Filing Chapter 13 Bankruptcy in Hernando County
Misinformation: If I file Chapter 13 bankruptcy, I'll have to pay back all of my debts.
The truth: The amount of debt that you pay back will depend on your income and assets. Many people who file Chapter 13 bankruptcy only pay back a small percentage of unsecured debts such as credit card bills.
Chapter 13 bankruptcy is a debt reorganization plan for wage earners. Filing Chapter 13 bankruptcy gives you time to reorganize your finances, while protecting you from the adverse actions of creditors such as harassment and garnishments.
There are many reasons why you may choose to file Chapter 13 bankruptcy instead of Chapter 7 bankruptcy:
- You have too many assets to file Chapter 7 bankruptcy
- You want to stop a home foreclosure
- You wish to strip an unsecured second mortgage from your home
- You want to stop repossession of your car
- You owe tax debts and want to pay it back over time
- You make too much money to file Chapter 7 bankruptcy
- You have already filed Chapter 7 bankruptcy within the past eight years
At The Day Law Office in Spring Hill, Florida, our lawyers offer a free initial consultation to discuss your financial situation and determine if a Chapter 13 bankruptcy is the best solution for you.
Chapter 13 debt repayment plans can be three years to five years in length. Tax debts, mortgage arrearages and other types of debt can be placed into your Chapter 13 plan. While secured debts (those backed by property) must be paid back in full, you will only pay a percentage of unsecured debts. That percentage will depend on your income and assets.
Free Attorney Consultation
You don't have to live with the stress that debt problems can cause. To schedule a free initial consultation about Chapter 13 bankruptcy, call us toll free at 888-326-9553 or fill out the contact form on this web site. Our law office is located in Spring Hill, Florida, in the center of Hernando County.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
