Chapter 13 Bankruptcy Attorney
For those who are experiencing a temporary gap in income, perhaps due to job loss, a divorce, and injury or an illness, it can be difficult to continue to make ends meet. By the time income is restored, late fees, higher interest rates and overdue payments may have combined to make it impossible to catch up.
At the Law Office of Paul L. Urich, P.A., in Orlando, Florida, we help people find relief from debt problems through the bankruptcy process. Since 1998, our founding attorney, Paul Urich, has advised thousands of Floridians who were overwhelmed by debt. Our firm provides, honest, straightforward advice about bankruptcy and what it can and cannot accomplish for you. If Chapter 13 bankruptcy is right for you, we will help you at every stage of the process.
Why Chapter 13 Bankruptcy?
There are many reasons why you may choose to file Chapter 13 instead of Chapter 7 bankruptcy.
- You may not qualify for Chapter 7 under the means test.
- Filing Chapter 13 bankruptcy may allow you to protect assets you would otherwise lose by filing Chapter 7 bankruptcy.
- Chapter 13 bankruptcy gives you more time to catch up on mortgage payments to prevent a home foreclosure.
- There are some tax debts you can discharge in a Chapter 13 bankruptcy that can’t be discharged in a Chapter 7 bankruptcy.
Creating A Debt Repayment Plan
Under your Chapter 13 bankruptcy payment plan, you will agree to pay back 100 percent of your secured debt over a three- to five-year period. Secured debt is debt backed by certain property, such as your home and your car.
After you and your lawyer have determined a budget, you will pay back a percentage of your unsecured debt such as credit card bills, lawsuit judgments, payday loans and hospital bills. This percentage will be determined by how much you can afford to pay. A Chapter 13 bankruptcy plan is a form of debt consolidation, as you will make one payment to the bankruptcy trustee, who will then pay your creditors. At the end of the payment plan, remaining unsecured debts will be eliminated and you will be up to date on your secured obligations.
The Other Benefits Of Chapter 13
Filing Chapter 13 bankruptcy puts an immediate stop to:
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- Your initial consultation
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- Consumer credit counseling
- Bankruptcy advice
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- Important bankruptcy information
- Chapter 13 bankruptcy information center
Contact A Melbourne Debt Reorganization Lawyer For A Free Consultation
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.