Chapter 13 Bankruptcy
How Chapter 13 Lawyer Helps Stop Foreclosure
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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