Is Chapter 13 Bankruptcy the Right Answer for You?
Especially for homeowners with second mortgages that are underwater, Chapter 13 bankruptcy may be the right answer for dealing with overwhelming debt. Ask for a free consultation with a bankruptcy lawyer at Coggins & Johnston law firm in Roseville, California.
Call (916) 797-1397 for a free consultation with a bankruptcy attorney.
Chapter 13 bankruptcy is an opportunity to reorganize debt.
Chapter 7 bankruptcy liquidates debt in order to pay creditors as much as possible and give the debtor a fresh start. In the vast majority of Chapter 7 cases no assets are sold and all debts are liquidated. Talk to an experienced bankruptcy attorney about your debts and assets to determine if Chapter 7 bankruptcy if for you. Chapter 13 bankruptcy is about debt reorganization — a chance to set up a payment plan to pay back debts over 3-5 years. This can be an excellent choice if your debts are not dischargeable, such as recent income taxes.
Are you facing large arrearages in your home mortgage?
Chapter 13 bankruptcy can give you the time you need to pay back those arrearages. Talk to a bankruptcy lawyer about negotiating a 5-year payback plan for the arrearages. Chapter 13 bankruptcy can give you the time you need to get your finances back on track. In addition, if your home is underwater you may be able to discharge and strip off the second lien on your home.
Do you owe back taxes to the IRS?
You cannot discharge some back taxes in a bankruptcy, but you can negotiate for an end to the penalties and interest while you pay back your tax debt over a defined period of time. If interest and penalties keep piling up, there may be no end in sight for your tax debt. Talk to your attorney about stopping the interest and penalties and starting to pay back your debt.
Know the possibilities. Contact an experienced bankruptcy attorney.
The first consultation is free at Coggins & Johnston law firm. It will give you a chance to get answers to your questions and make an informed, educated decision about your future. No matter what your decision, we can help you end the financial struggle and get a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The Coggins & Johnston law firm in Roseville, California, represents bankruptcy and foreclosure clients in Sacramento, Roseville, Rocklin, Granite Bay, Lincoln, Citrus Heights, Davis, Rancho Cordova, Folsom, Woodland, Carmichael, North Highlands, Yuba City, Fair Oaks, Orangevale, El Dorado Hills, Auburn, Placerville, Gold River, Loomis, CA, and other communities in Placer County, Sacramento County, Yolo County, El Dorado County, Yuba County, Central California and Northern California.
