Debt Consolidation in Chapter 13 Bankruptcy
Chapter 13 is often recommended if you are facing foreclosure of your home, have many valuable assets that you want to protect or your income exceeds certain minimum requirements.
If you have a regular income, Chapter 13 provides a method for repaying your debts over a period of time according to a court-approved plan. Chapter 13 allows you to stop foreclosures and wage garnishments, catch up on past due mortgage payments, eliminate a second mortgage or home equity line of credit (HELOC), restructure your car loan and pay off your other debts according to your ability to pay. In most cases, your monthly payments will be dramatically reduced.
At the P.R. Smith Law Group in Tampa, Florida, our firm can help you understand whether Chapter 13 bankruptcy is the right option for you and can assist you through the process.
How Does Chapter 13 Bankruptcy Work?
In addition to foreclosures and wage garnishments, Chapter 13 even stops repossession of your car, truck or RV and stops late charges, interest and penalties on credit cards, taxes and other loans. In most cases, even NSF checks can be repaid through debt consolidation. Debt consolidation allows you to lump almost every bill you have into one low monthly payment.
Your bankruptcy attorney will prepare a plan telling your creditors exactly what they're going to receive according to your individual budget. Your budget is calculated by what you can afford to pay based on your income and expenses. In our experience, most of the plans approved by the local Bankruptcy Court will completely eliminate your unsecured debts such as credit cards, medical bills, repossessions and sometimes IRS taxes.
Schedule a Free Initial Consultation for Chapter 13 Bankruptcy
As one of Florida's largest filers of bankruptcy cases, we can help you understand the process and whether filing for Chapter 13 bankruptcy is in your best interest. Schedule a free initial consultation with a Tampa bankruptcy lawyer at P.R. Smith Law Group, P.A.
Call us at 888-682-5251 or send us an e-mail to get started today.
To learn more about chapter 13 bankruptcy visit one of your related pages:
