Alhambra Chapter 13 Bankruptcy Lawyers
Facing financial difficulties can be daunting, but you don’t have to navigate this challenging journey alone. At Lo & Lo, we believe that with the right legal guidance, a path to relief and recovery is within reach. Our skilled Chapter 13 bankruptcy attorneys are dedicated to helping individuals and businesses confidently traverse the complexities of bankruptcy law. Since 1981, we have been committed to delivering compassionate, client-centered legal solutions for those experiencing financial hardship. Let us help you reclaim your financial future with clarity and support.
Our team understands that behind every financial situation is an individual, which is why we take a personalized approach to bankruptcy and debt relief. Whether you’re an individual burdened by credit card debt or a business struggling to keep operations afloat, we work tirelessly to identify the best legal and financial strategies for your needs. If you’re also facing challenges due to accidents or injuries, our experienced personal injury lawyer can provide the dedicated support you require.
Chapter 13 Bankruptcy is a powerful legal tool that provides relief to those overwhelmed by debt, but it is also a nuanced process governed by intricate laws and regulations. Lo & Lo is here to ensure that you understand your options, protect your rights, and achieve the fresh start you deserve.
Why Choose Lo & Lo for Bankruptcy Representation?
At Lo & Lo, we understand that financial struggles can be both emotionally and financially taxing. Our goal is to provide empathetic, effective legal guidance that helps you achieve the best possible outcome. Here’s why clients trust us:
- Decades of Experience: Since 1981, we have successfully represented clients in a wide range of bankruptcy cases, from straightforward debt discharges to complex adversarial proceedings.
- Client-Centered Approach: We take the time to understand your unique financial situation, tailoring our strategies to meet your specific needs and goals.
- Creative Problem-Solving: We analyze your case from every angle, crafting innovative solutions that address both your immediate challenges and long-term financial health.
- Compassionate Advocacy: We approach every case with empathy and respect, offering nonjudgmental support during a difficult time.
- Zealous Representation: Whether negotiating with creditors or litigating in court, we fight tirelessly to protect your rights and achieve the best possible outcome.
Trusted Counselors and Litigators
Recognized as a Top Attorney on Pasadena Magazine’s prestigious peer-recommended list for eight consecutive years: 2017, 2018, 2019, 2020, 2021, 2022, 2023, and 2024.
Our Chapter 13 Bankruptcy Attorneys Know How To Help
Chapter 13 involves a repayment plan. The court must approve your repayment plan and your budget. Chapter 13 is a valuable tool that lets you catch up overdue mortgage or car payments, taxes and domestic support obligations. It also applies where you have the ability to repay some or all of your debts over time. You must have less than $360,475 in unsecured debt (such as credit cards and doctor’s bills) and less than $1,081,400 in secured debt (such as mortgages and car loans) to qualify for Chapter 13.
Under Chapter 13, you keep all of your property, both exempt and non-exempt, as long as you resume making your regular payments on secured debt and keep current under the repayment plan that you propose. Your total payment to unsecured creditors, though, must equal or exceed the total value of your non-exempt property when compares to a chapter 7 liquidation.
In certain circumstances it may be possible to reduce a car payment. A repayment plan can last for up to five years. After finishing your payments, most of your unsecured debts are discharged.
The filing fee for a Chapter 13 is $274.00. In most cases, once you file your case, the “Automatic Stay” immediately goes into effect. The Automatic Stay means that a bankruptcy filing automatically stops, or stays, and brings to a halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection harassment. Generally, creditors cannot take any further action against you or your property without permission from the Bankruptcy Court.
In a foreclosure situation, if your desire is to keep your home, Chapter 13 is preferable to Chapter 7 because Chapter 13 allows you to catch up your arrears (overdue payments). As long as you keep up with the plan payments AND post-petition mortgage payments, lenders will not be able to obtain an order lifting the automatic stay and continue with the foreclosure proceeding. For individuals or businesses with more complex financial situations, Chapter 11 bankruptcy may be an alternative, allowing debt restructuring while maintaining assets. Consulting with lawyers experienced in Chapter 11 bankruptcy can help determine the best course of action for those facing substantial debt challenges.
In a Chapter 7 situation, even though there is an automatic stay in place, lenders will still be able to bring a motion to lift the stay and continue with the foreclosure proceeding.
Other benefits of Chapter 13:
Lien strip a junior mortgage: If the value of your home is less than the principal balance you owed on the first mortgage, you will be able to strip off the second or third mortgage, reduce them to the status of unsecured creditor, and discharge the lien when the plan is completed.
Cram down a car loan: It is possible to negotiate with the lender to reduce the car loan to fair market value of the car and reduce the interest rate to reasonable rate, then reaffirm the car loan.
Super discharge certain debts: Certain debts not dischargeable in Chapter 7, such as an intentional tort debt or a debt incurred by fraud, can be discharged in Chapter 13.
Co-debtor stay: 11 U.S.C. Section 1301 prevents a creditor from pursuing a co-debtor on a consumer debt so long as the debtor propose in his/her Chapter 13 plan to pay the cosigned debt in full.
Control sale of property: 11 U.S.C. Section 1303 provides the debtor, not the trustee, the right to sell property under Section 363 of the Code. Debtor could liquidate property in a manner and at a time most advantageous to the debtor.
Operation of business: For a debtor operating a sole proprietorship business, Chapter 13 permits the debtor to continue with the business.
There are other benefits depending on your individual situations. Please call us for a free consultation.
Attorney Kelvin J. Lo
Kelvin J. Lo is a partner at the firm and head of the litigation team. Having been in the legal field since 2010, Kelvin has gained significant experience and a deep knowledge of the law, which he uses to achieve favorable outcomes for his clients. He represents individuals and businesses, large and small, in commercial litigation, real estate litigation, bankruptcy litigation, personal injury litigation, and employment litigation in both state and federal courts from the inception of disputes through litigation, trial, appeals, and the enforcement and collection of judgments and debts.
