There are several important benefits to filing for
bankruptcy. For those individuals who have the means necessary to reorganize or restructure
their existing debt,
Chapter 13 bankruptcy may be a viable option. For many years, the lawyers at Leavengood,
Nash, Dauval & Boyle, P.A. have been using their knowledge and experience
in bankruptcy law to assist individuals to accurately determine which
type of bankruptcy is right for them. We understand all of the pros and
cons of filing for bankruptcy protection, and we work closely with each
of our clients to provide them with the information they need to make
this important decision. Our goal is to help each of our clients successfully
navigate through the bankruptcy process to the ultimate resolution of
their debt-related difficulties and so that they can get back on the road
to financial freedom.
If you are considering filing for Chapter 13 bankruptcy, you may be wondering
how your bankruptcy repayment plan will work. The first action which must
be taken is to clearly delineate all of your existing debt, both current
and overdue. Your disposable income must also be calculated to determine
how much you will be able to pay on a monthly basis. At this point, the
value of each of your debts will need to be clarified and debts will need
to be classified into secured and unsecured debt. In most cases your secured
debt will have to be paid in full, while your unsecured debts (credit
cards, personal loans, medical expenses and household bills) may only
require that a portion be paid to fully satisfy your financial obligations.
Providing that your car loan does not end prior to the completion of your
Chapter 13 bankruptcy proceedings, you may be able to negotiate lower
payments that can be made as part of your repayment plan. Mortgage payments
will need to remain current during bankruptcy proceedings, but past due
mortgage payments can be paid over time as part of your plan. In most
cases, the extreme reduction in monthly payments you can obtain through
Chapter 13 is enough to help you regain control of your financial situation
and ultimately get you out from under crushing debt.
If you want a form of debt relief that will put an automatic stay on collection
efforts, whether lawsuits, repossessions, letters, calls or other actions,
will put foreclosure proceedings on hold, and will help you protect your
existing assets and property, then Chapter 13 bankruptcy may be right
for you. With the right help, you can obtain financial freedom.
Contact a St. Petersburg bankruptcy attorney at our firm now.