Chapter 13 Bankruptcy
Almost every household in America has debt, whether from mortgages, credit cards or student loans. When these add up, monthly payments and other expenses can become overwhelming. If you are constantly falling behind, reorganizing your finances and payment plans may help. If you are making a steady income, can pay your basic expenses, and are saddled with student loan payments and other debts, you need to consider Chapter 13.
While bankruptcy seems like a big step, Chapter 13 will simply allow you to use your income to pay debts through a new payment plan that eliminates debt, restructures others and even help you plan to put student loans payments under control outside of bankruptcy.
Filing for bankruptcy requires careful consideration and assistance from a knowledgeable bankruptcy attorney. If you attempt to rush the process, you could miss certain exemptions and other benefits. Port St. Lucie Bankruptcy Lawyer Jon L. Martin works to organize and analyze all of your records, finances, bills and property to determine all your alternatives, and get the best result possible.
How Chapter 13 Bankruptcy Works
The first step towards filing for Chapter 13 bankruptcy is seeking legal help from a bankruptcy. Being informed of your situation and all your options will help you maximize the benefits of Chapter 13; you will be protected by the automatic stay. After filing for Chapter 13 bankruptcy, you will receive an automatic stay. This stops your creditors from sending you letters, leaving you messages or taking court actions to collect from you. This will allow you to focus on rebuilding your financial life, rather than attempting to maintain payments while in the process.
What Happens When I Finish My Payment Plan?
You will continue making payments according to the finalized plan and eventually receive a discharge from the court through mail or a “discharge hearing.” To have the rest of your debt eliminated, you will need to show the court proof that you are maintaining all of your obligations, as well as that you have completed your budget counseling course. Once you have finished and appeared for your final date in court (or received in mail), all your remaining debt that is eligible will be cleared.
Chapter 13 Bankruptcy can be complex. Filers need professional help of a caring and understanding bankruptcy attorney in Port St Lucie and Palm City Jon L Martin.