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Fidelity Law Group

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Fidelity Law Group and the Chapter 13 Option

San Diego based law group outlines options other than bankruptcy for clients with adjustable rate mortgages.

San Diego, CA, July 16, 2009 --( Over the past year, homeowners have found their adjustable rate mortgages skyrocketing, their home prices are falling, and their home equity disappearing just as quickly, and for some there seems no end in sight and filing for bankruptcy is the their only option.

“Not so,” says Michael Schunk, President of Fidelity Law Group in Southern California. “There are some options out there, like hardship and forensic audits. Filing for bankruptcy, whether it’s seven, eleven, or thirteen is really a last resort -- unless it’s in our client’s best interest.”

A Chapter 13 Bankruptcy proceeding is when the debtor undertakes a reorganization of his or her finances under the supervision and approval of the courts. The debtor must submit and follow through with a repayment plan to their outstanding creditors. Normally this is done within three to five years. Chapter 13 Bankruptcy differs from a foreclosure of an individual’s or business’s assets as seen in Chapter 7 Bankruptcy. It also differs from the expensive and complicated restructuring of debts seen in a Chapter 11 bankruptcy. If the debt-laden borrower has significant income to submit a repayment plan to the courts over a specified number of years, they can find themselves preventing a foreclosure on their residence.

“In a lot of the Chapter 13 Bankruptcy cases we handle here,” adds Schunk, “we find that the banks best financial interest is to modify the terms of the loan as opposed to foreclosing on another property.”

Fidelity Law Group is located in San Diego, CA, and for more information call 1(888) 809-5299 or contact them via their website:

Contact Information
Fidelity Law Group
Michael Schunk
(888) 809-5299

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