Attorney To Help You With Chapter 13 Bankruptcy
Filing a chapter 13 bankruptcy in Florida is a viable solution for keeping a home out of foreclosure, lowering car payments, getting control over high monthly debt payments, and generally getting finances in control. It is important to find an experienced bankruptcy lawyer who can help through the process.
At Badgley Law Group, our attorneys represent clients in Orlando and throughout central Florida in Chapter 13 bankruptcy and other debt-relief solutions. We will take the time to look over your financial information with you and help you determine whether Chapter 13 bankruptcy is the right fit for you. We have a wealth of experience helping people just like you to find the financial solutions to get out from under serious debt problems.
Who Qualifies For Chapter 13?
Chapter 13 is different from the more commonly used Chapter 7. Among other differences, a Chapter 13 is the type of bankruptcy used by individuals and families who have high (higher than the median income in the State of Florida) incomes. It is also available to those at any income level who want to work out a deal with their creditors to keep their property. It can sometimes be referred to as the Wage Earners plan. An experienced bankruptcy attorney knows how to use chapter 13 bankruptcy to restructure and modify certain debts to make them easier to repay. Chapter 13 is not available to companies, only individuals.
Think of chapter 13 as a consolidation loan where the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. To be eligible to file for Chapter 13 bankruptcy, an individual must have no more than $394,725 in unsecured debt, such as credit card bills or personal loans. They also can have no more than $1,184,200 in secured debts, which includes mortgages and car loans. These figures adjust periodically to reflect changes in the consumer price index.
The Benefit Of Chapter 13
Some of the benefits of a Chapter 13 bankruptcy include:
- Stopping foreclosure to get current on the mortgage and keep the house;
- Stripping off mortgage liens and eliminating excessive mortgage debt, even while keeping the property;
- Peace of mind from obnoxious bill collectors;
- Cessation of all collection efforts;
- Modifying terms and balances of car loans;
- Arranging a payment plan for all creditors;
- Stopping penalties and interest for repayment of taxes.
Also, most forms of debt can be discharged in a chapter 13 bankruptcy including credit card debt, judgments, loan accounts, personal guarantees, and even divorce property settlements. A chapter 13 bankruptcy can also be used to get relief from unmanageable student loan debt, and to arrange a payment plan with the IRS, even those most tax debts and student loans are not dischargeable in chapter 13 bankruptcy.
Contact Our Orland Bankruptcy Attorney Today
Obtaining Chapter 13 bankruptcy relief can be a complex task. If you feel that you are in need of the benefits and solutions that are offered by an affordable bankruptcy lawyer. Contact us today for a free consultation to explore this solution!