Chapter 13 Bankruptcy

At J&J Legal, we understand individuals struggling with overwhelming debt may need a financial reset via bankruptcy. We are here to provide the solve to your financial issues and help protect your assets.   A Chapter 13 bankruptcy plan may be the best option to relieve your financial burden, particularly if you have large assets—such as a house—to protect. The Central Florida bankruptcy lawyers at J&J Legal recommend this type of filing for an individual with large amounts of debt that are not dischargeable through Chapter 7 bankruptcy.

Filing under Chapter 13 of the Bankruptcy Code [insert hyperlink] allows the bankruptcy court to set a schedule for repayment to creditors, which typically spans a period of three to five years. Our Central Florida attorneys have extensive experience helping clients navigate through Chapter 13 bankruptcy proceedings. If you are looking for a financial reset button and are in need of Chapter 13 assistance, contact one of our skilled attorneys to discuss your options today.

Chapter 13 Bankruptcy Explained

Filing for Chapter 13 bankruptcy is commonly referred to as debt consolidation or a debt repayment plan. Like other forms of bankruptcy, an automatic stay is issued once a Chapter 13 petition is filed. The automatic stay bars creditors from filing a lawsuit against you for money owed and stops all creditor collection efforts, including foreclosure.   The stay allows your bankruptcy attorney to work out a repayment plan that suits your unique circumstances.

Ultimately, the bankruptcy court can approve or reject the proposed repayment plan. Having a skilled attorney prepare the repayment plan can play a significant role in whether the court accepts or rejects it. This plan must specifically outline how you will repay your creditors over a period of 36 to 60 months and is based on what you can afford as opposed to the amount owed. Payments typically begin one month after court approval, with payments applied to the principal balance of the debt. Creditors cannot charge interest during the repayment period.

Wipe out credit card debt through Chapter 13 bankruptcy

Credit card debts are included in a consolidation plan and obligations for those debts are covered by the Chapter 13 repayment plan. Credit card lenders can no longer charge interest once your case has been processed. Lenders also receive a percentage of what they are owed through the case and are paid based on what you can afford at the time. When the Chapter 13 plan is completed, any remaining credit card debt is discharged.

If this sounds like a viable option for you, contact one of our experienced attorneys at J&J Legal to find out more about filing for Chapter 13.

Chapter 13 benefits

Filing under Chapter 13 allows you to keep your property and avoid foreclosure or eviction. You can also avoid other penalties, such as wage garnishment. Therefore, Chapter 13 bankruptcy is highly effective if you have a steady source of income and a large amount on non-dischargeable debt—child support payments, property taxes, court-ordered fines, spousal support, alimony, etc. Additionally, attorney’s fees for a Chapter 13 case are routinely put into the repayment plan and are priced based on your unique financial situation. The Chapter 13 Trustee will pay the attorney’s fees on a monthly basis along with the other creditors.

Take you first step towards a debt-free future and contact us to set up a free initial consultation. J&J Legal will provide guidance and support through every step of the process.

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