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| 11271 Ventura Blvd. |
| Suite 473 |
| Studio City, CA 91604 |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Warner Center Towers |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Watt Plaza |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Fashion Island |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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Chapter 13 Bankruptcy
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Not everyone qualifies to eliminate debts completely through Chapter 7 bankruptcy. But Chapter 13 provides strong protection from creditors. Upon filing, creditors must immediately halt collection actions. A Chapter 13 plan is proposed based on your ability to pay a monthly amount to unsecured creditors over a three to five year period. At the end, any remaining dischargeable amount owed to your creditors is discharged.
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Chapter 13 bankruptcy provides wage earners with a plan to pay back debt with their income. The typical repayment plan is structured as a three to five-year time span. The debtor makes payments to a trustee who distributes payments to creditors according to the repayment plan. When the plan is completed, the debts are discharged.
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Chapter 13 bankruptcy makes sense if:
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- [You own valuable assets]
- [You would lose a lot of equity in home foreclosure]
- [You are behind on car or mortgage payments and want to catch up]
- [You want to get your repossessed vehicle back]
- [You earn too much money to qualify for Chapter 7]
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In a Chapter 13 filing, you do not lose any assets. It also provides greater bargaining power to lower and consolidate debts. Depending on the bankruptcy code's determination of how much you can pay, you may have to repay only a fraction of your total debt.
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Contact us at 877-479-7970, or e-mail us at info@law-thomas.com, to arrange for a confidential complimentary consultation on your financial needs.
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