The Chapter 13 Story: Is it Yours? | Westgate Law

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The Chapter 13 Story: Is it Yours?

California has felt more than its share of the pinch when it comes to the economic downturn, but it’s not the only region that has suffered. California isn’t the only state to feel all function freeze momentarily as a result of the housing crisis. There are many regions that have found themselves in similar situations and it has lasting effects on the residents in the area.

Bankruptcy experts indicate that the housing crisis and the consequences it doled out to residents are the reasons behind the increased number of Chapter 13 filings in California. It’s a common story, but the question is, is it your story?

When the housing bubble finally “popped” many residents were left in a very specific, very difficult untenable situation. It didn’t matter whether they were rich or poor. It didn’t matter if they were single, or married with 10 kids. The housing bubble burst and the effects were felt across the entire metropolitan area. Residents and businesses alike found themselves reeling from the consequences. Many of them turned to bankruptcy for financial relief and a long-term solution.

Standing still meant drowning in debt and losing their homes and other property. Instead, many opted for a Chapter 13 bankruptcy filing. Wave after wave of foreclosures swept the state and as they became more prevalent, more homeowners decided to take advantage of the benefits of filing for bankruptcy.

Chapter 13 Bankruptcy was a particularly popular choice in response to the housing bubble because it provides the opportunity to save your home (when it is handled correctly and the situation qualifies).

If you find yourself in similar circumstances consider the benefits of Chapter 13 bankruptcy by consulting Westgate Law. Too many people have lost their homes already – we’d like you to keep yours.

About the Author

Justin Harelik

Justin has a singular goal: to get people out of financial distress and move them to financial stability and prosperity. He does this by combining 15 years of in-depth experience in bankruptcy, credit management, debt negotiation and student loan modifications, and he does it with both English and Spanish-speaking clients.

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