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What is a "Chapter 20" bankruptcy?

What Is A Chapter 20 Bankruptcy?

If you have debt, there may be instances when filing Chapter 7 or Chapter 13 may not give the level of debt relief you anticipated. Filing for Chapter 13 immediately after a Chapter 7 discharge could be more beneficial. This type of filing is known as a Chapter 20 bankruptcy.

Why File For Chapter 20?

Filing for Chapter 13 immediately after a Chapter 7 discharge may seem counterproductive. Unless you go through the 4-year waiting period you will not be able to get your remaining, qualifying debts discharged through Chapter 13. So, why bother filing? Chapter 20 is extremely beneficial if you have an excessive amount of debt and need additional time to get that debt paid down. Reducing or eliminating unsecured debt in Chapter 7 can also free up income so you will be able to pay down a mortgage, overdue vehicle payments, or other non-dischargeable debt. Chapter 20 can be used to strip an unsecured second mortgage, which could be a significant financial advantage.

Lien stripping is not available through Chapter 7, but there are some situations when filing a Chapter 13 immediately after Chapter 7 could prove key to helping you avoid foreclosure and the loss of your home. Not all bankruptcy courts operate in the exact same manner and it is advised you seek legal counsel from a highly experienced bankruptcy lawyer prior to filing any type of bankruptcy.

Call The Fuller Law Firm, PC for Help -- (408) 465-4472

The lawyers here at The Fuller Law Firm, PC are well-versed on bankruptcy laws and are more than qualified to help you determine whether Chapter 20 may be right for you. We understand how frustrating financial problems can be, particularly when you have fallen behind and creditors are aggressively pursuing payment. We are here to help. Our firm offers a free, one-hour bankruptcy consultation. During this consultation, you will be given the opportunity to discuss your current financial situation with an experienced lawyer and learn about the legal options available to you. With our assistance, you stand a much greater chance of being able to alleviate your financial worries and attain true debt relief. Call a San Jose bankruptcy lawyer at our firm today to find out more.

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See what Chapter 20 bankruptcy can do for you by speaking to a bankruptcy attorney near you. The Fuller Law firm, PC serves clients in San Jose, Oakland, and Salinas. Our services are available in Spanish, Cantonese, Mandarin, and Persian (Farsi).

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