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Bankruptcy Content

Chapter 13 Bankruptcy Attorney in St. Petersburg

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy consolidates existing debts into one sum that is paid to a Trustee. This chapter is for those who have a regular income and have income sufficient to meet the plan, allowing for mortgage payments as well as living expenses.

What you need to know:

  • Debts must not exceed $336,900 in unsecured debts
  • You cannot exceed $1,010,650 in secured debts (These dollar amounts are adjusted periodically.)
  • Together the debtor and his or her attorney formulate a plan to repay the required debts.
  • A once-a-month payment is given to the Trustee, who distributes the proceeds to approved creditors
  • Chapter 13 plans last between 3 and 5 years, depending on your income. Plans may not last longer than 5 years.

Making Informed Decisions About Your Financial Future

Upon filing your Chapter 13 bankruptcy, your creditors are provided notice and may not contact you or attempt to collect a debt. Your attorney will handle all necessary contact with creditors. Saving a home from foreclosure is one benefit of filing a Chapter 13 bankruptcy. Chapter 13 is also for those who do not qualify to file a Chapter 7 bankruptcy, but who still need protection under the bankruptcy code. Chapter 13 is more complicated than a Chapter 7 but also has more options for those who have assets they wish to maintain.

Keep in mind, bankruptcy laws were put in to place to protect individuals and offer them a fresh start. That is why it is important to avail yourself of bankruptcy protection if you are in a financial situation that warrants it. Understanding your options allows you to make informed choices.

Chapter 13 Bankruptcy FAQ

Q: Can anyone file for Chapter 13?
Q: How much of my debt must paid off as part of a Chapter 13 repayment plan?
Q: Can Chapter 13 help me avoid foreclosure?
Q: Will filing for Chapter 13 give me an opportunity to catch up on back taxes?

Can anyone file for Chapter 13?
If you want to file for Chapter 13, you must have enough disposable income (after paying your mortgage, rent, car payments and other specific household expenses) to make the payments required by your repayment plan. Should you have too much debt you will not be eligible to file for Chapter 13 bankruptcy protection. To find out whether you qualify for Chapter 13, contact our firm now.

How much of my debt must paid off as part of a Chapter 13 repayment plan?
How much debt you will have to repay will depend on the type of debt you have. Child or spousal support that has gone into arrears, tax debt incurred more than 3 years ago, a certain percentage of salaries and commissions owed to employees and other specific debts are all given priority status so must be paid in full within the 3 to 5 year time period. If you have fallen behind on mortgage payments or car payments, these too must be 100% caught up or your property could be at risk. Unsecured debt will be paid off based on a number of factors and your attorney can advise you of how this will affect you.

Can Chapter 13 help me avoid foreclosure?
Chapter 13 can help you avoid foreclosure and our firm offers an aggressive foreclosure defense to help keep St. Petersburg families in their homes. In this type of bankruptcy you will be given the opportunity to catch up on all past due payments without penalty. As long as you keep up with current payments throughout bankruptcy proceedings, you will not be at risk of losing your home. In cases where the bank or mortgage lender has already initiated the foreclosure process, an automatic stay will be issued as soon as you file for Chapter 13. Once the court approved your repayment plan, all pending legal action will become null and void.

Will filing for Chapter 13 give me an opportunity to catch up on back taxes?
If you want to catch up on back taxes, filing for Chapter 13 may be able to help you do just that. In the majority of cases, you will be required to pay back 100% of the taxes owed however you will have 3 to 5 years in which to get this done.

Searching for an attorney for your Chapter 13 bankruptcy in St. Petersburg?

If you believe that Chapter 13 bankruptcy may be right for you, we advise you speak with a St. Petersburg bankruptcy attorney at our firm before filing. We offer a full financial evaluation that does not require you to make any type of commitment or financial obligation. You simply need to schedule an appointment to come into our firm so that we can review your finances and recommend the legal options most suited to your individual situation. The wrong action could lead to further financial difficulties. Let us be the advocate you need in your pursuit of true debt relief. Contact our firm to speak with a St. Petersburg Chapter 13 bankruptcy lawyer and discuss your options and put your plan into place.

St. Petersburg Chapter 13 Resource Links
Bankruptcy Glossary of Legal Terms
U.S. Courts – Chapter 13 Individual Debt Adjustment
United States Courts – Bankruptcy Resources
American bankruptcy Institute – Consumer Center

St. Petersburg Chapter 13 Articles
Chapter 13 Bankruptcy FAQ
NOLO – Overview of Chapter 13 Bankruptcy
Chapter 13 Eligibility
Articles on Chapter 13 Repayment Plans

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.