The Requisites For Filing For Chapter 13 Bankruptcy
Chapter 13 bankruptcy is classified as a reorganization bankruptcy, rather than a liquidation bankruptcy like Chapter 7. In a Chapter 13 bankruptcy, the debtor will not have a lien attached to his assets to secure payment of debts. Instead, the debtor will be required to create a payment plan, which describes how the income the borrower receives will be used to pay off the debts. The plan will typically be designed to pay off the debt within three to five years. The requisites and procedures for petitioning for a Chapter 13 bankruptcy can be very challenging and a debtor should always talk with a competent Tampa bankruptcy lawyer for help.
If a debtor qualifies for a Chapter 13 Bankruptcy he will need to prepare a payment plan. The payment plan describes in detail how much the applicant will pay creditors for the debt owed. Although there is no standardized, official form to be used, many courts have developed their own which can be helpful and provide guidance in creating the payment plan. A Tampa bankruptcy attorney should be able to help an applicant create a payment plan that will generate successful results. In order to be permitted to proceed with a for Chapter 13 the borrower is required to be able to show that his income will be sufficient to make the payments described in the Chapter 13 payment plan. If the income is too low, or if it is not steady then the debtor may not be able to make the payments per the payment plan and will regarded ineligible for Chapter 13 bankruptcy.
In addition, the applicant must owe less than $1,010,650 in secured debts & less than $336,900 owed in unsecured debts. An unsecured debt is one where a lender does not have the authority to take a particular item of property if the debt is not paid. A secured debt is one where a lender "secures" the loan by your assurance that the lender is allowed to take a specific item of property if the debt is not paid.
For more information on a Chapter 13 Bankruptcy contact Florida Law Group to speak with one of our knowledgeable Tampa bankruptcy attorneys. Our dedicated Tampa bankruptcy lawyers can answer all your questions and help you draft a payment plan and direct you through the process of filing a Chapter 13 bankruptcy.
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A debtor should always seek the aid of a Tampa bankruptcy attorney when submitting a payment plan. An unsatisfactory payment plan can cause delays and unnecessary hardship for a debtor. Furthermore, a Tampa bankruptcy lawyer can help prevent a debtor from filing a payment plan that is too burdensome.
A chapter 13 bankruptcy may give applicants various advantages which are not available under a chapter 7 bankruptcy. Most notably, chapter 13 bankruptcy offers applicants an opportunity to rescue their home from foreclosure. For instance, as soon as the bankruptcy application is put forward it will compel an automatic stay of any existing foreclosure litigation.
One of the benefits of seeking credit counseling instead of bankruptcy is that a bankruptcy filing will not show up on a debtor's credit report. In addition, there is usually no need to hire a Tampa bankruptcy attorney for credit counseling. However,
While individual debtors are permitted to file for Chapter 11 most often a Tampa bankruptcy attorney will advise individuals to file for either Chapter 7 or 13. The higher costs and fees demanded by Tampa bankruptcy lawyers typically make filing for Chapter 11 by individuals an illogical choice. A Chapter 13 or Chapter 7 petition will
The requirements which debtors must satisfy before petitioning the court for a discharge will vary. However, there are usually three requirements all applicants must meet prior to being eligible for a chapter 13 bankruptcy discharge. First, the applicant will be required to verify that all payments which were due under the payment plan have been paid in full. Secondly,
Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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A Tampa bankruptcy lawyer will typically spend a substantial amount of time preparing his client for the 341 meeting. At the hearing, creditors will usually question the debtor about the financial information submitted on the bankruptcy petition and schedules. Often, the creditor's questions will be structured to help determine if the debtor honestly and correctly represented their assets, income, and debts on the bankruptcy petition. It is imperative that debtors
The prenuptial agreement may also control the distribution of assets in the event that one of the spouses predeceases the other. A Tampa divorce lawyer who is experienced in drafting prenuptial agreements should be able to advise clients on all the possible estate planning ramifications that can occur due to the prenuptial agreement.
There are many other possible advantages and disadvantages to filing for bankruptcy. To find out if bankruptcy can help you contact a Tampa bankruptcy lawyer in your area. A Tampa bankruptcy attorney can evaluate the circumstances of your case and provide you with valuable legal guidance.
Under Florida DUI law, it is illegal for a commercial driver to operate a commercial vehicle with a blood alcohol level of .04 or higher. If a commercial driver is found operating a commercial vehicle with a blood alcohol level above .04 his driver's license may be suspended for up to one year. However, a Tampa DUI lawyer may be able to show
A spouse may be listed on the deed of the property as an owner but not a promisor on the promissory note, and thus not liable to the mortgage lender for the home loan debt. If your spouse is not a promisor to the mortgage debt you should advise your Tampa divorce lawyer. A prudent Tampa divorce attorney should prepare the divorce settlement to account for this contingency. For instance,
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