Your debts are consolidated into a single payment you make to a Chapter 13 trustee who then disburses payments to your creditors.
Filing for Chapter 13 bankruptcy may be the right option for you if you have non-exempt property you want to keep and you have a reliable income that covers your daily expenses while allowing you to make payments according to your court-approved and legally binding Chapter 13 plan.
Many individuals deal with having a substantial amount of debt accumulated and with the help of a chapter 13 bankruptcy attorney; these individuals take a step forward towards living debt free. If you have a steady income and would rather not file for chapter 7 than the best solution would be to petition and come up with a court approved repayment plan. Contact Pinkston and Pinkston to receive the personal attention you need during the time you need it the most. Filing for bankruptcy can be an intimidating process to go through, so you should hire attorneys that will walk you through each step.
Searching for a chapter 13 bankruptcy attorney to meet all your needs, then contact Pinkston and Pinkston
The first step of filing for bankruptcy is to see if you qualify for a chapter 13. Many people choose this option if they have a steady income because it doesn’t hurt your credit history as bad in the future compared to chapter 7 bankruptcies. When an individual files for chapter 7, they must liquidate all their nonexempt assets in order to repay all the creditors back. Chapter 7 bankruptcy cases stay on your record for ten years compared to chapter 13 which only stays on your record for up to seven years. There is obviously a disadvantage in both cases, where credit is less available to these individuals, or if they are available it would be on an unfavorable term. The subject of consumer credit and its credit worthiness is complex and the best chance you have in restoring your life would be to contact a chapter 13 bankruptcy attorney in Jacksonville.
An individual can declare bankruptcy once it is certain that paying off creditors has become near impossible. Hiring a chapter 13 bankruptcy attorney in Jacksonville and filing can give you a chance to financially start your life over again. After the petition for chapter 13 is filed, the court mandates that you submit a chapter 13 plan. This plan must be given within fifteen days after the petition is filed. The chapter 13 plan must be approved by the court and also must provide payments of a certain amount to the trustee on a regular basis, which tends to be biweekly or monthly. Once the trustees receive the money, they must then redistribute it amongst the creditors in accordance to what is agreed upon in the plan.