When Is It Time to File for Chapter 13?

Filing for bankruptcy is a big decision. A Chapter 13 can stay on your credit report for seven years and can make financing harder to obtain and raise your interest rates. That said, you may enjoy significant benefits to filing for bankruptcy, such as avoiding foreclosure, lowering monthly payments, and discharging certain debts.

Consumers sometimes find filing for Chapter 13 a difficult decision. They may (sometimes correctly) believe that they are only experiencing temporary financial problems or feel that filing for bankruptcy somehow means they have failed.

Speak to an attorney about your optionswhich may or may not include filing for bankruptcy. To schedule a free consultation with an experienced bankruptcy lawyer in St. Petersburg, call Berkowitz & Myer today at (727) 344-0123 or contact us online.

Deciding to File for Chapter 13: Factors to Consider

Whether filing for bankruptcy makes sense depends on numerous factors, including:

  • The nature of your debt
  • Whether you have property you want to keep
  • Your income
  • Your total amount of debt
  • Your financial goals

When a person files for Chapter 7 the most common form of consumer bankruptcymost, if not all, of debts are discharged without having to make any payments. The major downside of Chapter 7, however, is that the bankruptcy trustee will sell all of a debtors non-exempt assets and use proceeds of the sale to pay off creditors before granting a discharge.

Unlike in Chapter 7, a Chapter 13 bankruptcy allows filers to keep their property while making payments on their debts. For this reason, many people who own homes or other significant assets pursue Chapter 13 rather than Chapter 7 bankruptcies.

A Lawyer Can Help You Navigate the Process

As the information above should make clear, you must consider many issues when deciding whether to file for bankruptcy. An attorney familiar with the different types of bankruptcy may analyze your financial situation and determine whether filing for bankruptcy is in your best interest. If it is, your lawyer can also help you determine which type of bankruptcy is right for you. Always talk to a lawyer before making any firm decisions with respect to bankruptcy.

Call Our Office Today to Speak with a St. Petersburg Bankruptcy Attorney

If you are considering filing for Chapter 13 bankruptcy but dont know if its the right thing to do, or the right time, speak to a lawyer as soon as you can. At Berkowitz & Myer, we will thoroughly review your financial situation and determine whether you would benefit from Chapter 13 or some other type of bankruptcy. If filing isnt right for you, we will let you know and not charge you anything for your visit. To schedule your free consultation with one of our lawyers, call (727) 344-0123 or send us an email through our online contact form.

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