Woodland Hills Chapter 13 Attorney

Chapter 13 — Should I File for a Wage Earners Bankruptcy?

Threats of garnished wages, repossession and foreclosure are enough to keep any person awake at night. With proper planning and the help of a skilled bankruptcy attorney, you can eliminate these threats and protect your assets.

Chapter 13 bankruptcy is often called a "wage earners bankruptcy." The reason is that most people who file are "wage earners" — people who are earning money and not necessarily interested in liquidating assets in exchange for immediate debt forgiveness, as in a Chapter 7 proceeding.

"Through my legal practice, I have helped countless clients get a fresh financial start through bankruptcy. My success rate is high among those who qualify." - Attorney Michael H. Raichelson

Instead, in a Chapter 13 bankruptcy the filer will pay off some past-due and current debts in monthly increments over three to five years according to a reorganization plan and according to what they can reasonably afford. Such debts can include anything from mortgages and car loans to past-due taxes. Also, a Chapter 13 bankruptcy will stop a foreclosure and allow you to make catch up payments over time.

At The Law Offices of Michael H. Raichelson in Woodland Hills, California, we work daily with clients who seek debt relief through a California bankruptcy. For a free consultation with a competent and skilled Woodland Hills Chapter 13 bankruptcy lawyer, call us at 818-921-7306.

Who Should File? Van Nuys Chapter 13 Bankruptcy Lawyer

Filing for Chapter 13 bankruptcy is a good idea if you do not qualify for Chapter 7 bankruptcy under the means test. Likewise, it may make sense if you wish to save a home that is in danger of foreclosure, a vehicle that is being threatened with repossession or a nonexempt property that you might otherwise lose to liquidation.

Will I Lose My House? My Car?

Each state allows bankruptcy filers to keep certain assets. California has its own requirements, many with caps limiting the value of certain assets you can keep. In a Chapter 13 bankruptcy, you get to keep your assets, including your home, cars, and personal property in that you are paying back a portion of your debts over time.

Catch Up on Your House Loan Through Mortgage Stripping

Through the Chapter 13 process, you may be able to remove the second or third mortgage from your home in a process informally called "lien stripping."

If the balance of your original mortgage exceeds the fair market value of your home, your second (or third) mortgage has no equity in it. As a result, the second (and third) mortgage(s) may be re-characterized as unsecured debt, and the liens securing these debts may be stripped away, leaving a homeowner with only the original mortgage to pay once the Chapter 13 plan is completed.

For more information, please visit our Lien Stripping page.

Establish a Chapter 13 Payment Plan — Woodland Hills Chapter 13 Lawyer

We know how to get our clients a discharge if they qualify. We have a high success rate for qualifying bankruptcies.

Chapter 13 bankruptcy is a complicated area of law, but one you can navigate safely with the help of a competent Woodland Hills Chapter 13 attorney. Contact us online today or at 818-921-7306.

Spanish translation is available. Servicios de traducciones disponibles.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

I was in a really horrible place financially after the collapse of my business due to the economic recession. A friend referred me to the law offices of Michael Raichelson. At the very first meeting Mr. Raichelson put me at ease, assessed my situation and informed me that bankruptcy was the best option and told me he would guide me through the entire process. Everything went so smoothly and I'm so grateful to Michael and his staff for their support and successful resolution of my case. 'm now off to a brand new start and life! R.B
If you are going through a bankruptcy this is the attorney to use. He is a thorough, caring and most of all a patient attorney who knows how to get the job done with no surprises. I highly recommend him and would hire him again. N.K.
We are extremely satisfied with how Mike handled our case. After consulting with numerous lawyers about our bankruptcy filing, we picked Mike because he proposed a bankruptcy filing strategy for our situation that was most favorable to us than other's proposal. He is knowledgeable, professional, courteous, responsive and got the job done quickly. He completely looked after our best interest and delivered results as he had promised from the initial consultation.
S.P.
Manager, Employer Contracts
HNCA
When my husband became permanently disabled and unable to work any longer we were devastated. We had bills, like every American does, that were not going to be able to be paid with the loss of income. When I found out that I was going to be laid off from my job we didn't know what we were going to do. After speaking to an attorney locally I was very discouraged and didn't think we were going to have any hope at all with our bills. I then looked online and found Michael Raichelson. My husband and I went to speak with him and boy did he put our mind at ease. We left his office feeling that there was hope and a way out. He was the biggest help in making us feel assured that all was going to be okay. The process was fast and painless and I believe this was due to the professionalism and good work of Michael and his firm. We were blessed to have found Michael and even further blessed to get the help we needed.
K and J
To Whom it May Concern:
As clients of Michael H. Raichelson, my wife and I are extremely pleased to recommend his services.
When we first met Michael, our situation was pretty grim. Health problems, unemployment, and a drastic drop in the value of our house had turned our lives upside down. We just couldn't pay our bills.
Credit counseling and our research on the internet made it clear that bankruptcy was inevitable. What wasn't clear was what bankruptcy would mean for us. We felt like we were being pushed over the edge and would lose everything. Fortunately, that's when we were referred to Michael.
Michael understood what we were going through. Due to his experience with the court where we had to file and his knowledge of current, real-world conditions with creditors and banks, he was able to explain exactly what would happen and when. After our first meeting, we felt like a tremendous physical weight had been lifted from our shoulders. We felt like we were in control of our lives again.
Today, everything has unfolded just as Michael had told us it would. We are debt free and enjoying a fresh start. We strongly urge anyone faced with bankruptcy to have Michael help them as he has helped us.
Sincerely,
R.F.D

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The Law Offices of Michael H. Raichelson
6400 Canoga Avenue
Suite 352
Woodland Hills, CA 91367
Phone: 818-921-7306
Toll Free: 888-367-5012
Fax: 818-444-7776
Woodland Hills Law Office

The Law Offices of Michael H. Raichelson
1000 Town Center Dr.
Suite 300
Oxnard, CA 93036
Oxnard Law Office

SuperLawyers NACBA National Association of Consumer Bankruptcy Attorneys

The Law Offices of Michael H. Raichelson in Woodland Hills, California, serves bankruptcy clients in the San Fernando Valley (The Valley) region of Southern California, including Los Angeles, Burbank, Glendale, San Fernando, Hidden Hills, Calabasas, Encino, Sherman Oaks, Van Nuys, Ventura, Simi Valley, West Hills, Oak Park and Agoura Hills. We serve all communities in Los Angeles County and Ventura County.