Chapter 13 Bankruptcy
How Chapter 13 Lawyer Helps Stop Foreclosure
Our Bankruptcy Chapter 13 lawyer will tell you that Chapter 13 offer long term benefit in the future. Any Tallahassee Bankruptcy Chapter 13 attorney would encourage you to opt for this. True, this process takes a long time and that discourages a lot of people. Yet, if you want to stop foreclosure, this is the right process for you. Although you would not be able to handle this alone, the Tallahassee Bankruptcy Lawyer at Footman Law Firm, P.A. can help you accomplish this. There are too many benefits of chapter 13 which Chapter 7 might not be able to offer you. Keeping this in mind, you should always opt for this process as it will get you the long-term financial advantage.
Our Chapter 13 Bankruptcy Lawyers & Your Expectation
Chapter 13 is known as the wage earners’ bankruptcy process. This is the reason; the working class can get immense advantage from this. This process gives you the luxury of paying what you have. Since Chapter 13 offers you the luxury of paying what you have, you will be able to discharge a chunk amount from your debt. If you have a mortgage, Chapter 13 can save your home. However, for this, you would need the assistance of a truly skilled bankruptcy lawyer.
In Chapter 13 bankruptcy, you pay back a portion of your debts over a three to five year period. That time period enables debtors time to catch up on mortgage arrears completely halting any foreclosure proceedings. Chapter 13 also enables you to reduce the principle balance and interest on secured debts effectively lowering the monthly payments. You may surrender property secured by a loan that you no longer wish to keep. These are just some of the benefits to filing a Chapter 13 bankruptcy.
You may end up paying back a very small amount of unsecured debt through Chapter 13 bankruptcy. This is determined by a calculation of your currently monthly income minus deductions for mortgage (rent), utilities, food, gas, medical expenses, vehicle insurance, etc. Whatever amount is remaining each month, if anything, would be paid to the unsecured creditors. Any debts that are not paid in full at the completion of the Chapter 13 plan, will be discharged.
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