Chapter 13

Types of Bankruptcy

Chapters 7 and 13 are the most common forms of bankruptcy but each was drawn up to resolve a different set of circumstances. Chapter 13 is normally called the "wage earner's plan" and it is for those who are earning a living but are in debt beyond their ability to cope. The intended final result is you out of debt trouble and in control of your finances. A well-versed Tracy bankruptcy lawyer from Michael S. Martin, P.C. can review the general purpose of bankruptcy with you and whether Chapter 13 will be the best method to achieve a new beginning to your financial life.

Bankruptcy is not right for all situations and sometimes alternative solutions, such as those provided by a short sale of your home and others may be best for you. If, however, it is determined that Chapter 13 is the correct debt relief answer for you and your family, the benefits will be quickly noticeable.

Chapter 13 Bankruptcy Lawyer serving San Joaquin, Alameda, San Diego and Contra Costa Counties

The key element of Chapter 13 is a repayment plan that I will work out in accordance with the requirements of the bankruptcy court and your needs. In general, it will allow you to keep hold of your assets including your home, vehicles and other personal property while adjusting your debts and paying them off in realistic manner. This is commonly accomplished over a 3 to 5 year period.

As with other forms of bankruptcy, I start with a properly prepared petition to the court which explains your situation in detail and why you should be permitted to utilize Chapter 13. A plus to this type of bankruptcy is the ability to reschedule secured debts (not including your mortgage) and pay them over the time of the bankruptcy process. This can cause a reduction in the amounts you will pay on these debts.

Once you petition has been filed, the court issues an "automatic stay" to all of your creditors. Any creditor harassment, debt collections actions, wage garnishments, repossessions and debt litigation will be immediately halted. Although you are responsible to see that your mortgage payments are made on time, Chapter 13 can also give local residents fast foreclosure defense which I know is important.

Chapter 13 can put you back in control of your finances. Find out how by contacting a Tracy Chapter 13 attorney from my firm.

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Why Choose Us:

As a former prosecutor, I have handled an extensive and heavy caseload and spent countless hours negotiating with other attorneys and preparing for and taking cases to trial. As a prosecutor I handled over 500 arraignments, 40 cases to resolution, and five jury trials, including a six week special circumstance homicide trial, as a second chair attorney. It is this experience that I will bring to your case. You can be assured, my office will communicate with you as your case develops and zealously represent you. While my office handles a variety of types of cases I have dedicated a majority of my practice to representation in criminal law, bankruptcy, and personal injury.