NAPA CHAPTER 13 BANKRUPTCY ATTORNEY
Upon securing gainful employment after a period of being unemployed, the feeling of relief can be indescribable. Unfortunately, the mortgage or vehicle payments that you have been unable to pay over a course of months must now be paid. It can feel impossible to bring the accounts current, even with a steady income. A Chapter 13 bankruptcy could provide a means of catching up on these debts before a foreclosure or repossession can take these assets from you.
Contact us today to schedule an appointment with our experienced Napa Chapter 13 bankruptcy lawyer. We provide excellent bankruptcy services in a professional and personable manner, helping you to keep your home, vehicle and other assets.
Bay Area Repayment Plan Lawyer
With more than 30 years of bankruptcy experience and the distinction of being a California Certified Specialist in Bankruptcy Law, Richard V. Day provides valuable guidance regarding Chapter 13 bankruptcy. This process allows you to create a reasonable repayment plan over the course of 36-60 months, providing the opportunity to cure mortgage defaults, pay past due income taxes and bring other accounts current.
As part of our in-depth analysis of your financial situation, we will evaluate the exemptions available under federal and California law to apply the set of exemptions that would best suit your personal situation.
Lien Stripping and Loan Cram-Downs
In addition to providing a means by which to repay your debts over time, Chapter 13 bankruptcy also offers the opportunity to strip second mortgage liens from residential homes and cram-down vehicle loans.
Lien stripping is only available for second mortgages in situations where the value of the home is less than the amount owed on the combined mortgages. For example, if the first mortgage on a home valued at $100,000 is $100,000, it is possible that a second mortgage of $50,000 can be stripped, entirely eliminating the security for that debt and treating it as an unsecured debt in the Chapter 13 bankruptcy.
In a similar vein, an “upside-down” loan on a vehicle can be crammed down to the value of the vehicle. Some restrictions apply, including the length of time lapsed since purchase of the vehicle.
Contact Our Attorney at Our California Debt Law Firm Today
To learn how filing for Chapter 13 bankruptcy could eliminate your financial difficulties and prevent foreclosure on your home and repossession of your vehicle, contact our office online. You can also reach our approachable, experienced Bay Area repayment plan attorney at 707-927-0411 or toll free at 888-734-4209.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.