Sacramento Chapter 13 Bankruptcy Lawyers
Northern California Chapter 13 Bankruptcy Attorneys
Sacramento Chapter 13 Bankruptcy - Personal Debt Reorganization
Sacramento, California Chapter 13 Bankruptcy law of the United States Bankruptcy Code is frequently referred to as a “wage earner” chapter, although it is available to individuals with regular income from any source, not just wages.
Sacramento, California Chapter 13 Bankruptcy provides consumers with a way to consolidate debt under federal law and repay creditors a portion of what is owed over time. The idea behind chapter 13 bankruptcy is that the consumer makes sufficient income to pay all current living expenses (rent, food, car, utilities, etc.), but not enough to pay off all debts in full or comply with creditor's demands. In chapter 13 bankruptcy, living expenses are paid first, then whatever is left over goes into the consolidation plan.
The chapter 13 bankruptcy plan is not based on what you owe (in most cases), it is based on your ability to repay creditors. The calculation of your plan payments involves many variables, but most importantly it is based on your income and expenses. Whatever is left at the end of the month goes into the plan, even if it only pays creditors pennies on the dollar. Chapter 13 bankruptcy can be particularly useful for consumers with assets over the exemption amounts, or non-dischargeable debts.
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