San Gabriel Valley Homeowners & Chapter 13 Bankruptcy – It May Be Your Best Chance For Financial Relief
If you are a San Gabriel Valley Homeowner in Southern California, Chapter 13 Bankruptcy may be an alternative you want to consider, particularly where you have 2 or more mortgage payments & your home is underwater in California.
It is important to understand that chapter 13 bankruptcy is a structured means to create a repayment plan for all your creditors. Oftentimes, you can cure arrearages on your home, including property tax. Also, chapter 13 cases allow for a lien strip of underwater mortgages for junior liens in certain situations. It is critical to explore these options as you consider all of your financial options.
Chapter 13 Bankruptcy is not a cure all, nor does it allow someone to walk away from debts. Repayment of debts is required in chapter 13 cases. The key is to select a capable California bankruptcy attorney to handle your chapter 13 case so your payment plan is properly calculated and crafted. An honest and capable attorney should tell you both the good and bad regarding the chapter 13 process. Living through a chapter 13 case is not a pleasant experience and anyone telling you otherwise is being disingenuous. However, in certain situations, chapter 13 bankruptcy can do wonders for individuals saddled with mortgage payments and other debts that are otherwise unmanageable.