Chapter 13 Bankruptcy

Often Chapter 13 Bankruptcy is not completely understood. A Chapter 13 is used to reorganize debt over a period of time, which is usually between 3 to 5 years. Plan payments are made to a Chapter 13 Trustee who oversees the bankruptcy and pays creditors’ claims. At the end of the bankruptcy some or all the debt may be discharged.

At some stage in our lives we encounter financial issues and have overwhelming debt to contend with. Usually a good sign of the onset of financial issues is recognizing that your debt is mounting, you are having difficulty in paying your bills, you are recovering from a loss of financial income for a short or long period of time, you are selectively paying some debt and not others. In many cases people are still current on their bills but recognize trouble is coming on the horizon. In other cases, creditors who have not been paid are foreclosing, repossessing property, garnishing wages, or bank accounts, or are filing lawsuits for non-payment. The filing of a Chapter 13 Bankruptcy is often a good option if you are a good wage earner, but have a significant amount of debt that you are struggling to repay. Considering the option to restructure debt in a Chapter 13 Bankruptcy has many advantages:

1. Consolidating debt into a monthly payment plan;
2. Avoiding creditors from foreclosing on your home;
3. Preventing creditors from continuing collections;
4. Stop repossession of property;
5. Stopping wage garnishment and lawsuits; and
6. Restructuring debt to make it more manageable.

Recognizing that you cannot contend with your financial situation is often the first step in evaluating your options. Consulting with a qualified bankruptcy lawyer who can analyze your specific financial situation, income and debt to determine if the Chapter 13 restructure of debt is the best option for your situation is the first step. You can surrender and/or keep assets such as your car and home in the bankruptcy. Often A significant advantage to filing a Chapter 13 bankruptcy is that any debt remaining after your successfully repay though the Chapter 13 plan can be eliminated. It is always best to way all your options when considering bankruptcy or any other options such as debt consolidation or taking out additional loans to restructure debt. In addition, analyzing the type of debt, the amount of interest, the duration of the debt, and the long-term effect of paying the debt. Bankruptcy can often be a very powerful tool so it should not be overlooked when facing financial issues.

The Gina Rosato Law Firm, P.A is a Tampa Chapter 13 Bankruptcy Lawyer located in Tampa, Florida. Your initial phone consultation is free and you will speak with an attorney to analyze your situation. If you have debt that you are unable to pay and need to restructure it then Chapter 13 Bankruptcy may be an option.

The hiring of an attorney is an important decision. The information contained in the press release should not be construed as legal advice or the formation of an attorney/client relationship. Legal advice is case specific and requires the attorney have specific knowledge regarding all the facts of your case before giving you an opinion. For more information please contact our Law Firm.

I am a Bankruptcy Attorney who files bankruptcies in the United States Bankruptcy Court Middle District of Florida.