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-- Natalia C.
Chapter 13 Banruptcy
Chapter 13 bankruptcy is for individuals who have a steady income but need to restructure their debts. If you need to file a Chapter 13, this means that you either make too much money to file a Chapter 7, or you have certain priority debts such as payroll IRS debt, child support, etc. that cannot be eliminated through a Chapter 7 bankruptcy. This means we reduce or restructure the amount of your debt to fit your income so you can feasibly make payments over a three to five year period. A Trustee is assigned and the court will decide if the plan is equitable for you and your creditors. Your payments are made to the Trustee who in turn will pay your creditors until the plan is fulfilled.
We are here to make this process as simple and successful as possible. Our attorneys work personally with you each step of the way. You are never pawned off to a paralegal or legal assistant and our attorneys keep you updated throughout your case.
Why would you need to file a Chapter 13?
- Stop Foreclosure
- Foreclosures are stopped immediately and can be done any time prior to the sale of your property, even within hours. However, it is best not to cut it that close. Once your home is sold, it is too late to file a Chapter 13. You will still be responsible for all future mortgage payments, but they are restructured to fit your budget.
- Eliminate a Second Deed of Trust
- With the declined home values in Las Vegas, your home may be worth less than you owe. By filing a Chapter 13 we can eliminate the second deed of trust and it will get treated as an unsecured debt.
- Restructure your Debt
- When your income is too high for a Chapter 7 bankruptcy, but your debt is more than you can repay, then a Chapter 13 can help you reduce your debt to fit within your budget and pay the minimum amount allowed by law.
- Eliminate Tax Debt
- In certain circumstances, you can even eliminate your old IRS tax debt. If it doesn’t meet the requirements to be eliminated under a Chapter 7 bankruptcy, we can put you on a payment plan through a Chapter 13 bankruptcy that will fit your income. Most law firms do not have this experience, but we have helped numerous individuals successfully restructure their tax debt.
- Consolidate Student Loans
- Student loans cannot be eliminated in a Chapter 7 bankruptcy, but you might be able to pay part of them through your Chapter 13 Plan and stop the collection against you. Then if there is anything owing after the Plan has ended it will be much easier to pay the remaining balance due to your improved financial situation.
- Save your Vehicle
- A Chapter 13 will immediately stop the repossession of your vehicle. However, you will still be responsible for future payments based upon the Plan which usually includes a negotiated amount owing