Is Chapter 13 Bankruptcy Right For You?

Chapter 13 bankruptcy can allow you to overcome a crushing debt load without having to forfeit any assets to creditors. It takes between three and five years to complete, and it is available for both indebted individuals and sole proprietorships.

At James H. Monroe, P.A., we help clients find their way to debt relief by navigating the complex bankruptcy process. Attorney James Monroe has over 30 years of experience handling bankruptcy. He has published articles on bankruptcy law and served for over six years on the Central Florida Bankruptcy Association board of directors.

To schedule an appointment for a free consultation to discuss how Chapter 13 bankruptcy works, call 407-917-4147 or contact our firm online today. We are ready to help you.

Debt Relief For Individuals And Sole Proprietorship Businesses

In Chapter 13 bankruptcy, legally referred to as an "adjustment of debts of an individual with regular income," all your debts are reorganized into one monthly payment. Your Chapter 13 plan of reorganization must meet the requirements of the Bankruptcy Code and be approved by a bankruptcy judge.

For three to five years, you will make your monthly payments to the Chapter 13 trustee, who will distribute payments to your creditors. At the end of the three- to five-year period, substantially all of your unsecured debts will be wiped clean. Because you need an income to file for Chapter 13 bankruptcy, it used to be called a "wage earner" bankruptcy.

Dealing With Secured Debts

Secured debts like bank liens, taxes, mortgages or car payments must be paid, but can sometimes be altered under this plan. Second mortgages on homes can sometimes be stripped off or removed. First mortgages can sometimes be altered through the mediation process. However, most consumer auto loans can only be altered if the debtor has owned the vehicle for over 910 days. But, by paying only a percentage owed on unsecured debts, you can free up income and catch up on payments to avoid foreclosure or repossession.

Certain restrictions apply to those who wish to file a Chapter 13 bankruptcy. You may not be eligible if your debt exceeds a certain amount. If you are not eligible to file under Chapter 13, you may be eligible for consumer Chapter 7 bankruptcy or you may need to consider business Chapter 7 bankruptcy or Chapter 11 bankruptcy.

An experienced attorney can help you determine which approach is best for you. He or she can then explain the life cycle of Chapter 13 (or Chapter 7 or Chapter 11) so you know what to expect from the process.

Contact An Orlando Chapter 13 Bankruptcy Attorney Today

Learn your options. Schedule an appointment for a free initial office consultation with attorney James H. Monroe in Orlando, Florida, by calling 407-917-4147 or by contacting us online.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.