Using Bankruptcy to Achieve Debt Relief
When thinking about filing bankruptcy, some people resist because they are ashamed of their circumstances and afraid to look for the help they need, and the help to which they are entitled. The idea of bankruptcy is hundreds of years old, and is provided for in the Constitution of the United States. Article I, section 8 of the Constitution states that the Congress has the power “to establish . . . uniform Laws on the subject of Bankruptcies throughout the United States.” The reason you hire an attorney is to help you navigate those laws established by the Congress, as amended most recently in 2005.
One of the purposes of the 2005 amendments to the bankruptcy laws was to require, generally, that people with certain levels of income be required to pay their priority creditors (for taxes, government fines, etc.) within five years, their secured creditors timely (though past due amounts can be paid through the plan over a period of five years), and something to their unsecured creditors if they have sufficient income. Usually, payments to priority creditors and to unsecured creditors are paid through a Chapter 13 plan, which is administered by the Chapter 13 trustee.
Having been in practice for over 20 years, I have the experience to help people throughout Oakland and the entire San Francisco Bay Area navigate the bankruptcy laws and find debt relief through bankruptcy.
Understanding The Chapter 13 Bankruptcy Procedure– using bankruptcy to achieve debt relief
Filing for Chapter 13 bankruptcy means that you must commit to a five-year plan (sometimes three, but usually five) under which you will pay all of your disposable income (calculated based on certain tables and formulas) in satisfaction of the plan.
If we have evaluated your circumstances and goals, and decided that Chapter 13 bankruptcy is your best option, filing a Chapter 13 bankruptcy means filing with the court a bankruptcy petition, schedules detailing your financial affairs and recent financial transactions, and a three- or five-year plan detailing how you are going to use your income to pay your creditors. Some payments are required to be made through the plan or during the plan because of the type of debt they are. Some payments are required to be made through the plan because of your personal financial circumstances, including your income, your allowable expenses, and other actual expenses.
As with a Chapter 7 bankruptcy, generally, within about 30 days of filing the petition, you will have to attend a meeting of creditors. The meeting of creditors is an administrative hearing, which is held before a Chapter 13 trustee and not before a judge.
If you think you may need to file a Chapter 13 bankruptcy, it is important to find an attorney who can give you the legal counsel and support needed at every step of the process. That is what you can expect from me, attorney Marilyn Minger. When clients contact my firm — The Law Offices of Marilyn E. Minger — they work directly with me from their confidential free initial consultation until their case is closed.
In my experience, people who file bankruptcy are not people who are looking for an easy out from their financial stress. They are people who have been stuck in the debt cycle for years. When you contact me, I can help you find the debt relief you have been waiting for.
Personal Service From a Cost-Effective Experienced Attorney
I help clients throughout Oakland and the entire San Francisco Bay Area resolve bankruptcy, probate & estate matters.
We are a debt relief agency helping people file for bankruptcy relief under the Bankruptcy Code.