Invaluable Chapter 13 Bankruptcy Secrets
Chapter 13 bankruptcy helps many debtors solve their personal debt crises through a manageable repayment plan. This repayment plan can get a person back on track towards financial stability and, eventually, a debt-free life.
If you are fighting an everyday battle against creditors and collection agencies, you may be looking for immediate relief without wanting to go through Chapter 7 liquidation. To learn more about your options if you are serious about settling your debts, contact Florida chapter 13 lawyer Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.
Chapter 13 Bankruptcy Can Resolve Debts without Full Payment
Under the law, a debtor needs to pay out unresolved unsecured debts in a Chapter 13 bankruptcy only up to two conditions. The first is that these debts are paid according to the repayment plan that has been accepted by a bankruptcy trustee. The second condition is that the total amount paid on these unsecured debts, meaning debts without collateral, must at least equal the amount of money that would have been provided through Chapter 7 liquidation.
Chapter 13 Bankruptcy Can Stop Foreclosure
A major concern for many debtors is whether they will be allowed to keep their homes or not. Under Chapter 13 bankruptcy law, a debtor filing for bankruptcy can receive an automatic stay on foreclosure proceedings. As long as the bank does not foreclose on the house before the debtor files for bankruptcy, the process will be stopped or, at least, stalled.
Chapter 13 Bankruptcy Can Help a Debtor Work within Their Limits
The proceedings associated with Chapter 13 bankruptcy work on the basis that a debtor will establish their own repayment plan that is contoured to their own financial limitations. A debtor can start to chip away at their debts according to how much disposable income they actually have to spend.
If you are tired of the calls and the threat of collection, we may be able to help you make them stop. To discuss your Chapter 13 options, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.