California Debt Repayment Attorney
Individuals and families who do not qualify for eliminating their debts under Chapter 7 bankruptcy, or who wish to consolidate their debts into a structured repayment plan have the option of filing personal bankruptcy under Chapter 13 of the U.S. Bankruptcy Code. By filing Chapter 13, you agree to repay your debt over a three-year or five-year period, but typically at a reduced interest rate, free from penalties and fees that may have accumulated. Upon approval by the bankruptcy court, your plan will be supervised by a bankruptcy trustee.
Although most people seeking bankruptcy protection hope to eliminate their debt under Chapter 7, filing Chapter 13 is often more advantageous and should not be dismissed as a lesser form of bankruptcy. The primary advantage is that all types of debt may be included in the plan, including student loans that are not dischargeable under Chapter 7.
At Liviakis Law Firm, I practice primarily in the area of debt relief. I am selective about working with clients with complex debt problems who are interested in moving toward a secure financial future. When we meet to discuss your debt and financial objectives, I will explain the process clearly and show you how Chapter 13 may be the better solution to helping you build a secure financial future.
Some advantages include:
- Reduced interest rates and elimination of penalties and fees: I will work with your credit card creditors and bankers to negotiate a lower interest rate and the discharge of all accumulated penalties and fees that have contributed to your debt. By including your commercial debt in a supervised restructured plan, you can save thousands of dollars over the length of your original repayment period. In many cases, your monthly pay out will improve your cash flow.
- Keep your house and car: You can reaffirm your intent to continue to make your mortgage and car loan payment. You can also reduce the loan amount on your car to blue book value, generally saving you thousands of dollars off the original loan amount.
- Stripping off a "junior" mortgage: If you added a second or third mortgage to your original home loan, Chapter 13 allows qualified filers to include the amount of the "junior" mortgage into the debt restructure. You can keep your house and restructure your mortgage payment to meet your needs.
- Student loans: Usually every dollar of government-backed student loans will be repaid, but you can restructure your payments by including the loans in your repayment plan.
- All other debt: Tax debt, judgments and arrears for all types of debt can be included in the restructure.
- Stop creditor actions: When you file, an automatic stay of execution is placed on all creditors' collections actions against you. Even if you are only one day away from facing home foreclosure, or if the bank is already in the process of auto repossession, you can stop the legal process. This includes putting a stop to wage garnishments and collections accounts that may already be in place against you.
Protecting the Assets You Save When You Are Free From Debt
In most cases, Chapter 13 improves monthly cash flow. I can show you how to use appropriate estate planning tools to protect your family's assets as you work toward a better financial future, free from debt.
Integrity, Knowledge and Intelligent Solutions for Complex Debt Problems
If you are serious about getting your financial future on firm ground, free from debt, talk to me about your current circumstances. Every bankruptcy filing is different and every bankruptcy attorney brings a unique approach and strategy to find the right resolution. The Liviakis Law Firm is recognized by clients, creditors, bankruptcy trustees and debt relief professionals for the capacity to work through complex debt problems. I find creative solutions with creditors that other bankruptcy law firms often find too complex. When I sit down to work out a debt reorganization plan to present to the bankruptcy court, your creditors know that the solutions have merit.
With offices conveniently located in Folsom and Sacramento, I represent clients in communities throughout Sacramento County, El Dorado County and Placer County, California. My offices are open 9 a.m. to 5 p.m. Monday through Friday and include free parking.
Contact an office near you for a free initial phone consultation with an experienced, knowledgeable Sacramento Chapter 13 bankruptcy attorney who is ready to help you start building a secure financial future. The bankruptcy lawyer you hire will make a difference in the outcome of your case and the outlook for your financial future.
