HOW CHAPTER 13 BANKRUPTCY WORKS
Brandon, Florida, Chapter 13 Bankruptcy Attorney
Many people call The Golden Law Group with general questions about bankruptcy.
After all, the credit card industry has perpetrated a lot of myths out
there. Most people ask about discharging their debts through Chapter 7
bankruptcy and getting a fresh start. That's natural. But people are
often surprised to learn that a
Chapter 13 plan to restructure and repay some of their debt offers many advantages over
Some variation of bankruptcy and debt relief laws have existed on our national
laws since the Continental Congress. After all, our Founding Fathers were
farmers. By definition, bankruptcy simply means that you are petitioning
the court for protection against your creditors. Under Chapter 13 rules,
your case will be overseen by a trustee, appointed by the court. Your
creditors and collection agencies will have to immediately stop
harassing you about paying your bills, from the very day you hire an attorney.
When you file for Chapter 13 bankruptcy, you will provide your attorney
will all records of your income, property and money assets and debts owed.
You will not be required to take a
means test to see if you are
eligible for filing. Your lawyer will be able to immediately determine, based on your income level,
non-exempt assets and debts owed.
Your attorney can work up a proposed debt restructuring and repayment plan
of three or five years in duration, depending upon your level of income
and the ratio of income to debt owed. This plan will be presented to a
judge at the U.S. Bankruptcy Court. Within 45 days, the judge will schedule a
Plan and Confirmation Hearing, during which lawyers on both sides will review the details of the plan
and argue for any final changes. You are not required to attend the Plan
and Confirmation Hearing. Your Golden Law Group attorney will handle all
details and represent you in court. Of course, you may attend if you wish.
Upon approval by all creditors, which is typically the case, the judge
will approve the terms and confirm the plan. The Trustee will then start
disbursing money to your creditors according to the agreed-upon terms
of the plan. During the repayment period, creditors are not allowed to
act to collect further payments directly from you. Of course, the trustee
will also ensure that you do not run up significant further debt while
the plan is in force.
After making timely payments and fulfilling the obligations of the plan,
any remaining debt not paid in the restructure will be
discharged. This typically includes penalties, fees and interests that would have
otherwise accumulated over the repayment period.
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Get the straight facts about Chapter 13 bankruptcy. Contact a Brandon Chapter
13 eligibility lawyer at The Golden Law Group to schedule a free initial
consultation. Offices are conveniently located in Brandon and
Bradenton, Florida. The firm represents clients in communities throughout Manatee
County, Hillsborough County and
Sarasota County, Florida.