Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Attorney in Glendale

Discover If Reorganization Bankruptcy is Right for You

Not everyone who files for bankruptcy will want to use Chapter 7 or even be eligible to use it. If you’re in a financial situation where Chapter 7 or liquidation bankruptcy might not work best for you, then we encourage you to explore Chapter 13 – reorganization – bankruptcy with the assistance of the Law Offices of Wax & Wax in Glendale, California. Our attorneys are here to help you get a strong understanding of Chapter 13 bankruptcy and what it can do, so you can confidently decide to utilize this powerful debt resolution method or keep looking for alternatives.

To speak with a member of our law firm today, call (818) 946-0608.

Who Can Use Chapter 13 Bankruptcy?

Individuals – and not businesses – usually use Chapter 13 bankruptcy when they have significant debt but not necessarily overwhelming debt. Reorganization bankruptcy seeks to negotiate with creditors to minimize your debt and rearrange it into a repayment plan that works for everyone. Creditors often like Chapter 13 bankruptcy because getting paid a portion of a debt is better than getting paid none of it if the debtor filed for Chapter 7. On the other hand, you might enjoy Chapter 13 because it usually allows you to keep your property, make headway on mortgages and car payments, and protect your credit score from significant damage.

We might advise you to use Chapter 13 if:

  • You can’t pass the Chapter 7 means test but your debts are still large compared to your income.
  • You have large amounts of non-dischargeable debts that need to be repaid in one way or another.
  • You are looking for a way to close the gap on any overdue car or house payments.

Chapter 13 bankruptcy is sometimes called the wage earner’s plan because it is often used by people with regular income sources. If you think this sounds like something that can work for you, then please contact our firm to see if our Glendale and Santa Clarita Chapter 13 bankruptcy attorneys can be of assistance.

How Does Chapter 13 Bankruptcy Work?

The basic premise of Chapter 13 bankruptcy involves:

  • Reorganizing your debts into a repayment plan across the next 3 or 5 years.
  • Filing your repayment plan to the court for approval.
  • Making an honest effort to repay as much of your debt as you can according to the plan.
  • Discharging remaining debts if eligible.

It is important to realize that sticking to the repayment schedule agreed upon during your Chapter 13 bankruptcy filing is crucial. If you fail to make a single payment, then the entire plan can be unraveled and you will have to start over with a new plan, including new filing fees. Our attorneys are dedicated to making certain you are truly prepared for Chapter 13 bankruptcy to ensure you aren’t blindsided later by any complications or setbacks. If there is a better debt resolution method for your financial situation, then we can explore your options with you.

Are You Eligible for Chapter 13 Bankruptcy?

You are eligible for Chapter 13 bankruptcy if your total unsecured debts are less than $419,275 and your total secured debts are less than $1,257,850. Both values are subject to change with updated legislation or regulations.

Unsecured and secured debts are usually:

  • Unsecured: Credit card debt, medical bills, utility bills, and most personal loans
  • Secured: Mortgages, auto loans, and large loans with collateral


Chapter 13 Could Be Right for You – Call Now

The sooner you explore your bankruptcy options with the help of the Law Offices of Wax & Wax, the sooner you could be out from under overwhelming debt. Our Glendale Chapter 13 bankruptcy lawyers would like to tell you more about Chapter 13, what it does, what it can’t do, and more. Call (818) 946-0608 to connect with our team today.

You can fill out an online contact form if you prefer.

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