Chapter 13 Bankruptcy
Tampa Bay Bankruptcy and Debt Relief Attorney
Most people want to pay their bills. But sometimes you can find yourself overwhelmed by debt. Consumer debt and unsecured debts can build up quickly if you get off track, compounded by medical emergencies and life events you can't control. This kind of situation is why Chapter 13 bankruptcy exists. The Coleman Law Group has Chapter 13 bankruptcy lawyers near Tampa Bay that help you now!
How Does Bankruptcy Work?
Filing chapter 13 bankruptcy can be scary, but it's a process designed to actually help you. There are several different kinds of bankruptcy, but most people are familiar with Chapter 13 bankruptcy or Chapter 7 bankruptcy. The difference between Chapter 7 and Chapter 13 are stark. Chapter 7 is a complete liquidation of property and assets, with proceeds being used to pay off your creditors.
Chapter 13 Bankruptcy
Chapter 13 is sometimes called a wage-earner's bankruptcy. It means that instead of liquidating all your property and assets like in Chapter 7 bankruptcy, you are able to pay off your debts over time through your Chapter 13 plan payments. This plan period is either 3 or 5 years. This means you will be able to keep your primary home, or possibly other investment properties, and reschedule secured debt. Not everyone qualifies for Chapter 13 bankruptcy; it is dependent on your ability to adequately pay your Chapter 13 payments. But meeting with one of the Coleman Law Group's Chapter 13 lawyers near Tampa Bay will help you determine if filing personal bankruptcy is the best option for you. To learn more about Chapter 13, check out this easy guide from the U.S. Courts.
Will Chapter 13 Bankruptcy stop foreclosure?
Many clients ask, "will bankruptcy stop foreclosure?" The answer is yes. Chapter 13 is a life saver if you are behind on your mortgage and need time to catch up, facing foreclosure, or currently litigating a foreclosure case. You must have sufficient income to contribute to your Chapter 13 bankruptcy plan. We understand that you may be financially struggling to make ends meet, but filing personal bankruptcy is a way to relieve some of your stresses.
There are ways to stop foreclosure immediately and filing Chapter 13 bankruptcy is a great option. Immediately upon filing, the automatic stay goes into place. If you need to save your home from foreclosure, this is a good option. If an impending foreclosure sale is scheduled, then an emergency chapter 13 filing will stop the sale. The Coleman Law Group has Chapter 13 attorneys near Tampa Bay that can assist you with this process.
Should I Wait to File Bankruptcy?
There's a misconception that you should wait until you're at rock bottom before filing bankruptcy but, actually, the opposite is true. Meeting with a bankruptcy lawyer sooner can help you avoid a spiral into even more debt and get a handle on your options before they start disappearing.
How to Select a Chapter 13 Bankruptcy Attorney Near Me?
At the Coleman Law Group, you will speak with an affordable bankruptcy attorney who is knowledgeable about Chapter 13 cases and the rules of the Federal Court. We are experienced in guiding you through this complex and difficult process and give you bankruptcy advice specific to your situation. We will explain in detail the steps to filing bankruptcy and any alternative to bankruptcy.
Don't live with the weight of crushing debt. To find out if Chapter 13 bankruptcy is right for you, contact an experienced Chapter 13 bankruptcy attorney in Tampa Bay. Call the Coleman Law Group at 727.214.0400 for a free bankruptcy consultation.
You also can visit our website at colemanlawgroup.com