San Mateo Bankruptcy Lawyer
Chapter 13 Bankruptcy Lawyers in San Mateo County.
As soon as your bankruptcy case is filed the automatic stay goes into effect stopping all collection activity such as foreclosure sales or repossessions. If you are behind on your mortgage payments or car payments, filing a chapter 13 bankruptcy can help. Call us toll free at 1-877-963-9543 to find out if bankruptcy is right for you.
The most common reason to file a chapter 13 case is if you are having trouble making your mortgage payment. With the housing and mortgage industry still in turmoil, there are still too many homeowners struggling to make their monthly mortgage payments. Filing a chapter 13 cannot change the terms of your first mortgage, but you may be able to get rid of a second mortgage or equity line of credit. If the value of your house is less than what you owe on your first mortgage, then the second mortgage or equity line of credit is can be turned into an unsecured debt just like a credit card debt. A motion or adversary proceeding must be filed to value your house and have the court enter an order saying the second mortgage is to be treated as an unsecured debt. You will only get this relief if you complete the plan. That means making every single payment in the chapter 13 plan.
A Chapter 13 bankruptcy is usually called the reorganization chapter for individuals and small businesses. Depending upon your circumstances you may get rid of a second mortgage or line of credit, pay less for a car or reduce the percentage rate and discharge most if not all of your unsecured debts also. During your free consultation with one of our attorneys we will discuss whether filing a chapter 13 bankruptcy is the best financial decision for you and your family.
Our Redwood City Office is located minutes from Highway 101.
By
Ryan
C. Wood