A
Chapter 13 bankruptcy, unlike a
Chapter 7 bankruptcy,
does not provide a release of debt, but rather a
restructuring of the debt in a manner which is
considered manageable to repay the dept.
Many times the debt to be
paid back may be less that currently owed through
negotiation. In a Chapter 13 bankruptcy, a debtor
proposes a repayment plan to the creditors, over a 3 to
5 year period, in a good faith proposal to pay off all
or part of the debts from the debtor's future income.
A Chapter 13 bankruptcy
can:
-
Prevent
the foreclosure of a home;
-
Make up
delinquent car or mortgage payments
-
Pay back
taxes;
-
Stop
interest from accruing on your tax debt (local,
Florida state, or federal);
-
Keep
valuable property which is non-exempt in a
bankruptcy;
-
And
manage other financial situations which may be
affected by a Chapter 13 bankruptcy
proceeding.
Cohen & Best, P.A., provides
aggressive and knowledgeable Chapter 13
Bankruptcy legal representation for clients
who have are facing a potential bankruptcy.
Cohen & Best, P.A., has the experience and the resources to
professionally guide you through your personal Chapter
13 Bankruptcy
proceedings.
Creditors often will work
with debtors in a Chapter 13 bankruptcy, as
Chapter 13 provides the opportunity to recover funds
from you, as apposed to a Chapter 7 bankruptcy where the
potential to recover a larger portion of the debt is
diminished.
Those who are more likely to
file for a Chapter 13 bankruptcy are individuals
who seek to hold on to possessions such as a home,
multiple vehicles, or other property or assets.
If you are wondering how a
Chapter 13 Bankruptcy might affect you, or if filing for
bankruptcy will help you in the short or long term
in repairing your financial and credit standing, we
strongly recommend contacting an experienced Lakeland
Chapter 13 Bankruptcy lawyer - attorney, at
Cohen & Best, P.A., by calling
(863)
646-7636 or use our
online
case submission form
to schedule a confidential consultation.
Cohen & Best, P.A.,
is well versed in the laws regarding bankruptcy law, and is ready to provide you with
important information relating to a possible Chapter
13 Bankruptcy legal claim.
