Monday, April 25, 2016

Declaring Bankruptcy: Filing For Chapter 13

Image source: Bankruptcy.com
Classified as reorganization bankruptcy, filing for Chapter 13 requires the self-employed, wage earners, and sole proprietors to submit a structured repayment plan that allows a business owner to pay debts through his or her income in a span of three to five years.

However, not all businesses are eligible to file for this type of bankruptcy. Those who are considered eligible to file under Chapter 13 may save their properties from foreclosure and reschedule the payment of their secured debts.

In declaring bankruptcy under Chapter 13, the business owner could seek the assistance of an established law firm in drafting their structured repayment plans. Olympia Law P.C. in California, for instance, is a law firm with years in the business that has helped many clients get back on track after they have filed for Chapter 13. By helping their clients organize their taxes, financial documentation, and other requirements, the lawyers of Olympia Law pursue the reduction of debts and prevention of property foreclosure on behalf of their clients. In the span of three to five years, they have helped clients successfully pay off their debts and start anew.

Image source: Bellcomp.co.uk
Filing for this kind of bankruptcy could be a better option for those who can still organize debt repayment plans. This plan requires an individual to have a regular income as well as properly filed tax returns within four years since filing for Chapter 13. Those who are under this plan are also required to meet all the requirements applicable according to the bankruptcy code.

Olympia Law P.C. has been delivering results to numerous clients since 1997. The firm’s primary concern is upholding their clients’ interests. Atty. Steve Gohari, the founder, is an accomplished legal practitioner who has nearly 20 years of experience on a broad spectrum of legal specializations such as international trade, construction law, and mediation. For more information about the firm’s practice areas, visit this blog.