Chapter 13 Santa Monica Bankruptcy Lawyer | Reorganization Attorneys in Santa Monica

Los Angeles County Ch. 13 bankruptcy law will provide financial help to reorganize your secured and unsecured debts. Call a Santa Monica Chapter 13 Bankruptcy Attorney for a free initial consultation.Chapter 13 Bankruptcy is referred to as a “reorganization” bankruptcy. This type of bankruptcy is similar to a debt consolidation plan and normally takes several years to complete before you receive a bankruptcy discharge (debt forgiveness). In a Santa Monica Ch. 13 bankruptcy, you will make payments to the Chapter 13 Trustee who will then make payments to your creditors pursuant to a plan you proposed and had approved by the Santa Monica Bankruptcy Court.

Your personal debts will mostly be made up of "secured" and "unsecured" debts. The bankruptcy code handles them differently. In a Los Angeles County Ch. 13 bankruptcy, you can choose to continue to make payments on "secured" debts for property that you want to keep.

Examples of typical Los Angeles County businesses where you might have entered into a "secured" loan agreement include:

 

Mortgages:

Santa Monica Bank
1251 Fourth Street, Santa Monica, CA 90406
Viking Savings and Loan Association
2010 Wilshire Boulevard, Santa Monica, CA 90403

Harley-Davidson Dealers

Bartels Harley-Davidson
4141 Lincoln Boulevard, Marina Del Rey, CA 90292
(310) 823-1112

Hollywood Harley-Davidson
6810 Hollywood Boulevard, Los Angeles, CA 90028
(818) 246-5618

Car Loans:

Hart Fullerton Leasing
1223 Wilshire Boulevard, Santa Monica, CA 90403
(310) 391-3910

California Rent A Car
1020 Colorado Avenue, Santa Monica, CA 90401
(310) 395-6900

Jewelry Stores:

Jewels by Kurt
408 Wilshire Boulevard, Santa Monica, CA 90401
(310) 394-1636

Jack's Jewelers
415 Santa Monica Boulevard, Santa Monica, CA 90401
(310) 394-6585

 

When you file Chapter 13 bankruptcy in Santa Monica, you have the option to "surrender" secured property and owe nothing on it. When you surrender property in a bankruptcy case, you will not incur the same tax liability that you might incur if you return property to a creditor outside of bankruptcy.

There is no means test for chapter 13 like you have to pass to qualify for Ch. 7 bankruptcy. There will be a calculation of your 'disposable income' which will influence how much is paid to all of your creditors, including "unsecured" creditors. There is also a "liquidation test" required in order to qualify for a Chapter 13 bankruptcy. This basically requires that unsecured creditors receive more from the debtor in a Chapter 13 case than they would have in a Chapter 7 case. Your Santa Monica Bankruptcy Lawyer will examine these calculations for you and provide you with advice about the chapter(s) for which you will qualify.

Examples of Santa Monica area businesses where you pay by credit card or open a credit line and incur "unsecured" debts:

Shopping Malls

Century City Shopping Center
10250 Santa Monica Boulevard 196, Los Angeles, CA 90067
(310) 553-5300

Fox Hills Mall
294 Fox Hills Mall, Culver City, CA 90230
(310) 390-5073

Beverly Center
8500 Beverly Boulevard 501 Los Angeles, CA 90048
(310) 854-0070

Cell Phones:

T-Mobile
3110 Main Street, Santa Monica, CA 90405
(310) 396-3284

E Wireless
1717 Stewart Street, Santa Monica, CA 90404
(315) 310-1300

Sprint
631 Wilshire Boulevard Suite A, Santa Monica, CA 90401
(310) 899-0062

At&t Wireless Store
819 Wilshire Boulevard, Santa Monica, CA 90401
(310) 393-2966

Some of America's Favorite Stores:

Sears
302 Colorado Ave, Santa Monica, CA 90401
(310) 576-2800

The Home Depot
12975 W Jefferson Blvd, Los Angeles, CA 90066
(310) 822-3330

Kmart
6310 W 3rd Street, Los Angeles, CA 90036
(323) 933-7306

Best Buy
11301 W Pico Boulevard, Los Angeles, CA 90064
(310) 268-9190

Restaurants:

Yangtze Restaurant
1333 3rd Street Promenade Promende, Santa Monica, CA 90401
(310) 260-1994

Cafe Ocean
100 Wilshire Boulevard Ste B1-10, Santa Monica, CA 90401
(310) 255-0520

Wienerschnitzel
3010 Pico Boulevard, Santa Monica, CA 90405
(310) 450-7671

Fromin's Restaurant
1832 Wilshire Boulevard, Santa Monica, CA 90403
(310) 829-5443

In Santa Monica, California, there are many places to run up your credit. Contact a Santa Monica Ch. 13 Bankruptcy Law Firm to learn how you can reorganize your debt and eliminate this stress from your life.

