If you have debts that with which you’re struggling to keep up, you may consider Chapter 13 bankruptcy as a means of alleviating the burden. Chapter 13 bankruptcy can be an excellent option for you—but it is not the only option. The attorneys at Berkowitz & Myer can meet with you for a no-cost initial consultation to determine whether a Chapter 13 bankruptcy would work for you.
Chapter 13 bankruptcy is not for everyone. Since a Chapter 13 bankruptcy involves a three to five-year repayment plan, it requires you to have a source of income to make payments under the plan. If you do not have income, Chapter 7 bankruptcy may be a better fit. The attorneys at Berkowitz & Myer while will take a holistic look at your assets, income, and debt to develop the best Chapter 13 bankruptcy plan available to you so that you can get caught up on your debt while still maintaining your current standard of living.
What Types of Debt Are Ideal for a Chapter 13 Bankruptcy?
Certain types of debt are ideal to address with a Chapter 13 bankruptcy, while Chapter 13 cannot manage other types of debt, such as missed alimony or child support payments. Fortunately, most consumer debts are eligible to be part of a Chapter 13 plan. Common types of consumer debt include:
- Credit card debt
- Medical debt
- Mortgage loans
- Car loans
- Personal loans
These types of debt can be included into one Chapter 13 bankruptcy plan so that going forward you are only making one unified payment rather than paying each creditor separately. The attorneys at Berkowitz & Myer will analyze your debt to verify that it can be addressed by the Chapter 13 bankruptcy plan. They will also verify that your Chapter 13 bankruptcy plan payment is not too onerous for you to make, so you can move forward with the expectation that your repayment plan will be successful and you will catch up on your debt obligations.
Under the bankruptcy code, there are certain limits as to who can file bankruptcy and how frequently a person may file. Some people may be barred from filing a Chapter 13 bankruptcy, so it is crucial to meet with an attorney to determine whether you are legally permitted to file bankruptcy. In addition, some types of transfers or utilization of debt may be portrayed as misuse, so it is best to meet with an attorney to closely inspect your debt usage so this will not be the case.
Meet with a St. Petersburg Chapter 13 Bankruptcy Lawyer to Learn More
Chapter 13 bankruptcy is an excellent tool to get your finances in order, but it can be a complicated legal process that is not for everyone. It is crucial that you speak with an attorney if you are contemplating filing a Chapter 13 bankruptcy. The St. Petersburg law firm of Berkowitz & Myer offers a no-cost consultation to determine whether you are a good candidate for a Chapter 13 bankruptcy. Call the St. Petersburg law firm of Berkowitz & Myer today at (727) 367-1080 or contact us online to discuss your bankruptcy options.