Does Chapter 13 Bankruptcy Suit You?
While filing for Chapter 7 bankruptcy may be better for some people who are struggling with debt and have moderate to no income, a Chapter 13 bankruptcy filing may better suit you if you are still working and can afford to make debt payments.
At the Riddell Law Group, we have experience serving clients with all types of legal matters, including filing for bankruptcy. Our lawyers can help you decide if a Chapter 13 filing is right for you.
What Happens In A Chapter 13 Bankruptcy Filing?
While a Chapter 7 filing can be completed in approximately six months, under a Chapter 13 filing, you do not have to liquidate assets to pay off your debts. Instead, you will reorganize and consolidate all of your debts into one monthly payment. After a period of three to five years, your remaining unsecured debts will be discharged, allowing you to move on with your life.
One of the best reasons to file for Chapter 13 bankruptcy is to stop foreclosure actions against your home. If you are falling behind on your mortgage payments, you can use Chapter 13 bankruptcy protection to catch up on what you owe. You can also file Chapter 13 and seek a mortgage modification through the Bankruptcy Mortgage Modification Mediation Process.
Work With An Attorney To Find Out If A Chapter 13 Financial Reorganization Is Right For You
Many people prefer Chapter 13 because of the debt repayment plan, but not everyone qualifies. It is important to work with an experienced bankruptcy attorney to find out which chapter would work better for you.
Contact our law firm today if you are interested in learning more about the bankruptcy process. It is important to act quickly, however, if you are in danger of losing your home to foreclosure. We have locations in Sarasota, Venice, and Lakewood Ranch, Florida, to better serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.