Coral Springs Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy Help in Orlando and Coral Springs
Are you in need of debt relief even though you have too much income to file for a Chapter 7 bankruptcy? Or are you concerned you could lose your home, your car or other valuable belongings if you file for bankruptcy? If you have a steady job but a large amount of debt, you may benefit from a Chapter 13 debt adjustment. You can get your debts lowered and set yourself on track to be debt free in as little as 36 months. Call the Law Offices of Barry S. Mittelberg in Orlando and Coral Springs to learn more. A dedicated and experienced Coral Springs Chapter 13 bankruptcy attorney will explain your options for finding the best debt relief solution that meets your needs.
How does Chapter 13 bankruptcy work?
Also known as a debt adjustment or wage earner’s plan, a Chapter 13 bankruptcy brings together all of your creditors and all of your debts in one place. Some debts may be lowered and even discharged. Those that remain are put on a payment plan where you make one payment each month to the bankruptcy trustee who then pays the creditors. Your creditors must accept an approved plan and should not bother you while you are making payments. At the end of the bankruptcy period – either three or five years – your remaining debts are discharged.
The bankruptcy means test is used to determine whether your plan will last three or five years and how much monthly disposable income you have to go toward your creditors. The means test is a complicated analysis of your income, assets and debts. We can help ensure the right information is provided.
Chapter 13 bankruptcy can help you save your home
For many, Chapter 7 bankruptcy is the preferred form of debt relief, since they can get a complete discharge of their unsecured debt without having to pay it off over time. However, not everyone can qualify for Chapter 7. Also, some people have higher amounts of secured debt so they wouldn’t benefit as much from Chapter 7, or they want to make sure they hang on to valuable property without being forced to sell it off in a Chapter 7 liquidation. Additionally, a Chapter 13 bankruptcy will come off your credit report years faster than a Chapter 7, so you can attain better credit sooner.
Probably the most attractive aspect of a Chapter 13 bankruptcy is its ability to help you save your home from foreclosure. Filing a Chapter 13 petition puts an immediate hold on foreclosure proceedings through the automatic stay provision in bankruptcy law, and your wage earner’s plan can be used to catch up any missed mortgage payments as part of your three or five-year plan, making you current on your mortgage and no longer in danger of foreclosure. A Chapter 13 can also be used to cramdown your outstanding mortgage balance to an amount more in line with your home’s value, or strip away a second mortgage lien when you owe more on the first mortgage than your house is worth.
Our Florida Bankruptcy Attorney can Help You with Chapter 13 Bankruptcy in Orlando & Coral Springs
Find out if Chapter 13 is right for you, or if you could benefit from other debt relief options such as a loan modification, personal reorganization or Chapter 7 bankruptcy. Call the Law Offices of Barry S. Mittelberg in Coral Springs and Orlando for a free consultation with a caring and successful Florida bankruptcy lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.