Declaring bankruptcy is a major financial decision and often not an easy one to make. You may think that filing bankruptcy means losing all your hard-earned assets. But this is not always the case. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows you to retain your non-exempt assets while repaying your creditors over time. However, Ch. 13 bankruptcy is a complicated and intricate legal process.
If you’re planning to file for Chapter 13 bankruptcy in Jacksonville, it’s crucial to have an experienced and knowledgeable Jacksonville Chapter 13 bankruptcy lawyer guide you through the process.
The Fleysher Law has extensive experience handling Chapter 13 bankruptcy cases in Jacksonville and can help you navigate the complex legal process to a confirmed plan of reorganization and discharge. Call our toll-free 24-hour line at (888) 716-0281 to schedule your free consultation with us.
Jacksonville Chapter 13 Bankruptcy Lawyer Representing Clients Throughout Florida
Filing for bankruptcy can be a tough call to make. Hiring a professional bankruptcy attorney proficient with Chapter 13 bankruptcy law is crucial to a successful reorganization and debt discharge plan. Here’s how our Jacksonville bankruptcy lawyers can help you:
Chapter 13 Bankruptcy is also known by many as the wage earner’s plan bankruptcy because it’s specifically designed for people with a regular income. This may be the best route if you fall behind on your bills and don’t qualify for Chapter 7.
In a Chapter 7 bankruptcy, your non-exempt assets are taken to repay your creditors. But in Chapter 13, you can pay creditors what you owe over three to five years through a court-approved repayment plan.
This characteristic of Chapter 13 bankruptcy makes it closely similar to Chapter 11 or reorganization bankruptcy. The primary difference is that Chapter 11 bankruptcies are for businesses, while Chapter 13 is reserved for individuals.
Speaking with Jacksonville bankruptcy lawyers can help you identify which type of bankruptcy is ideal for your situation.
In general, anyone who doesn’t fit into the criteria of Chapter 7 bankruptcy is eligible for a Chapter 13. Those with a consistent and reliable monthly income who want to pay off their debts but need ample time to do so can file for Chapter 13.
Chapter 13 bankruptcy provides multiple benefits to the person filing bankruptcy. This includes:
The advantages and disadvantages of this bankruptcy are outlined in the United States Bankruptcy Code Chapter 13. However, interpreting this document can be complicated, so you must confer with professional Jacksonville lawyers about your current situation.
As established above, not everyone can qualify for Chapter 13 bankruptcy, and the law regulates the criteria that debtors must meet to file for this type of bankruptcy. The Chapter 13 bankruptcy relief is usually for:
Florida Chapter 13 attorneys can help you identify your eligibility with this form of debt relief.
The process will probably take around 95 days, excluding the 3 to 5 years repayment term. Because of this extensive process, seeking assistance from attorneys in Jacksonville can be vital to ensure a successful outcome.
Filing a Chapter 13 bankruptcy creates an obligation for you to complete your payment plan. This obligation means you must earn consistent monthly income during your payment term. You’ll need to notify the trustee and creditors if your income changes or decreases. The court may then modify your payment plan.
Furthermore, incurring debts while under the repayment plan could jeopardize the established repayment schedule. Because of this, consulting with your appointed bankruptcy trustee and attorney is essential before taking on new debt.
After you complete your repayment plan with a Chapter 13 bankruptcy, the court may allow you to file for another Chapter 13 case. The time frame for filing again may differ depending on what type of bankruptcy you want to file next.
If you’re facing this situation, discussing your plan with one of our Jacksonville bankruptcy attorneys can help you understand the process and its corresponding time frame.
Fleysher Law is a full-service bankruptcy law firm handling bankruptcy cases for over a decade. We have a proven track record of success and are here to help you at every step.
Here’s why you should choose us to handle your case:
Declaring bankruptcy may be scary for some, but it doesn’t have to be with the right representation. If you’re considering filing for Chapter 13 bankruptcy in Jacksonville, we got your back.
Schedule your free initial consultation with our Jacksonville Chapter 13 bankruptcy lawyer today at (888) 716-0281. Online scheduling is also available by accomplishing our website’s contact form.