Tampa Chapter 13 Bankruptcy Lawyer
Find Out If Filing for Chapter 13 Bankruptcy Protection is the Right Option For You
Those who find themselves reaching their own fiscal cliff are left wondering what they can do to stop themselves from going over. There are many options available for putting on the brakes, but which one makes the most sense? For some, Chapter 13 bankruptcy offers a viable way to climb out of debt that allows them to keep real and personal property.
At Yesner Law, our Tampa Chapter 13 bankruptcy lawyer is a skilled, experienced advocate for clients. We want you to know that, despite what many people think, bankruptcy is not the end of the world. It offers a way out of a dead-end situation, allowing the petitioner to restructure his or her debt in a manner that is fair to both the debtor and creditors.
Our Tampa Chapter 13 bankruptcy lawyers help individuals in Tampa and throughout Florida find debt relief by creating debt payment plans through Chapter 13 bankruptcy. If you are facing serious financial stress and you are considering filing for Chapter 13 bankruptcy protection, please do not hesitate to contact our Florida legal team for a free, no obligation review of your case.
Understanding The Benefits Of Chapter 13 Bankruptcy
Without bankruptcy, creditors can be relentless in their attempt to get as much as they can, sometimes to the detriment of other creditors or the borrower. Many times there seems to be no relief in sight. Filing a Chapter 13 petition puts the control back in the debtor’s hands, making it easier for the debtor to reorganize outstanding debts. That is the key thing that you should know about Chapter 13 bankruptcy protection: It allows borrowers to restructure their debts in a sustainable manner. The benefits to filing for Chapter 13 bankruptcy may include:
- Avoiding Foreclosure on Your Home: If you are currently facing foreclosure or you are worried about foreclosure, filing for Chapter 13 bankruptcy might be your best option. In many cases, Chapter 13 can put you in a position to halt a foreclosure or even to get you out of the process so you can save your home.
- New, Lower Monthly Payments: If your monthly debt payments are simply too high to keep up with, Chapter 13 offers a solution. With a restructuring, your monthly payments can be reduced to a more sustainable amount. Within the Chapter 13 process, debt payments may be extended for additional months, interest rates can be reduced, fees and penalties can be waived, and part of the principal balance may even be forgiven outright.
- Real, Effective Loan Consolidation: Chapter 13 offers borrowers real loan consolidation. If you are crushed under the burden of many debt payments, you can use the process to roll many those payments into a single consolidated sum. Not only is this more simple and less stressful, but it can also help to reduce your costs.
- Limit the Total Impact on Your Credit: Finally, though filing for bankruptcy causes damage to your credit, Chapter 13 limits the total extent of the impact. It is significantly less damaging than a Chapter 7 bankruptcy filing or a mortgage foreclosure. Further, over the long run, it can also be a lot better than continuing to fall behind on your monthly payments.
How Does Chapter 13 Bankruptcy Work?
The bankruptcy laws allow the debtor to pay back the creditors, if at all possible. Chapter 13 is designed in such a way that a debtor pays a consistent amount every month to an appointed trustee. Therefore, a Chapter 13 debtor must have regular income.
From there, the trustee distributes the funds to creditors. A Chapter 13 bankruptcy can last anywhere from 36 to 60 months, depending on several factors that are determined at the outset of the bankruptcy. Attorney Shawn Yesner explains these factors during an initial consultation.
Homeowners or property owners who want to keep their properties may be able to do so through Chapter 13, because the debtor can repay any mortgage arrears over the term of the repayment plan. The debtor can also “strip” or “remove” second and third mortgages or judgment liens that are wholly unsecured. In addition, the simple act of filing the petition temporarily stops the foreclosure. All ongoing mortgage payments must be made throughout the bankruptcy, but there is also the opportunity to renegotiate or modify the first mortgage.
We Provide Information About The Available Options
Filing bankruptcy may be beneficial for those who have no other alternative for reorganizing debt. Although it is not a cure-all, it is a tool that can bring relief for a difficult situation. Given the complex nature of the subject, most people have questions. Whether or not filing for Chapter 13 bankruptcy is the right decision for you depends on the specific nature of your financial circumstances.
You do not have to go through this process alone. Our Tampa Chapter 13 bankruptcy lawyer is prepared to conduct a free, comprehensive assessment of your financial situation. We will help you understand the benefits, and drawbacks, of every available option, including the non-bankruptcy debt relief alternatives.
Get Personalized Guidance From Our Tampa Chapter 13 Bankruptcy Lawyer Today
At Yesner Law, our dedicated Florida bankruptcy law attorney has the skills and experience to handle Chapter 13 bankruptcy filings. No matter your specific financial circumstances, we are here to help you find the best path forward. Remember, there are always options available. You do not have to live with this financial stress.
To get a free, completely confidential review of your case, please do not hesitate to contact our law firm today online or call us at 727-261-0224 . With an office in Clearwater, we handle Chapter 13 bankruptcy claims throughout the region, including in Tampa, St. Petersburg, Palm Harbor, Largo, Brandon, and Lakeland.