by Jennifer Hendrickson

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Santa Rosa Chapter 13 Bankruptcy

Chapter 13 is a method of restructuring your debt to make payment that you can afford, and discharging your obligation to pay the rest of your debts.  After filing, under the supervision of a trustee, you will make payments according to a plan submitted to and approved by the Bankruptcy Court. 

Key Benefits

bulletStop a Foreclosure/Trustee Sale.
bulletEliminate the debt owed on your Home Equity Line of Credit (HELOC) or junior mortgage and "strip off" the lien on your principal residence. 
bullet"Cram down" the debt owed on an underwater rental property.
bulletSubstantially reduce or eliminate most of your debt.
bulletCreate a repayment plan you can afford, and strip off the rest.
bulletStop harassing creditor telephone calls.
bulletGet cash flow to afford to pay your monthly bills
bulletStop putting out financial "fires" by paying whatever is the most overdue just to "keep up"
bulletPut money toward retirement
bulletStart, and keep, a emergency fund
bulletDeal with tax debt
bulletProtect a retirement account
bulletCure the past due amount on your mortgage to save your house from foreclosure
bulletBetter qualify for a modification from your mortgage servicer- and be more likely to actually get a modification 
bulletStop a wage garnishment
bulletPrevent a repossession of your car or truck
bulletKeep your business healthy while still dealing with your personal financial situation

The Chapter 13 Process

You will need to meet with your attorney and go over your options. If you decide that Chapter 13 is right for you, you will need to do a few things to get your case filed. First, get together the information and documents your attorney needs to prepare your petition and Chapter 13 Plan. Then, you will meet with your attorney to go over the petition and the plan and sign all the paperwork, and it can be filed with the court (usually in the attorney's office while you are there). About a month after filing your case, you will need to attend the 341 hearing, or as it is often called, the meeting of creditors. Although this sounds like you will be questioned by your creditors, it is actually rare that any creditors show up. Instead a more accurate description of the 341 hearing is that it is a trustee question and answer session. You will answer some standard questions under oath that the trustee will record. You need to be prepared to answer the trustee's questions truthfully and accurately. Although many clients get nervous about the meeting of creditors, for the typical bankruptcy client, this is nothing to worry about, and your attorney will be there with you to get you through it as quickly and painlessly as possible. After your meeting of creditors, the court holds a Confirmation Hearing. In the Santa Rosa division, the client does not need to attend this hearing- your attorney will do it for you. Although it can often take a few months to get your case confirmed, and it is continued to allow for any issues to be resolved, most cases will be confirmed and all that remains is for the client to pay their Chapter 13 payment, provide their tax returns to the Chapter 13 trustee each year, and get their exit counseling completed prior to discharge. Contact Jennifer Hendrickson for assistance in getting through this process as efficiently as possible - stripping away a maximum amount of debt and protecting your assets.

Warning Signs You May Need to Consider Chapter 13

bulletDo you have credit card debt?
bulletHave you experienced a reduction in income?
bulletDid you have a temporary hardship, such as unemployment, that is past, but you are behind in your mortgage or other bills?
bulletAre you unable to sell or refinance your house because it is worth far less than you owe on it?
bulletDo you spend more each month just paying the credit cards than you do putting money in savings or putting money in your retirement account? 
bulletHave you cancelled or neglected to buy things such as health insurance, disability insurance, or life insurance because you are paying on credit cards?
bulletAre you thinking of taking money out of your 401K or retirement account to pay credit cards or medical debt?
bulletHave you already emptied your retirement account and have no means to pay your creditors?
bulletHave you emptied your retirement accounts and now owe taxes that you didn't anticipate?
bulletDo you own a business that is struggling due to the economy?
bulletDid you own a business that created tax debts that you cannot pay quickly?
bulletDid you stop paying your mortgage because you couldn't afford it along with your other debts?
bulletDid you try debt consolidation, but it isn't working out for you?

If you fit any of these categories, or more than one of them, you should consider whether a Chapter 13 bankruptcy would help get your financial life turned around.

Contact A Bankruptcy Attorney Now

Bankruptcy may not be advisable to you, depending on your debt level, financial circumstances, current assets and current income and income potential.  A free bankruptcy consultation can advise you on whether bankruptcy is the right alternative for you and how to use the bankruptcy laws to your advantage.  Bankruptcy is designed to give you a fresh start.  

Law Offices of Jennifer Hendrickson

(707) 540-6199
(707) 540-6434
829 Sonoma Ave., Suite 8, Santa Rosa, CA  95404
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829 Sonoma Ave., Suite 8
Santa Rosa, CA  95404

Copyright 2010-2016 Hendrickson Law Group, PC. The information contained on this website is provided for informational purposes only. Therefore, any information on this website should not be construed as legal advice. You should not act or rely upon this information without seeking formal professional counsel specific to your case. Any offer to provide free consultation is not intended to create an attorney-client relationship between Jennifer Hendrickson, Attorney at Law, and you. Also, any transmission of information from this website or communication via e-mail does not constitute or create an attorney-client relationship between us and any recipients. All liability is expressly disclaimed with respect to actions taken or not taken based on any or all the contents of this website. To the extent this is considered attorney advertising, as that term is defined in the Business & Professions code, a copy of this advertisement is available for review with the responsible attorney, Jennifer Hendrickson. We may be considered a Debt Relief Agency under Bankruptcy Code section 528.