Why a Chapter 13 Bankruptcy Might be Right for You

by | Jun 4, 2020 | Lawyers and Law Firms

If you are considering filing for Chapter 13 bankruptcy in St. Petersburg, FL, here are some facts you might want to know:

You can file if you have enough income to meet the agreed upon payments under your Chapter 13 plan. Along with your income, the court also considers what you need to live on per month, what income you receive on a regular basis and how much total debt you owe when calculating a repayment plan.

Under Chapter 13 in St. Petersburg, FL you can keep your assets and property by agreeing to a payment plan to pay off your debts. The most important thing under Chapter 13 in St. Petersburg, FL is that you can keep your home from going into foreclosure.

Advantages of Chapter 13 include:

  • You are able to keep all of your assets and prevent foreclosure.
  • Chapter 13 also prevents repossession.
  • If your home is currently worth less than you owe on a first mortgage and you have a second mortgage, you can discharge the latter.
  • You will be allowed to change certain loan terms, like your mortgage, by renegotiating your interest or term length.
  • Once you have filed, collection companies are forbidden from contacting you to try and collect a debt.
  • If any of your income is being garnished, that will end immediately with your filing.

Taking that First Step

If you feel you qualify for a Chapter 13 bankruptcy, the first thing you need to do is consult an attorney who is well-versed in all aspects of bankruptcy laws. The Law Offices of Robert M. Geller, P.A. offers free consultations, so make an appointment today.

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