Not every personal or family financial crisis is unfixable or a permanent downward spiral. Some Florida families may find financial strain or difficult circumstances to be a temporary situation, and they know eventually they will be back on their feet. Even if it is a temporary situation, falling behind in credit card payments or a mortgage can have very long-lasting effects that require professional help to overcome. One way to overcome those difficult times may be through filing Chapter 13 bankruptcy.
While there are various types of bankruptcy available for families, Chapter 13 bankruptcy is essentially a repayment plan. The typical timeline for repaying debt that may have gotten out of control is three to five years. For some families, this offers much-needed time to get re-employed and catch up. Agreeing to this plan also means you can may be able to preserve assets that you may otherwise lose under other forms of bankruptcy.
There are some immediate benefits to filing for and being approved for Chapter 13 bankruptcy. One immediate action is the stoppage of foreclosure action on a home. Along the same lines, eviction procedures will also be halted when you file for Chapter 13 bankruptcy. Also, as with other forms of bankruptcy, this form will put an end to creditor harassment.
Each Florida family’s situation may be vastly different. This is why it is vital to understand the different types of bankruptcy available and how each one may benefit your particular situation. Our firm has more information about the specifics of each type of bankruptcy, including Chapter 13 bankruptcy.