Chapter 13 bankruptcy is bankruptcy with a plan. In other words, instead of liquidating assets in order to pay off creditors, individuals who file for Chapter 13 work out a three to five year payment plan based on disposable income. With the help of a bankruptcy attorney in the Lake Worth area, you can determine if Chapter 13 bankruptcy is the best option for addressing your financial woes.
Chapter 13 bankruptcy is also known as re-organizational bankruptcy because, under Chapter 13, an individual learns to reorganize their financial practices through court mandated supervision and rehabilitation. In addition, the individual’s debts and assets are examined, and a payment plan is devised to pay off creditors as much as possible from expendable income. After the bankruptcy period is over, all remaining debt is discharged, and the individual is ready to face the future debt-free. In most cases, individuals who file for Chapter 13 bankruptcy are able to keep their homes and vehicles.
Once approved for Chapter 13, an individual can no longer be contacted by creditors in an attempt to collect on any previously sustained debt. For many people, knowing that they will be free from harassing phone calls, embarrassing notices, and legal threats is one of the greatest benefits of filing for Chapter 13 bankruptcy with an attorney in Lake Worth.
Anyone in Chapter 13 bankruptcy is prohibited from incurring any new debt without the permission of the bankruptcy court. In addition, the bankruptcy will be reflected on credit reports for seven years following the completion of the Chapter 13 plan.
Obviously, Chapter 13 bankruptcy is not for everyone who is facing economic difficulties in Lake Worth. There are many circumstances that have to be considered when trying to weigh if it is an option. For most people, it can be too overwhelming to try to think about on their own. This is why a bankruptcy attorney is so necessary. An attorney who specializes in Chapter 13 bankruptcy can bring an objective eye to the financial data of your situation while remaining emotionally detached from the context of the data. In many cases, individuals are simply too fervently caught up in the drama of the difficulties to be able to analyze the facts in a comprehensively rational manner.
If you are in over your head when it comes to your personal debt and are looking for a glimmer of hope, contact an attorney in Lake Worth today. Your attorney will help you to determine if you qualify to file for Chapter 13 bankruptcy and if doing so is your best financial option. If it is, your attorney will guide you through every step of the process and file all of the necessary paperwork and support documentation so that you can be on your way to a debt-free future.
Chapter 13 Bankruptcy Attorney Lake Worth – If your financial difficulties are more than you can handle, Sean I. Koplow, P.A. is a Chapter 13 bankruptcy attorney in Lake Worth who can always be trusted to provide honest legal advice. Lake Worth residents have come to rely on Sean I. Koplow, P. A. to provide legal debt management options and to advise the best course of action. If Chapter 13 is what is best in your situation, Sean I. Koplow will prepare and file your case for you. Call today at 561.642.3000 or contact Sean I. Koplow on the web at www.koplowbankruptcy.com.