Tampa Area Chapter 13 Bankruptcy Attorney
Debt puts people in difficult situations. Whether you have encountered financial difficulty due to mounting medical bills, loss of household income or unemployment, or a divorce, you may simply be unable to make timely payments. If you want to put an end to foreclosure or find a debt solution that works, an experienced lawyer can help you decide if bankruptcy is right for you. At the Riverview Law Offices of Alan C. Ewbank, we can help you evaluate your options.
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When you file for Chapter 13 bankruptcy, you will get the chance to reorganize your debt into a repayment plan you can afford. Your Chapter 13 plan will usually last between three to five years, during which time you will make monthly payments to the Chapter 13 trustee.
Typically, you will repay only a portion of your total debt, with the amount of your monthly payment based on your ability to pay, and not the amount of debt you owe. When the plan is completed, most of your remaining debt will be discharged. Importantly, Chapter 13 will allow you to retain almost all of your non-exempt assets as long as the total amount you are repaying to your creditors is equal to or greater than the value of those assets.
By taking a look at your entire financial situation, we will help you explore your full range of repayment options, including home loan modification. However, we will never push you to make a decision you are not comfortable with. It is our job to make sure you have the information you need to make a decision that works for you and your family.
When you file for Chapter 13 bankruptcy, you will also receive an automatic stay, which will put an immediate stop to any foreclosure actions and lawsuits. Next, we will work with your creditors to create a three to five year payment plan you can afford. At the end of the plan, some or all of your remaining debts may be discharged.
Why File For Chapter 13 Bankruptcy?
While not as fast or inexpensive as Chapter 7, a Chapter 13 debt repayment plan may be a good choice for individuals who want to:
- Retain non-exempt assets which could be subject to liquidation in Chapter 7, such as paid-for vehicles or business equipment
- Repay non-dischargeable IRS or other priority debts over three to five years, usually with no interest or penalties
- Strip a second or third mortgage from their homestead when the present market value of the home is less than the balance of the first mortgage
- Restructure high-interest auto loans by paying the creditor the present value of the automobile over three to five years at the current prime interest rate
- Discharge credit card, medical, and certain other debts, but who have incomes too high to qualify for a Chapter 7 bankruptcy or have filed for bankruptcy less than eight years ago.
Contact Us
If you think Chapter 13 bankruptcy may provide you with the debt relief you are looking for, we can help you explore your full range of options. With our offices in Riverview, we help Florida consumers throughout the greater Tampa Bay area. Contact us today for a free initial consultation with no obligations.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
