If you have assets and would like to keep them or you do not qualify for Chapter 7 Bankruptcy, you may qualify for Chapter 13 Bankruptcy. Unlike Chapter 7 Bankruptcy, you will not have an immediate discharge of your debts, but will be required to develop a bankruptcy repayment schedule. The bankruptcy repayment schedule allows your debts to be repaid over a three to five year period. There are benefits to filing Chapter 13 Bankruptcy including: stopping home foreclosure, ending creditor calls, stopping lawsuits, ending wage garnishments and halting property repossessions.
Under Chapter 13 Bankruptcy proceedings your debts will be prioritized and all priority debt will be paid first. Other secured creditors are paid next and then all unsecured debt will be paid last. At the completion of the debt repayment schedule your debts will be discharged.
Fresno Bankruptcy laws will follow United States Bankruptcy law. There are certain credit counseling and financial criterion which must be met prior to filing for Chapter 13 Bankruptcy. It is important to contact a Fresno Bankruptcy Attorney to discuss the impact Chapter 13 Bankruptcy will have on your financial situation.