Orlando Bankruptcy Attorney | Orlando Bankruptcy Law Firm | Chapter 13 Bankruptcy: A reorganization
Orlando Chapter 13 Bankruptcy Overview:
Orlando Chapter 13 Bankruptcy Details:
What is Orlando Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy also known as "reorganization" or a "wage earner plan" allows you to keep valuable property, such as your home or car, which you might otherwise lose due to past due payments. Chapter 13 Bankruptcy is designed for individuals with regular income who want to pay their debts, but need some time to do so. It also forces your creditors to accept the repayment according to the terms set forth by the Orlando bankruptcy court. Weather you live in Orlando or else where, you will have between three and five years to pay back the arrears.
Making the Decision to File Chapter 13 Bankruptcy
Deciding to file Chapter 13 Bankruptcy is often a difficult decision involving many financial and legal issues. The truth is that you may have no other choice than to file. To help you decide whether to file for bankruptcy, take an honest look at your financial situation, research your available options and perform a cost-benefit analysis. If you do decide to file for Chapter 13 Bankruptcy, you need to do it with the help of a bankruptcy attorney. Baker Law, PL of Orlando can help you sail through the entire process without the stress or confusion.
Advantages of filing for Chapter 13 Bankruptcy
Chapter 13 Bankruptcy provides many advantages to people overwhelmed with debt, including the possibility of stripping second mortgage. Filing for Chapter 13 Bankruptcy places an "automatic stay" that stops all debt-collection activity against you including foreclosure proceedings as long as you remain current with repayment plans. It allows many people to remain in their homes, as long as they continue to make the mortgage payments on time. Chapter 13 Bankruptcy is also avaluable for homeowners because they can roll any delinquent mortgage payments (arrears) into the plan and repay them over the life of the debt-repayment plan.
Disadvantages of filing for Chapter 13 Bankruptcy
It is important to remember that although Chapter 13 Bankruptcy provides an ability to consolidate debts, it does not erase them. You will still have to pay your debts. You will also be unable to obtain any new credit while you are paying off the court-ordered plan. Additionally, prospective lenders and creditors will see that you are in the midst of a Chapter 13 repayment process and will deny an extension of credit to you. Orlando law firm, Baker Law, PL can help you weigh your pros and cons and make you confident in making the right decision.
Call 407-647-8833 or contact us at our Orlando office to make an appointment for a free consultation.
BAKER LAW, PL serves the Central Florida and seven-county Orlando area, including the cities of Sanford, Lakeland, Lady Lake, Kissimmee, Maitland, Lake Mary, Oviedo, Winter Garden, Winter Park, Windermere, Lake Nona, Apopka, Mount Dora, Winter Springs, Longwood, Orlando, North Orlando, South Orlando, East Orlando, West Orlando, Melbourne, Titusville, Cape Canaveral, Daytona Beach and New Smyrna Beach, and the counties of Orange, Seminole, Lake, Polk, Brevard, Volusia and Osceola.