Filing Chapter 13 Bankruptcy in Sacramento

Are you, your family, or your business suffering from carrying the burden of debt in California and looking for a new financial future? 

We’ve represented and helped thousands of individuals in the greater Sacramento area start new lives free from  the burden of debt by filing Chapter 13 Bankruptcy.

Filing Chapter 13 Bankruptcy can include:

• Keeping your house and help you catch up on missed payments
• Eliminating or restructuring business debt
• Eliminating or restructuring tax debt to prevent garnishment
• Restructuring student loans Reducing interest rates and eliminating credit card debt
• Catching up on missed car payments

Filing bankruptcy can be an ideal solution for hardworking  individuals and families that are overwhelmed with too much debt; in fact, over 240,000 Californians will file bankruptcy this year alone.

How Does Chapter 13 Bankruptcy Work?

Individuals and families who wish to restructure their debts into a reduced payment plan may file personal bankruptcy under Chapter 13 Bankruptcy in California.

By filing a Chapter 13 bankruptcy, you need only to pay a portion of your debt over a three-year or five-year period, typically at a reduced interest rate, free from additional penalties and fees, in an easy-to-manage consolidated payment plan

Although some people  hope to eliminate their debt under Chapter 7 without paying anything to creditors, filing Chapter 13 is often more advantageous and should be considered as a superior form of bankruptcy.

The primary advantage is that all types of debt may be included in the plan, including student loans that are not dischargeable under Chapter 7. And Chapter 13 filers can eliminate just as much credit card debt as chapter 7 filers, without risking the loss of their property. 

Do I Qualify for Chapter 13 Bankruptcy?

Individuals must show consistent and sufficient income to pay their proposed payment plan payments in order  to qualify for Chapter 13 Bankruptcy.

Those who have enough income to make the restructured payments to creditors can qualify for Chapter 13.

You qualify for Chapter 13 if you:

• Have a significant amount of debt
• Have enough monthly income to pay a portion of your debt 
• Like the idea of paying something to creditors, even if this a small amount 
• Are current in your tax filings
• Seek to rebuild your credit by demonstrating a positive payment record to the Trustee

How Long Does The Chapter 13 Process Take In California?

A Chapter 13 Bankruptcy process in California takes 36-60 months on average, but can be completed faster. Your circumstances impact the type of payment plan that the court will approve to resolve your debts.

One of the benefits of working with Liviakis Law is that you will have our legal expertise and knowledge of the chapter 13 process in Sacramento, CA , getting you on your way to financial freedom sooner rather than later.

Can I Recover My Credit Rating After?

Yes, with the right steps you can begin rebuilding your credit immediately after bankruptcy — but repairing your score can take several years depending on your score and your ability to repay creditors.

Many of our bankruptcy clients start to rebuild their credit score within two years with careful  use of a secured card or loans and making payments on time.

While Chapter 13 bankruptcy will remain on your credit report for 7 years, you can offset negative marks with positive and consistent financial decisions. 

At Liviakis Law, we are committed to helping our bankruptcy clients with the proper education and planning so that they can rebuild their credit and even go on to purchase a car or home.

How Do I Know Chapter 13 Is Right For Me?

Bankruptcy should be used as a tool to improve your financial strength, helping you build personal wealth by investing the money you save in the debt relief process.

Chapter 13 Bankruptcy works for most homeowners that want to protect their home from foreclosure and creditor lawsuits. But Chapter 13 reorganization is also great for hard working Americans that seek a powerful debt solution while still maintaining their integrity.

Chapter 13 Bankruptcy may be right for you if you:

• Are paying too much money to credit card companies each month due to high interest rates
• Make more money than the average person or family 
• Need to protect your house from creditors or foreclosure 
• Need help with a reasonable payment play to catch up on back IRS and CA State Income Taxes 
• Are a business owner  seeking to stay in business while reorganizing high debts 

In most cases, Chapter 13 Bankruptcy improves monthly cash flow. We can show you how to reduce debt and protect your family’s assets as you work toward a better financial future, free from debt.

With that said, Chapter 13 isn’t for everyone.  In some cases, there may be better options such as settling debt out of court, which is another service that we provide to our clients.

The Liviakis Law Firm is ready to answer all of your questions about Chapter 13 Bankruptcy and which debt relief options will give you the best opportunity to improve your situation for an improved financial future. Not all bankruptcy is the same and not all bankruptcy attorneys are the same.

At Liviakis Law we place honesty and integrity above all else, which is why we offer a free consultation to help determine if filing Chapter 13 is right for you.