Vero Beach Chapter 13 Bankruptcy Attorney
For many people, debt is just a part of life. Debt can actually be a positive thing, as it can allow you to buy a car to get to work or purchase a home for your family. There are times though, when debt can become a real problem. If you are struggling with high amounts of debt you cannot repay, bankruptcy is an option that can provide you a fresh financial start. The Chapter 13 bankruptcy process is a complex one. Our Vero Beach Chapter 13 bankruptcy attorney can help you navigate it so you can put an end to debt-related stress as soon as possible.
Why Work with a Vero Beach Chapter 13 Bankruptcy Attorney?
To successfully file Chapter 13, you must meet certain requirements. For example, you can only have a certain amount of debt, although the limit is quite high. You may also have other options that will reduce the negative impact on your credit score and your future finances.
If you and your attorney determine that filing Chapter 13 bankruptcy is the right option for you, your lawyer can then assist you with collecting the proper documents and help you file the correct forms to get your bankruptcy case started on the right foot. If any issues arise during your case, such as if a creditor challenges the repayment plan, a Vero Beach Chapter 13 bankruptcy attorney can help you handle those as well.
How Does a Chapter 13 Bankruptcy Work?
Debt is not discharged during a Chapter 13 bankruptcy but instead, it is restructured into a repayment plan. The terms of the repayment plan are generally for three to five years, which means the debt is often easier for borrowers to repay. Unlike in a Chapter 7 bankruptcy, the debtor is not at risk of losing any property, as creditors will receive most or all of the debt they are owed from the borrower’s income.
The Importance of the Repayment Plan
Chapter 13 repayment plans are approved by the court based on your current financial situation and your current income. Over time though, your situation may change. You may lose your job, develop a disability, or have a child. Any of these scenarios could make complying with the repayment plan difficult.
If you find that you can no longer make payments according to the plan, you may be able to modify it. In some cases, you may even be able to have your Chapter 13 discharged if you suddenly find yourself with a lower income. These options are not always available, though. Sometimes, a Chapter 13 must be converted into a Chapter 7 or, the bankruptcy court may dismiss the case. In this latter situation, you then become responsible for paying the debt right away, as well as any interest that was not charged while the payment plan was active.
Our Chapter 13 Bankruptcy Attorney in Vero Beach Can Help with Your Case
Filing Chapter 13 bankruptcy can give you a fresh financial start, but the process is complex. At Kelley Kaplan & Eller, our Vero Beach Chapter 13 bankruptcy attorney can guide you through it and provide the sound legal advice you need every step of the way. Call us now at 561-264-6850 or contact us online to schedule a consultation.