Use Chapter 13 In Florida To Alleviate Debt
You might feel stressed if you’re facing financial hardship and receive frequent calls from creditors. It can be difficult to find a solution to financial hardship. There is no one-size-fits-all approach. Families in Florida should be able to deal with financial problems and ensure that debt doesn’t become a problem. It is better to find a long-term solution than trying to make a quick deal with creditors. Chapter 13 bankruptcy In Florida may be the best option to address your financial problems head-on. A chapter 13 bankruptcy attorney will help you navigate the filing process and negotiate with creditors.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is also called reorganizational bankruptcy. This bankruptcy In Florida allows individuals or families with indifferent financial situations to repay their debts over a period of years through a settlement plan. Although Chapter 7 bankruptcy can effectively eliminate debt, it may not be feasible for all families due to financial circumstances.
There are many factors that can lead to financial hardship. These difficulties can be experienced by families when a family member loses their job, a divorce occurs, or if a family accumulates personal debts. It is possible to avoid the worst-case scenario by creating a repayment plan that your family can use to repay their debt over a number of years.
If the family continues living in financial hardship, they may face foreclosure on their home, asset seize, and constant pounding by their creditors.
Repayment Plans Under Chapter 7 Bankruptcy:
The typical repayment plan for chapter 13 bankruptcy In Florida takes around 3 to 5 years. A family will be able to access their essentials and keep any assets that are eligible under the bankruptcy agreement during this time. The plant will approve a percentage of the total debt and will require payments to the appointed trustee who will distribute the funds to each creditor. The terms of the agreement are often complicated and require ongoing paperwork. A legal team is a great way to represent individual creditors and reach an agreement under Chapter 13 bankruptcy.
Chapter 13 Isn’t The Right For Everyone
Chapter 13 bankruptcy In Florida has its own approval process. It is not an approved process for everyone. If a person has accepted chapter 13 bankruptcy, they must adhere to the repayment schedule. Otherwise, their case may be opened and assets could be taken. Chapter 13 bankruptcy is a good option to protect assets and those who are not eligible for Chapter 7 bankruptcy. A chapter 13 bankruptcy attorney is a great option if you cannot repay your debts or need to access a repayment agreement.
Working with an advocate is easier than you might think:
It can be easier to work with an attorney to help you negotiate your settlement. An attorney can help you establish an automatic stay with creditors to reduce the number of calls and ongoing requests for money back. You will not be harassed by creditors as long as your repayment plan is followed. Creditors may also contact you to inquire about your debts. An experienced Chapter 13 bankruptcy attorney can help you ensure that all necessary paperwork is completed and all forms are submitted. It is important to work with an attorney who is familiar with Chapter 13 bankruptcy. An experienced negotiator will help you establish a payment plan and help you retain more assets.
Contact us today for a qualified chapter 13 bankruptcy attorney. Our experience in Chapter 13 bankruptcy cases throughout Florida is more than 30 years.