Chapter 13 bankruptcy is pretty much a Riverside bankruptcy lawyer’s dream option for dealing with creditors.
It is dismissible—if circumstances change you can always dismiss the case without problems. It still provides an automatic stay from credit harassment. It allows you to keep your property in most cases. You are able to dismiss some debt and restructure others. We also love it because it allows us to bring creditors to the table prior to legal action to discuss debt negotiations and possible settlement (if you choose).
Most Riverside bankruptcy attorneys would recommend the Chapter 13 option when the debtor has assets the he or she would like to save or if there is near term opportunity for a reversal of fortune. The courts will look at your financial situation and assess what you are able to pay monthly. Creditors have no say in rejecting the plan as they would in Chapter 11, so the terms are usually better for the debtor. Your secured debt will need to be paid as usual, and defaults can be reinstated for payment. It is ideal for people that don’t want to walk away from debt, but would like to have money to live off of and a way of dealing with creditors and lienholders who are acting resolute. Most bankruptcy lawyers in Riverside California will encourage this particular form of bankruptcy because it has less of an impact on your future than Chapter 7. True, both hit your credit score, but Chapter 13 deals a lesser blow and even is seen by future lenders as being more preferable.
As a bankruptcy lawyer in Riverside I understand that these are tough decisions. No one wants to file for bankruptcy. I know this. Sometimes debt settlement negotiations can be done outside of bankruptcy filing. Talk to me and lets see what can get done.