Glendale Chapter 13 Bankruptcy Repayment Plans
Navigating Financial Recovery with Chapter 13 Bankruptcy
Are you facing overwhelming debt and seeking a viable solution to regain control of your financial life? Chapter 13 bankruptcy repayment plans may be the answer you're looking for. At Papian and Adamian, our Glendale, CA-based law firm specializes in guiding individuals through the Chapter 13 bankruptcy process, helping them establish manageable repayment plans and pave the way toward a debt-free future.
What Is a Bankruptcy Payment Plan?
A bankruptcy payment plan is a plan that outlines how you will repay your debts in bankruptcy. This plan will be created by you and your bankruptcy attorney and will be submitted to the bankruptcy court for approval. The court will review your plan and determine if it is feasible. If the court approves your plan, you will be required to follow it.
A bankruptcy payment plan will typically include the following information:
- How much you will pay each month
- Which debts will be paid
- How much each creditor will receive
Understanding Chapter 13 Bankruptcy Repayment Plans
In Chapter 13 bankruptcy, you will be required to repay your debts over a period of three to five years. The length of your plan will depend on your income. If your income is below the median income for your state, your plan will last for three years. If your income is above the median income for your state, your plan will last for five years.
In your Chapter 13 repayment plan, you will need to outline how you will repay your debts. You will need to make sure that you can afford to make the payments outlined in your plan. If you cannot afford to make the payments, the court may not approve your plan.
Once your Chapter 13 repayment plan is approved, you will be required to make the payments outlined in the plan. You will need to make these payments on time. If you fail to make the payments, your Chapter 13 bankruptcy case may be dismissed. If your case is dismissed, you will lose the protections of bankruptcy and your creditors will be able to take action against you.
How Does a Chapter 13 Bankruptcy Plan Work?
When you choose to file for Chapter 13 bankruptcy, you will work closely with our experienced bankruptcy attorneys at Papian and Adamian to devise a repayment plan tailored to your specific financial situation. Here's how it works:
Evaluation: Our knowledgeable attorneys will thoroughly evaluate your current financial standing, including your income, expenses, assets, and debts. This evaluation is crucial in determining the feasibility of a Chapter 13 bankruptcy plan for your unique circumstances.
Debt Repayment Plan: Based on the evaluation, our attorneys will assist you in developing a comprehensive debt repayment plan. This plan will typically span three to five years, during which you will make regular payments to a court-appointed trustee who will distribute the funds to your creditors.
Automatic Stay: Once your Chapter 13 bankruptcy plan is approved by the court, an automatic stay goes into effect. This stay prevents creditors from taking any further collection actions against you, providing much-needed relief from creditor harassment and potential foreclosure or repossession proceedings.
Repayment Period: Throughout the repayment period, you will make consistent monthly payments according to the agreed-upon plan. These payments are typically based on your disposable income, after deducting necessary living expenses.
Debt Discharge: Successfully completing your Chapter 13 repayment plan will allow for the discharge of most remaining eligible debts. This means that upon completion, you can emerge from bankruptcy with a clean slate, free from the burden of overwhelming debts.
How Can Papian and Adamian Assist You?
At Papian and Adamian, our dedicated bankruptcy attorneys have extensive experience in helping clients navigate the complexities of Chapter 13 bankruptcy and set up successful repayment plans. Here's how our team can assist you:
Expert Guidance: Our attorneys will provide you with expert guidance and legal counsel throughout the entire process, ensuring that you understand your rights, obligations, and the potential impact of a Chapter 13 bankruptcy on your financial future.
Customized Repayment Plans: We understand that every individual has unique financial circumstances. Our attorneys will meticulously analyze your income, expenses, and debts to create a customized Chapter 13 repayment plan that is tailored to your specific needs.
Court Representation: Our skilled attorneys will represent you in court hearings, negotiations with creditors, and interactions with the court-appointed trustee. We will advocate for your best interests, seeking to achieve the most favorable outcome for you.
Financial Rehabilitation: Beyond setting up a bankruptcy repayment plan, our goal is to help you rebuild your financial life. Our team will provide strategic advice on budgeting, credit rebuilding, and other essential steps to ensure long-term financial stability.
Don't let overwhelming debt hold you back any longer. Contact Papian and Adamian today to schedule a consultation with one of our experienced bankruptcy attorneys. Together, we can help you regain control of your financial future and pave the way towards a brighter tomorrow.
"They surely could deliver high qualify of service. Very easy to contact and always very helpful to their clients."- Nemia K.
"Attorneyy Jasmine Papian offers excellent service, her team is reliable, trustworthy and she is passionate in helping find the best solution with your financial difficulties."- Former Client
"Without their help we would never received the care we needed after our accidents. If you are ever injured they will fight for you."- Rose B.
"Araksia Adamian was my accident attorney when I got into a car accident twice! Couldn’t be happier with my settlements both times!"- Annie B.