If you’re reading this blog post, you are most likely a St. Petersburg, Florida resident considering your personal bankruptcy options. Additionally, you’re most likely sick and tired of your debt and are desperately seeking relief. This post is for you.
What is Bankruptcy?
Bankruptcy is defined as the legal status of a person (or other entity) that cannot repay the debts it owes to creditors. In many states, bankruptcy is imposed by a court order which is sometimes initiated by the debtor and/or collector. You might be interested to know that the actual word bankruptcy is derived by the Italian phrase Banca rotta which literally means “broken bench” which might be from the custom of breaking a moneychanger’s bench to signify his insolvency.
There are many reasons you may be considering bankruptcy: divorce, job loss, illness, disability, business failure or even death. We know that many of these events are beyond your control and that is why Chapter 13 bankruptcy can sometimes be the best option when it comes to bankruptcy. Bankruptcy was created to help people find relief and get a fresh start – exactly what you need.
Why Chapter 13 Bankruptcy?
We know it can get confusing when there are so many legal terms when it comes to bankruptcy. Chapter 13 bankruptcy is often a good choice for St. Petersburg residents because it allows you to pay your creditors back via payment plan that is mandated by the bankruptcy court. This plan allows you to gradually pay off your debts and retain your valuable assets at the same time.
How to Get Started
In order to qualify for Chapter 13, there are a number of items you must discuss and qualify for. Call our bankruptcy attorneys today at Berkowitz & Myer and we’ll work with you to answer all of your questions and to file all of your paperwork if Chapter 13 works out to be your final choice. Contact us today!