The Chapter 13 Bankruptcy Process in Florida
Once you formally file for Chapter 13 bankruptcy, you will be issued an “automatic stay” that freezes collection actions being pursued against you. This can include foreclosures, repossessions, and lawsuits seeking to recover debts. This order goes into effect as soon as you successfully file and can be a tremendous tool if you are at imminent risk of losing your home or other critical assets.
If you do not submit a proposed repayment plan in your initial filing, you will have to submit one within 14 days. This plan should include your tabulated disposable income and the installment amount you hope to regularly repay creditors. You will also need to overturn a great deal of financial records to support your conclusions. The court will schedule a creditor meeting, where involved parties can evaluate your plan and register any objections. Fortunately, so long as your repayment plan meets all of the state’s regulations, creditors cannot legally reject your repayment plan.
Our Chapter 13 bankruptcy lawyers can assist in creating an advantageous and realistic repayment proposal through evaluation of your finances. This includes carefully determining your disposable income through understanding what can and cannot be categorized as a qualified expense. Qualifying expenses can include payments on your home, taxes, childcare, food, clothing, and medical costs – basically, things you need to reasonably live your life. There may be disputes with creditors over these points and the extent of your ability to repay, which is why it is beneficial for us to represent you in any negotiations with your creditors. Creditors will always be seeking a plan that benefits them, not you, and it is crucial you have an advocate looking out for your rights.
After disagreements have been resolved in creditor negotiations, your plan will be sent to the bankruptcy court for approval. Once approved, you will begin repaying the installments established in your plan, for a period of 3 to 5 years. So long as you continue to make these payments, your creditors cannot take action against you. After you have fulfilled all of the terms of your proposal, including all of your payments, you are typically permitted to discharge your remaining unsecured debts, like credit card debt, medical debt, and personal loans.
Get Experienced Help with Chapter 13 Bankruptcy
If you are experiencing growing debt, you do not need to panic, but you should act promptly to get your obligations under control. Our team at Cremeens Law Group PLLC has helped numerous Florida clients get on top of their debt through Chapter 13 bankruptcy. Our Tampa Chapter 13 bankruptcy attorneys can guide you through each step of the process and help ensure your proposal plan will both muster the scrutiny of the court and better prepare you for a more sustainable financial future.
You have options in managing your debt. Act now and schedule a free consultation with our team by calling (813) 683-8688 or contacting us online. We are proud to offer our services in both English and Spanish.