Tampa Chapter 13 Bankruptcy Attorneys
Chapter 13 Consumer Bankruptcy Attorneys Serving Tampa, Brandon, Valrico & Hillsborough County
Chapter 13 personal bankruptcy protection offers legal and financial advantages to people in need of debt relief, who cannot qualify for a Chapter 7 bankruptcy or who have other reasons for pursuing it, such as their home is in foreclosure and they want to keep it. Chapter 13 consumer bankruptcy terminates foreclosure at any point up through the time of the actual foreclosure sale. It allows individuals and families facing serious cash flow issues to reorganize debt under the supervision of a bankruptcy trustee. Most property is retained by the debtor and in three to five years, the debtor emerges from bankruptcy with significantly reduced debt. Most debt can be eliminated in chapter 13 bankruptcy; however, some debt, including taxes, spousal support payments, child support payments and student loans, cannot be eliminated.
Are you interested in investigating your Chapter 13 personal bankruptcy options and wish to retain your property? Call 813-672-1900 or e-mail the experienced Tampa, Riverview, FL chapter 13 bankruptcy lawyers at the law office of All Family Law Group for a no-charge initial consultation.
Eliminate Debt. Retain Property
Our Tampa Chapter 13 bankruptcy attorneys reorganize your debt payments under a repayment plan and you will pay a monthly amount to the trustee. All of the creditors whose secured property you retain will be paid their monthly payment in full. These include debts on your home, investment properties and vehicles. Also, if you have an arrearage due on a secured loan, the arrearage will be paid pro-rated over the life of the plan. Furthermore, child support arrearages and back taxes are priority debts and must be paid in full during the life of your plan. All or a percentage of your unsecured debts, such as credit card, medical bills, or homeowner association fees (prior to bankruptcy filing) will be paid; however, the percentage the unsecured creditors will be paid depends on how much disposable income you have each month after living expenses are deducted from your income. Members of our attorney and legal assistant team have experience managing Chapter 13 bankruptcy proceedings. We will work with you to reduce your debt while protecting all or most of your assets, ranging from homes, cars, and retirement accounts to jewelry, boats and family businesses.
When you have completed either the three or five year bankruptcy plan, the remaining unsecured debt is discharged. Furthermore, after the plan has been completed and the bankruptcy has been discharged, you have to continue making your mortgage payments and vehicle payments, if any amount remains on the loan. In addition, student loan payments, if any, will continue to be paid at their original monthly amount as they are not dis-chargeable in bankruptcy.
Because payments must be made monthly to the trustee to pay your secured, priority and some or all unsecured debts, the court requires that you have “disposable” income with which to make the payments, so it will be necessary for you to have steady monthly income which is sufficient to cover your living expenses and your monthly payment to the trustee (which amount also depends on your disposable income).
Note that Chapter 13 bankruptcy is only for personal, individual or consumer bankruptcy. If you want to reorganize your business debt, then you must file a Chapter 11 bankruptcy.
Stripping a Second Mortgage in a Chapter 13 Bankruptcy
Consult with our Tampa Chapter 13 bankruptcy lawyers to determine whether It may even be possible to remove a second mortgage on either homestead or investment property in a Chapter 13, which is a great benefit. If your first mortgage is more than the market value of your property and you have a second or even a third mortgage on the property, then you may qualify to “strip” the second mortgage and make it unsecured debt to be paid off with the other unsecured debt, such as credit cards. When the bankruptcy is discharged, the debt for the second mortgage will be discharged and the lien on the property will be satisfied. Thereafter, you will only have to continue to pay on your first mortgage.
Contact the Experienced Tampa & Riverview Chapter 13 Bankruptcy Attorneys at All Family Law Group, P.A.
If you have any questions regarding Chapter 13 bankruptcy, contact our firm by e-mail or call 813-672-1900 for a free initial consultation with one of our experienced Tampa Chapter 13 bankruptcy lawyers We will get back with you at our earliest opportunity!