The Ordway Building
1 Kaiser Plaza, Suite 480
Oakland, CA 94612
Phone: 510-465-3328
Antioch Location
3700 Delta Fair Blvd., Suite 200E
Antioch, CA 94509
Phone: 925-757-3328
Richmond Location
3150 Hilltop Mall Rd.
Richmond, CA 94806
Phone: 510-234-3328
Chapter 7 and 13
Chapter 7 Bankruptcy
In a chapter 7 bankruptcy, all your debts are wiped out by court order, except for some taxes, some student loans, and alimony or child support. We can tell you about other possible exceptions to discharge if applicable. You must continue to keep paying on your home mortgage or car loan if you want to keep these items. Typically all your unsecured debts are eliminated, while you keep paying your secured debts. This means that credit card debts, bank loans, medical bills, utility bills, business debts, and even bad checks are commonly discharged. Also, most people will not lose any property or personal possessions. You should consult with our office to determine whether your property is exempt. Contact us today and we can let you know how a chapter 7 case could work for you.
Chapter 13 Bankruptcy
A chapter 13 bankruptcy is a repayment plan that lasts three to five years, depending on your income level. You pay off your debts in full or in part, based on your ability to pay. At the end of the case, all the balances on your debts are discharged, even if they have only been partially paid off. This does not include your mortgage, student loans, child support and some other exceptions we can tell you about. Most chapter 13 cases are partial payment arrangements. Normally, you continue paying your house payments; the rest of your debts are put into the chapter 13 plan. This means you do not usually lose anything you own.
You should consider filing chapter 13 if:
- You are behind on house or car payments, and need time to catch up;
- You are behind on other debt payments, and need time to catch up; or
- You have valuable property you would lose in a chapter 7 and instead can make payments to you creditors over time.
- You may be able to strip away your 2nd mortgage and get a discount on your car loan.
Contact our office to learn how chapter 13 would work for your situation.