Chapter 13 Bankruptcy
Your Chapter 13 Bankruptcy Lawyer Helps Relieve Debt
If you find yourself in a situation where your debts are becoming overwhelming and you are faced with losing valuable property, foreclosure on your family home, or repossession of your vehicle, there is help available. Filing for bankruptcy in Orlando is a legal process to have many of your debts forgiven, and get back on your feet financially, while keeping most, if not all, of your possessions. A properly handled bankruptcy can free you of harassment from creditors and provide a way for you to keep your assets and begin to rebuild your life. It can be your best option for getting out of debt so you can get a fresh financial start.
How do you know if bankruptcy is right for you? I know how difficult it can be to have serious financial problems and I can help. I will listen to your concerns and evaluate your individual situation to help you decide if Chapter 13 bankruptcy or some other debt relief option is the best solution for you and your family. I have the knowledge, experience, and resources to help you get back on the road to financial recovery.
Your Orlando Chapter 13 Bankruptcy Attorney Works to Help You
Why Choose Me?
Bankruptcy is regulated by both complicated state and federal laws, so it is important to select an attorney who has the skills and ability to handle all your debt problems. Here are some reasons that I believe I am your best choice:
- I am experienced and focus on bankruptcy and debt relief solutions. I know the intricate details of the laws, and I will work you to find the best path possible for your individual circumstances.
- I provide individual attention and guidance. You will meet directly with me. I will be handling your case from start to finish.
- I am affordable. I understand that those struggling to deal with debt cannot afford to be burdened with large attorney fees, so I make my services as affordable as possible and can save you money by preventing you from making costly mistakes.
- I am available to address your concerns all steps of the process. Unlike other law firms, I do not pawn you off on staff. I am available to you from start to finish.
How Your Bankruptcy Attorney Works to Help
When you have me on your side, I will start working for you immediately. I will:
- I meet with you to discuss your debt situation and determine which type of bankruptcy or other debt relief solution may be best for you.
- I examine all your finances and assets to see what exemptions you may qualify for to protect your property and what will happen to property you cannot exempt.
- I file all paperwork promptly and attend all court appearances in accordance with state and federal bankruptcy law.
- I am there for you to answer questions and ensure you meet all requirements (such as credit counseling) so your bankruptcy can be completed and your eligible debts discharged.
Do not delay, as your debt situation can only get worse if not addressed. Take the first step to start working toward a brighter financial future today: (407) 749-0080
Chapter 13 Bankruptcy Attorney Explains Chapter 13
Chapter 13 bankruptcy is a repayment plan that allows you to repay some or all of your debt affordably over a three- to five-year period. This plan is best for people who don’t qualify for Chapter 7 bankruptcy and who have a steady income, temporary financial problems, and a desire to repay some of the debt in order to keep an asset such as an expensive car or house.
Under Chapter 13, you are consolidating your debt payments to avoid late fees and credit card interest. You make payments, usually monthly, to the bankruptcy trustee, an official appointed by the bankruptcy court to oversee your case. The trustee then pays your creditors and collects a commission based on the amounts paid out. You must make every payment on time.
As long as you are making your payments, the automatic stay provision in Florida bankruptcy law requires that all collection activity stop immediately. That means harassing phone calls and letters from your creditors must stop during the repayment period, as well as all lawsuits, including foreclosures and evictions.
You must be able to show you can afford to pay your monthly household obligations as well as the monthly plan payment, which will likely be less than what you originally owed.
If you successfully complete the court-approved payment plan, unsecured debts covered by the plan are discharged (eliminated).
Orlando Chapter 13 Bankruptcy Attorney Cites Advantages and Disadvantages
Everyone’s financial situation is different, so when deciding on whether Chapter 13 is right for you, you should examine the advantages and disadvantages.
Advantages to Filing Chapter 13
- You can keep your house — If you own a home but are behind on mortgage payments, Chapter 13 will allow you to save your home from foreclosure and make up the amount in arrears over the Chapter 13 repayment period. Once you file Chapter 13, foreclosure proceedings must stop.
- You consolidate and simplify payments — Under Chapter 13, your debts will be consolidated, so you just send one monthly check to the trustee, who pays your creditors according to the terms of your reorganization plan. Payment amounts are lower than you would have been paying before bankruptcy.
- Unsecured debts may be eliminated — Generally, you must pay back only the portion of the unsecured debts (such as credit card and medical debts) that you can reasonably afford. Often, unsecured debts may be completely discharged and only secured debts are paid through your Chapter 13 plan.
- It may protect co-signers on your debts—Creditors may not go after “co-debtors” for money owed unless the courts give special authorization to do so.
Disadvantages to Filing Chapter 13
Chapter 13 negatively affects your credit for seven years, so you may have problems when credit checks are required. However, you can rebuild your credit during this period; since lenders know you will be in a better financial situation after bankruptcy, they are often more open to working with you. Your bankruptcy is wiped off your record after the seven years.
You must keep up with your payments on time or risk having your bankruptcy dismissed and losing the assets the bankruptcy was protecting.
Chapter 13 Bankruptcy Attorney in Orlando, FL, Answers FAQs
When faced with filing for bankruptcy, you are likely to have many questions. These are best addressed at your initial consultation, but to get you started, here are some answers to questions our bankruptcy attorney is often asked:
The U.S. Bankruptcy Code 11 U.S.C. § 1322(d), allows you to consolidate, restructure and pay off your debts in Chapter 13 over a period of three to five years depending on your situation as follows:
- Three Years – if your current monthly income is less than the applicable Florida median income, unless the court approves a longer period.
- Five years –if your current monthly income is greater than the applicable Florida median.
Yes, filing for Chapter 13 will have an impact on your credit rating for seven years, after which it will no longer appear on your credit report. However, the chances are your credit has already been damaged. Many lenders understand you will be in a better financial position after bankruptcy and will be willing to extend credit, and Chapter 13 should repair your credit sooner than any debt consolidation or settlement plan or filing under Chapter 7 would.
What you will pay depends on what debts go into the plan and their amounts. The total is then divided by 36 or 60—the number of months in your repayment plan period – to come up with your monthly amount.
No. After filing your bankruptcy petition, you will be required to attend a hearing called a First Meeting of Creditors where a bankruptcy trustee asks you questions about your bankruptcy papers and financial situation, and creditors are permitted to do so as well. I will prepare you and accompany you to this meeting. But the good news? This meeting is over the telephone. It is very rare for a client to ever appear in person in court during their case.
No. According to the bankruptcy code, your debts are considered either priority debts, secured debts (secured by property that can be taken back), or unsecured, such as credit card or medical debt. While bankruptcy can discharge most unsecured consumer debt, it will not eliminate priority debt, such as IRS debt or child support, or student loans. Secured debt will be paid by your repayment plan.
While Chapter 13 bankruptcy filing typically involves administrative and filing fees, the trustee’s commission, and lawyer fees, I will work out an affordable way to manage these. In addition, after successfully discharging your debts, you will wind up in a much better position than you were in before filing, and you can start rebuilding your credit.
When you have me on your side, I will be there to answer all your questions as they arise.
Get Help from an Orlando, FL, Chapter 13 Bankruptcy Lawyer Today
Filing for bankruptcy is a major decision that should not be taken lightly; but for individuals who are drowning in debt, it can be the best option for getting a fresh start and returning to solvency.
I understand that many responsible, hardworking people can be hit with unexpected medical bills, job loss, or other financial setbacks, as well as unmanageable student loans and tax problems. When you consult with me, I will evaluate your entire financial situation by looking at your income, your debts, and your goals, then I will make sure you know all your options.
Call me today to get started on the right path to a brighter future.