Tampa Chapter 13 Bankruptcy Attorney
Chapter 13 bankruptcy is known as the “reorganization” bankruptcy. It is a powerful legal tool that can help you overcome your financial issues and your past-due debts. Chapter 13 can assist in halting legal action against you, including foreclosure or repossessions, and allows you to catch up on your payments according to a plan specifically tailored to your financial capabilities.
While the most common type of consumer bankruptcy in the United States is Chapter 7, many people do not qualify for Chapter 7 because their income is too high or they may want to avoid Chapter 7 because they own a substantial amount of property. In these situations, experienced Tampa chapter 13 bankruptcy attorney Paul E. Riffel can assist you in obtaining the help you need by filing under Chapter 13.
How Does Chapter 13 Help You?
Chapter 13 bankruptcy has many benefits for consumers who are overwhelmed by debt. As soon as you file your petition with the court, a hold will be placed on all foreclosures, repossessions, legal actions for judgments, garnishments, and other collection efforts by creditors. This hold is called the automatic stay and provides almost instant relief from the stress of not being able to pay your bills. Additionally, unlike Chapter 7 bankruptcy, your property will not be vulnerable to seizure by the bankruptcy trustee to pay your creditors. Finally, if you successfully complete your repayment period, you will be able to discharge many debts that do not qualify for discharge under Chapter 7 bankruptcy.
The Chapter 13 Repayment Plan
Many people are hesitant to file for Chapter 13 because it means they will have to continue paying toward their debts for a certain period of time. However, instead of having to continue to pay your debts as usual, you will have your debts substantially reorganized to result in a manageable payment amount for a manageable amount of time. An experienced bankruptcy lawyer can help to ensure that your repayment plan is fair and well within your capabilities.
For example, while the amount you owe on certain debts will have to be paid in full over the duration of the plan, you may have to pay very little or even nothing toward other debts, such as unsecured debts. Additionally, Chapter 13 only requires you to make payments for a limited amount of time–either three or five years, depending on your income. When that time period ends, the remaining debts will be discharged, thereby ending your obligation to pay. Overall, the amount you pay in a Chapter 13 repayment plan may be substantially lower than the amount you would have paid on a traditional schedule, and you can avoid foreclosure or repossession in the meantime.
Discuss Your Situation With A Tampa Chapter 13 Bankruptcy Attorney As Soon As Possible
Chapter 13 bankruptcy has helped many individuals and married couples take control of their financial situation while maintaining ownership of their valued property and assets. If you would like more information regarding Chapter 13 bankruptcy, please contact experienced Tampa Chapter 13 attorney Paul E. Riffel at 813-265-1185 for assistance today.