Chapter 13 Attorney in Jacksonville
No matter what the reason is for choosing to file under Chapter 13 of the United States Bankruptcy Code, you can benefit from the many advantages of this reorganization type of bankruptcy. Within a three- to five-year period, you can back pack a large portion of your debt and have the rest discharged.
Chapter 13 is drastically different from Chapter 7 bankruptcy, especially because your assets are not liquidated. In order to be eligible for Chapter 13 bankruptcy, you will need to prove to the court that you are unable to afford to meet your current payment obligations. As you pursue bankruptcy under this chapter, speak with our Jacksonville lawyers at once.
Chapter 13 Bankruptcy Process
Before you can file for bankruptcy, one prerequisite is that you will have to undergo credit counseling through an agency that is approved by the United States Trustee. You will then need to file for Chapter 13 bankruptcy and, if approved, will have your debts reorganized in a repayment plan. This repayment plan will describe how each of your debts will be repaid.
In a Chapter 13 plan, you must pay certain debts in full, which are called priority debts. Once you complete your repayment plan under Chapter 13 and prove that you are current on your financial obligations, all remaining eligible debts will be discharged.
Advantages of Reorganization Bankruptcy
Many individuals can benefit from a Chapter 13 bankruptcy. By filing under this chapter, individuals can stop foreclosure proceedings and have delinquent mortgage payments forgiven. Another advantage of Chapter 13 bankruptcy is that it permits individuals to reschedule their secured debts and extend them throughout the life of the repayment plan, which can ultimately lower payments. If you need further information regarding this type of bankruptcy, contact the Albaugh Law Firm to speak with one of our Jacksonville Chapter 13 attorneys.