Restructure Debt With Help From An Orlando Chapter 13 Bankruptcy Attorney
Chapter 13 bankruptcy protections can help you manage your overwhelming debt and still retain your property. Chapter 13 bankruptcy is also known as debt consolidation or reorganization and is available to for individuals, couples, or businesses that are not corporations.
The process enables you to retain your property and repay all or some of your unsecured creditors over a period of three to five years. It does not eliminate your debt, but rather restructures it to be more manageable for you to repay.
Qualifying For Chapter 13 Bankruptcy Protections
Chapter 13 is an option for debtors who have less than a specified amount in unsecured and secured debts. It’s a solution used most commonly by those who make too much money to qualify for Chapter 7 bankruptcy.
Under a court-approved plan, your debts will be consolidated and you’ll be put on a manageable repayment plan based on your income and expenses. This provides debtors with a reasonable way to pay off their debt without losing any of their assets. If you have a steady source of income, you may qualify for Chapter 13 bankruptcy protections.
Benefits of Chapter 13 Bankruptcy Protection
Chapter 13 bankruptcy:
- Discharges debt that cannot be discharged under Chapter 7.
- Lasts no more than 5 years.
- Assigns a trustee to handle repayment so you don’t have to deal with your creditors directly.
- Can stop foreclosure on your home.
- The repayment plan is based on what you can afford to pay.
- Stops interest accrual on credit cards and other unsecured forms of debt.
See If You Qualify For Chapter 13 Protections. Speak With An Orlando Chapter 13 Bankruptcy Attorney Today
If too much debt is making it hard for you to get ahead, contact our Orlando Chapter 13 bankruptcy attorney at 407-826-1952 today to discuss your situation. We offer confidential reviews and can advise you of your options.
At The Metka Law Firm, our goal is to help you restructure your debt and preserve ownership of your property. Arrange your free confidential review today.