Is Chapter 13 Right for Me?

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Chapter 13 Bankruptcy Lawyer

Requirements for Filing for Chapter 13 Bankruptcy

Clermont Chapter 13 Bankruptcy Lawyer

If you’ve previously filed for bankruptcy or do not meet the income requirements for a Chapter 7 bankruptcy, a Clermont bankruptcy lawyer can discuss whether filing for Chapter 13 may be the right option for you.

When a Chapter 13 Filing Might Be Appropriate

The overriding theme in a Chapter 13 bankruptcy is to allow a wage earner to repay their debts over a finite period of time under a specific plan approved by the court. It differs in that way from a Chapter 7 filing in which the debtor liquidates his or her assets and seeks a discharge where appropriate. Chapter 13 might be appropriate if a debtor earns too much money to qualify for Chapter 7 or who has filed for Chapter 7 in the last year.

The Main Advantages of Filing for Chapter 13

One of the most important reasons debtors have for choosing Chapter 13 is to stop foreclosure proceedings on their home. The debtor will have to continue making payments on their mortgage under the Chapter 13 plan. For other secured debts, the court will enter a repayment plan which may allow the debtor to pay a lower monthly amount then they did before filing.

How to File for Chapter 13

An experienced bankruptcy attorney can walk you through the process of filing a Chapter 13 proceeding. The case begins by the filing of a petition with the bankruptcy court. In addition to the petition, the debtor will be required to complete credit counseling and a variety of schedules detailing their debts and assets. It’s important for the debtor to fully disclose all assets and debts to minimize the risk of having their case dismissed and their repayment plan rejected. Your Clermont bankruptcy lawyer can explain what happens next. Upon the completion of an accepted repayment plan, the debtor may be able to seek discharge of remaining debts.

To speak to a knowledgeable Clermont bankruptcy attorney, contact the law offices of Merideth Nagel, P.A., Attorney at Law. To schedule an appointment to discuss your options, call 352-394-7408 or toll free at 877-580-6868. Serving Lake, Sumter, Marion and Lake Counties.

Serving West Orange County, Lake County, Sumter County & Marion County

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