Chapter 13 Bankruptcy Lawyers in Clearwater, Florida
Economic distress can turn anyone’s life upside down, and sometimes, turning to bankruptcy is one of the best ways to handle debts and creditors that you simply cannot keep up with. No matter how you got into the situation, we urge you to give the Law Offices of Carol A. Lawson a call to learn about your options when filing for bankruptcy.
In this article, we are going to talk about Chapter 13 bankruptcy and both its advantages and disadvantages, as well as who is eligible to file.
What is Chapter 13 Bankruptcy?
Chapter 13 is one way to file for bankruptcy that is used often by those who are still earning income. The filer, along with their Clearwater Chapter 13 lawyer, would develop a debt repayment plan for either part or all of the debts owed. This might be for things like credit card debt, medical bills or other personal loans. If the courts approve the payment plan, creditors cannot contact or harass you to collect payment during that repayment period. These plans usually span between 3 and 5 years.
The calculation of what you will be paying toward the debt will take into account your income and living expenses, and any debts that are not paid off at the end of your repayment plan will almost always be discharged.
How Effective is Chapter 13 Bankruptcy?
The American Bankruptcy Institute studied how effective Chapter 13 filings were, as far as their success rate, and the results turned out to be about 50/50. For example, in roughly 330,000 cases filed in 2016, half of the chapter 13 filings were granted, while the other half were denied.
The Advantages of Filing for Chapter 13
The Disadvantages of FIling Filing for Chapter 13
Who is Eligible for filing for Chapter 13?
Your financial obligations must consist of unsecured debt like credit cards or medical bills; not totaling more than $419,275. Your Secured debts, such as a home mortgage or car loans, must not exceed $1,257,850 according to current price indexing done in April of 2019.
Individuals or couples filing together may file for Chapter 13 bankruptcy and must be for personal expenses and not that of a business. Business or similar structure entities would need to file for Chapter 11. Personal guarantees for businesses can be included in your Chapter 13.
There are also time guidelines that must be met if other bankruptcy filings have been previously made. More specifically, an individual or couple cannot file for Chapter 13 if a petition to file was dismissed in the past 180-days. This is a reflection of dismissal, not to be confused with denial of a petition. To have your other petition be dismissed, you would have had to miss a court appearance or not complied with the court in some way on your bankruptcy.
You will need to receive credit counseling at least 180-days before filing Chapter 13. This must be done with an approved credit counseling entity, which your Clearwater Chapter 13 attorney can help you with. Some cases can forego this stipulation if emergencies are at play, and your Clearwater Chapter 13 attorney can advise you on how to handle this.
Can we help you file for Chapter 13? Please call or connect with The Law Office of Carol A. Lawson online and let’s get started on your case today.
Chapter 13 Bankruptcy Lawyers in Clearwater, Florida
Economic distress can turn anyone’s life upside down, and sometimes, turning to bankruptcy is one of the best ways to handle debts and creditors that you simply cannot keep up with. No matter how you got into the situation, we urge you to give the Law Offices of Carol A. Lawson a call to learn about your options when filing for bankruptcy.
In this article, we are going to talk about Chapter 13 bankruptcy and both its advantages and disadvantages, as well as who is eligible to file.
What is Chapter 13 Bankruptcy?
Chapter 13 is one way to file for bankruptcy that is used often by those who are still earning income. The filer, along with their Clearwater Chapter 13 lawyer, would develop a debt repayment plan for either part or all of the debts owed. This might be for things like credit card debt, medical bills or other personal loans. If the courts approve the payment plan, creditors cannot contact or harass you to collect payment during that repayment period. These plans usually span between 3 and 5 years.
The calculation of what you will be paying toward the debt will take into account your income and living expenses, and any debts that are not paid off at the end of your repayment plan will almost always be discharged.
How Effective is Chapter 13 Bankruptcy?
The American Bankruptcy Institute studied how effective Chapter 13 filings were, as far as their success rate, and the results turned out to be about 50/50. For example, in roughly 330,000 cases filed in 2016, half of the chapter 13 filings were granted, while the other half were denied.
The Advantages of Filing for Chapter 13
The Disadvantages of FIling Filing for Chapter 13
Who is Eligible for filing for Chapter 13?
Your financial obligations must consist of unsecured debt like credit cards or medical bills; not totaling more than $419,275. Your Secured debts, such as a home mortgage or car loans, must not exceed $1,257,850 according to current price indexing done in April of 2019.
Individuals or couples filing together may file for Chapter 13 bankruptcy and must be for personal expenses and not that of a business. Business or similar structure entities would need to file for Chapter 11. Personal guarantees for businesses can be included in your Chapter 13.
There are also time guidelines that must be met if other bankruptcy filings have been previously made. More specifically, an individual or couple cannot file for Chapter 13 if a petition to file was dismissed in the past 180-days. This is a reflection of dismissal, not to be confused with denial of a petition. To have your other petition be dismissed, you would have had to miss a court appearance or not complied with the court in some way on your bankruptcy.
You will need to receive credit counseling at least 180-days before filing Chapter 13. This must be done with an approved credit counseling entity, which your Clearwater Chapter 13 attorney can help you with. Some cases can forego this stipulation if emergencies are at play, and your Clearwater Chapter 13 attorney can advise you on how to handle this.
Can we help you file for Chapter 13? Please call or connect with The Law Office of Carol A. Lawson online and let’s get started on your case today.
Our office stands ready to serve your needs.
Our office stands ready to serve your needs.
Phone: (727) 410-2705
Phone 2: (727) 330-1627
We are LBQT friendly; service animals welcomed; free parking and free WIFI.
Day, Evening and Weekend appointments available
2451 McMullen Booth Rd. #254 Clearwater, FL 33759