It is possible that some of your purchases from these business might actually be secured debts instead of unsecured debts. Your Santa Monica Chapter 13 Bankruptcy Lawyer will review your debts and help you identify what is secured and what is unsecured.

Your Santa Monica, California, Mortgage and Foreclosure Attorney will explain how a Ch. 13 bankruptcy can help you keep your home.Depending on your personal debt and financial circumstances, there are advantages to filing a chapter 13 bankruptcy in the California Bankruptcy Court. While both chapter 7 and chapter 13 bankruptcies allow you to reaffirm your secured debts and continue making payments, Ch. 13 also has the advantage of letting you catch up on past due payments by spreading them over several years. This can include late payments for your mortgage, car loans, and even taxes! Your Santa Monica Bankruptcy Attorney will give you the information on bankruptcy so you understand the advantages of Ch. 13 bankruptcy.

California Mortgage and Foreclosure Lawyer

If you're behind on your mortgage payments, you have regular income, and want to keep your house, a chapter 13 bankruptcy might be the right answer. A chapter 13 bankruptcy will allow you to spread your past due mortgage payments over 3 to 5 years and consolidate some of your other bills as well.

Prior to bankruptcy, you might have difficulty getting your mortgage company or bank to discuss a loan modification or payment plan with you. As soon as you file bankruptcy, not only does your mortgage company or bank have to stop foreclosure proceedings, but they will be required to communicate with your Santa Monica Ch. 13 Bankruptcy Law Firm to discuss options for resolving your mortgage delinquencies.

Information about mortgages and mortgage payments is available by visiting the FTC's website.

Remember, you may live in any of these neighborhoods in Santa Monica, but mortgage trouble and foreclosures exist in all of them and shows no preference.

Santa Monica Neighborhoods

Mid City neighborhood
North of Montana neighborhood
Northeast neighborhood
Ocean Park neighborhood

Pico neighborhood
Sunset Park neighborhood
Wilshire (Montana) neighborhood

 

Many people avoid filing for bankruptcy because they are concerned about the stigma of going bankrupt. But filing bankruptcy can provide the financial help you need to get out of debt. Let a Santa Monica Ch. 13 Bankruptcy Attorney show you to to deal with your financial problems and get debt relief.

The Chapter 13 Plan

The main element of a Chapter 13 Bankruptcy is the Plan. An experienced Los Angeles County Bankruptcy Attorney will work with you to calculate all the debts that will be paid in the plan, plus the trustee's fee, attorney's fees, and applicable interest. All of this information is included in your proposed Chapter 13 Plan and submitted to the Bankruptcy Court for approval.

A confirmation hearing will be held. The trustee and/or some of the creditors may object to the plan. Most of these negotiations will take place prior to the confirmation hearing; your Santa Monica Bankruptcy Lawyer will negotiate on your behalf with the Trustee and the creditors to formulate a plan that will not be objected to by them. You will likely have to modify your original proposed plan.

The bankruptcy judge will have the final say as to whether or not your proposed plan is confirmed, even if there are still objections. A confirmed plan will bind the debtor and each creditor to payment plan set forth in the plan. Chapter 13 plans usually run from 36 to 60 months. At such time as a debtor has made all payments required under the plan and fulfilled all other obligations set forth in the plan, the court will grant a discharge to the debtor of all debts (as provided for in the plan).

There are many circumstances that can arise during the three to five years of a Chapter 13 plan: job loss, job promotion, marriage, divorce, new children, grown children going to college, etc. Chapter 13 plans can be modified during the course of the plan. Your Santa Monica Bankruptcy Lawyer will advise and assist you as these life situations occur.

Santa Monica Debt Relief Lawyers serve the Los Angeles County and Surrounding Areas

Serving clients throughout Southern California, including Agoura Hills, Athens, Bell Gardens, Beverly Hills, Calabasas, Compton, Culver City, Downey, East Los Angeles, Florence, Hawthorne, Huntington Park, Lawndale, Lennox, Los Angeles, Lynwood, Malibu, Manhatten, Marina del Rey, Redondo Beach, Santa Monica, South Gate, Thousand Oaks, Torrance, View Park, West Athens, West Hollywood, West Los Angeles, and other communities in Los Angeles County.

Contact a Santa Monica Chapter 13 Bankruptcy Attorney for a free initial consultation.