What You Should Know about Chapter 13 Bankruptcy
Chapter 13 bankruptcy provides a debtor with a unique opportunity to work through a repayment plan while benefiting from the extremely strong legal protections provided by the bankruptcy process. This form of bankruptcy is common among debtors who have enough debt to cause serious financial concern, but also a relatively healthy income that allows them to make a repayment plan.
If you’re thinking about Chapter 13 bankruptcy as a debt relief solution, we can help you better understanding your rights and the legalities of this process. To learn more about what to expect and how we may be able to help prepare you for what comes next, contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today at (239) 237-0675.
Moving Forward into Chapter 13 Bankruptcy
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy isn’t considered complete until the repayment period ends and the debt is paid off. On the other hand, fewer assets are at risk for collection as a result of the way this type of bankruptcy works. When considering Chapter 13 bankruptcy, a person should be aware of the following:
- Chapter 13 bankruptcy may be able to halt foreclosure
- Chapter 13 bankruptcy requires a reasonable repayment plan to proceed
- This repayment plan sets repayment goals for each applicable debt
- After the repayment period expires, remaining debts may be discharged
- Chapter 13 bankruptcy doesn’t have a eligibility requirement like Chapter 7 bankruptcy
- Chapter 13 bankruptcy debts may be crammed down
In addition to this information, a debtor may want to contact a legal professional to learn more about the options and obligations they may specifically face during the Chapter 13 bankruptcy process.
Chapter 13 bankruptcy may be the right choice for your financial situation. To discuss other features or responsibilities associated with this form of bankruptcy, contact Florida Chapter 13 bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today by calling (239) 237-0675.