about Chapter 13 bankruptcy in San Jose
The Bankruptcy Law Firm of Gloria A. Florendo looks forward to answering your questions and beginning an assessment of your case. As soon as you provide necessary information, we can get started. An attorney-client relationship is established after meeting you through a consultation and agreeing to take your case, not through initial contact.
Call 408-916-3040 or contact us online today to arrange a confidential, no obligation consultation to discuss Chapter 13 bankruptcy in San Jose.
A federally recognized Debt Relief Agency, the Law Offices of Gloria A. Florendo meets federal qualifications, working with individuals and businesses to file for bankruptcy relief under the Federal Bankruptcy Code, which includes Chapter 7, 11, and 13 bankruptcies.