Since 2010, David Gomez and Platinum Law Group have assisted clients deal with their legal challenges. David Gomez and Platinum Law Group offer a variety of services, including filing for chapter 13 bankruptcy.
Also known as a wage earner’s plan, a chapter 13 bankruptcy allows an individual with a regular income to create a plan that will enable the partial or full repayment of debts. The repayment plan involves making regular payments over a period of three to five years. It will be a three year payment plan if the current monthly income of the debtor is below the applicable state median, though the court can approve a lengthier period “for cause.”
If the current monthly income of the debtor is above the applicable state median, then typically the plan will be for five years and in no cases will it be longer than five years. During this period, creditors are forbidden by law from initiating or continuing collection activities. Filing for chapter 13 bankruptcy involves knowledge about many fine points in the law, and seeking counsel from a qualified legal expert is advised.
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