Santa Rosa Bankruptcy Lawyers

Santa Rosa Chapter 13 Business Bankruptcy Attorneys

Are you a business that is finding it difficult in this economic climate to keep up with bills and retain clients? Chapter 13 bankruptcy can be a valid solution for a business that wants to keep their doors open and not go out of business. Chapter 13 bankruptcy or a debt reorganization bankruptcy can breathe new life into a struggling business by diminishing debt load and retaining vendor confidence, while keeping your doors open after years of investing in your business and livelihood.

 

Chapter 13 Bankruptcy-Santa Rosa Debt Reorganization Lawyers

Have you fallen behind on your bills, mortgage payments, car payments or other debts due to illness, a short-term job loss, divorce or some other personal difficulty? Do you have the ability to pay some of your debts but not all of them? If so, Chapter 13 bankruptcy may be right for you. Higher income clients might not qualify for Chapter 7 bankruptcy. These clients can still seek debt relief however, by filing a Chapter 13 bankruptcy. The Levy Carroll Law Offices can help.

Julie Levy and Zachary Carroll have assisted clients with their debt relief needs with over 20 years of legal experience. Their main goal is to help clients find relief from the burden of large debt. Chapter 13 bankruptcy is often used by home owners facing foreclosure. The strategy allows for the possibility of keeping your home and working out repayment plan on your mortgage arrears to maintain the bulk of your assets. Contact Levy Carroll Law to schedule a complimentary consultation or call 707-523-1515.

Can Chapter 13 Bankruptcy Help Me?

Individuals and businesses sometimes reach a level of despair where they are considering bankruptcy. For people who don’t pass the Chapter 7 Means Test or have too many assets a Chapter 13 bankruptcy can be an attractive option. For businesses wanting to keep their doors open and their employees employed a Chapter 13 bankruptcy can help them face overwhelming debt and give them the time and relief to get back on their feet and prosper again. For individuals or businesses with income, but lack of sufficient cash flow, a chapter 13 bankruptcy gives you 3-5 years to pay a manageable amount per month to the pay on your past bills thereby reducing your overhead.

The following thoughts and fears may be running through your mind and we lay out some of the pros and cons of filing Chapter 13 bankruptcy below:

Your Challenges:

  • You want to keep your home, but you are behind in payments and fearing foreclosure.
  • You are underwater on your home and want to eliminate a second-mortgage or HELOC loan on your residence.
  • You are concerned with your mounting debt and late payments on your credit cards that your credit is getting ruined.
  • You have IRS or other tax debt that must be paid off and is not dischargeable in a Chapter 7 Bankruptcy.
  • Unpaid bills and mounting debt pressure are causing you to have sleepless nights.
  • Wage garnishment is one of your fears from creditors that might get a judgement against you.
  • You are concerned your car maybe repossessed due to being behind in payments. You may also owe much more than your car is worth and want to modify the loan terms.
  • You are concerned your job is in jeopardy due to calls to your work from creditors.
  • If you lose your home you are concerned that no one will rent to someone with bad credit or a bankruptcy.
  • Your stress levels are so high from mounting debt and an inability to make any headway on your debts has you feeling that you have no options.
  • If you lose your home you are concerned that no one will rent to someone with bad credit or a bankruptcy.
  • The constant creditor’s calls are keeping you on edge and affecting your home life.
  • You know your credit is plummeting due to lack of payments and possible charge offs of debts.
  • You feel like you don’t have a plan and so you don’t answer the phone when creditors call or contact you by mail.
  • Your family life has been severely strained and your debt situation is affecting your spouse and children.
  • You are concerned that your debt situation could permanently harm your marriage or career.
  • You are concerned that you will be sued or have already been sued by creditors.
  • You are concerned that you will lose some of your possessions going through a bankruptcy.
  • You are concerned that you will need to close your business.
  • You are concerned that your years of work of building your company will be devastated by going out of business.
  • You are concerned for your employees, if the business closes that they will not be able to find work.
  • You are concerned if you lose your business that you won’t be able to get a job.
  • You are concerned your vendors will cease to do business with your company and might sue you  for non-payment.
  • You are afraid you business equipment will be auctioned off, your business will close, and your professional reputation will be severely damaged.

Is Chapter 13 Bankruptcy a Good Option for You?

Chapter 13 bankruptcy is a reorganization bankruptcy (sometimes referred to as a wage earner’s plan) in which a portion of your debts are paid back over a three- to five-year period as determined by the bankruptcy court. When your repayment plan is finished, the remainder of your unsecured debts will likely be discharged. You arre allowed to keep all the assets which have been paid on through the your Chapter 13 bankruptcy process.  Many of our clients have some apprehension about the idea of bankruptcy. We understand that the idea of filing bankruptcy can seem daunting and overwhelming. Call Levy Carroll Law so we can help you make the best decision for your debt relief.

Possible Outcomes:

  • Chapter 13 bankruptcy can assist you in obtaining a loan modification by showing lenders a concrete plan to deal with your debt moving forward.
  • Chapter 13 bankruptcy can allow you to keep your home by curing your mortgage arrears.
  • You may be able to eliminate 2nd, 3rd, or HELOC loans on your home.
  • You may be able to keep property that you would have lost in a Chapter 7 bankruptcy.
  • Certain types of debts can be eliminated in a Chapter 13 bankruptcy that would survive a Chapter 7 bankruptcy i.e. some marital debts.
  • While in Chapter 13 your business remains yours to own/operate.  All your years of hard work of building up a customer base will not be lost and your company doors can remain open with a better opportunity to thrive.
  • You will have the opportunity to get your company on sound footing again and see a light at the end of the tunnel.
  • Your reputation and that of your business will have the opportunity to grow once again.
  • Chapter 13 bankruptcy is very flexible and in most instances you may voluntarily exit your bankruptcy completely or convert to a different type of bankruptcy.

 

What is Involved in a Chapter 13 Bankruptcy?

  • Our office will analyze your income, expenses and types of debts which is vital to determining your best course of action.
  • The process of filing for Chapter 13 allows for restructuring of your debts and we will fill out your paperwork giving you the best opportunity to create  reasonable repayment plan with the bankruptcy trustee-giving you or your business room to grow and breathe.
  • Zachary Carroll or Julie Levy walks each client through the process, collecting information and offering advice at each step.

Chapter 13 bankruptcy is a process of restructuring your debt over a 3-5 year period based on your current income or cash flow. The moment you file for Chapter 13 bankruptcy, creditors must stop calling and harassing you.  If you are primarily concerned with avoiding foreclosure or repossession, or if you have a steady stream of income, Chapter 13 Bankruptcy may be your best option. Our legal team will explain the benefits and consequences of each type of bankruptcy as well as how they would affect your particular circumstances.