Chapter 7 bankruptcy protection allows debtors to get rid of most of their debts and start over with a clean slate.
Chapter 13 bankruptcy is known as a reorganization bankruptcy. Instead of selling off all relevant assets to pay creditors, people who file for Chapter 13 bankruptcy set up repayment plans that use their income to gradually eliminate their debts. Chapter 13 can provide great benefits, such as the opportunity to get caught up on mortgage arrears, paying down tax debt without the accrual of interest and penalties, as well as the opportunity to eliminate junior liens/mortgages.
Debt negotiation may be an option that you can explore – allowing you to avoid bankruptcy.
Federal Student Loan Relief
Most borrowers of federal student loans are eligible for some kind of relief outside of bankruptcy, this is because all federal student loans have different repayment options. Some repayment plans are based only on income and family size, which means payments could be as low as $0.00. In some cases, some borrowers may be eligible to have some or all of their loan forgiven.
Real Estate Transactions
As a licensed Real Estate Broker, Jonathan Vaknin (Cal BRE 01931516) represents clients in the sale of real property assets throughout California. Jonathan Vaknin finds joy in the opportunity to help former bankruptcy clients re-enter the market as homeowners or become first time homeowners. As a real estate professional, Jonathan Vaknin works with Burke Real Estate Consultants, Inc.