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When you are on the verge of being declared bankrupt you are left mainly with two options, one filing a bankruptcy under Chapter 7 and other filing Bankruptcy under Chapter 13. Chapter 7 will do away with your debts by mortgaging your property, but if you don’t want to part with your possessions, then Chapter 13 Bankruptcy is the option for you. However, before filing a Bankruptcy under Chapter 13, you will have to qualify. You can qualify for filing a Bankruptcy under Chapter 13 if:
1. You have the desire and ability to repay most of your debts over time, but you need the protection of the bankruptcy court to do so.
2. You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement.
3. You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.
4. You are a family farmer who wants to pay off your debts, but you do not qualify for a Chapter 12 family farming bankruptcy because you have a large debt not related to farming.
5. You have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain property, called exempt. If you have a lot of nonexempt property which you'd have to give up if you file a Chapter 7 bankruptcy, Chapter 13 bankruptcy may be the better option.
6. You filed a Chapter 7 bankruptcy within the previous eight years. You cannot file for Chapter 7 again until the eight years are up.
If you satisfy the above mentioned criteria, you may qualify for filing a Contra Costa Bankruptcy under Chapter 13. For further assistance, you can book a free appointment with Richard Korb, a Contra Costa Bankruptcy Attorney, who will take the time to guide you through all your options. For details please visit: www.KorbLaw.com or call us at (9925) 683-0464.