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We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

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3 benefits to declaring bankruptcy under Chapter 13

| Jun 6, 2019 | Bankruptcy |

You made some financial missteps in the last few years, and now the phone calls and threats from creditors abound. You do not have enough money to pay even the high monthly minimums, so you start to look at bankruptcy as an option.

With more than one type of bankruptcy process out there to choose from, you may not understand the differences in what they mean. When deciding to make an appointment with an attorney, it can help to get more information. Take a look at three benefits of declaring Chapter 13 bankruptcy.

  1. You do not need to sell assets

When you think of filing for bankruptcy, you may believe that doing so will force you to sell your most prized possessions like your home, vehicles or stocks. While this may occur under other bankruptcy laws, Chapter 13 allows you to keep most of your assets without the threat of seizure. While you may want to look at downsizing some of your monthly payments, like a mortgage, you should not have to sell property to satisfy the court.

  1. It is a repayment plan

Chapter 13 is unique in that it is a restructuring of your debt. If you remain current on your mortgage and vehicle loans, then this chapter may work for your needs.

You and your attorney will meet with representatives of the creditors you cannot afford to pay. You then work out the best financial arrangement you can for all parties. This may mean a reduction in the total amount due and reduced monthly payments.

  1. It does not stay on your credit as long

Once you have fulfilled the terms of the repayment plan with all creditors, which should take anywhere from three to five years, the bankruptcy court notes the matter as discharged. Chapter 13 bankruptcy does not stay on your credit as long as other bankruptcy filings because you will pay all or part of the debts you owe.

Considering bankruptcy is a serious step and not one to take lightly. Speaking with an attorney may help you decide which type of filing process works best for your situation.