Orlando Chapter 13 Bankruptcy Help

Melbourne, Titusville & Cocoa Chapter 13 Bankruptcy Filing

Chapter 13 bankruptcy allows debtors to establish a payment plan for their outstanding debts.  The bankruptcy court legally protects those debtors provided that they make all agreed-upon payments on time.  Payments go to a case trustee, who forwards the money to creditors according to the plan.  Chapter 13 is a reasonable solution for someone who has a source of income, but does not have sufficient income to pay outstanding debt in its current form.  It is also a more logical choice than Chapter 7 if someone's primary debts are ineligible for discharge.  Debts that Chapter 7 cannot typically discharge include student loans, income taxes within the past three years, and back child support.

The Law Office of Paul L. Urich provides Floridians with experienced Orlando bankruptcy lawyers who can help them shed their financial burdens and get back on their feet. As bankruptcy has already affected many families statewide, a qualified bankruptcy attorney can be the difference between a tragedy and a setback.

Eligibility

The official web site for the United States Courts outlines requirements that debtors must meet to file Chapter 13 bankruptcy.  Here are some vital points:

• The site states that anyone is eligible for Chapter 13 "...as long as the individual's unsecured debts are less than $360,475 and secured debts are less than $1,081,400."  For more information on secured and unsecured debt, see the Explanation of key terms, below.
• Debtors must receive credit counseling from an approved credit counseling agency within 180 days prior to filing for bankruptcy.  Click to find a list of approved credit counseling agencies.
• Debtors must wait six years before they are allowed to file another Chapter 13 bankruptcy.  The wait following a Chapter 7 filing is at least four years.
• Documents that debtors must file include schedules of assets and liabilities, a schedule of current income and expenditures, a schedule of executory contracts and unexpired leases, and a statement of financial affairs.  While compiling all this information may seem daunting, there is no cause for concern.  A good lawyer can help you assemble all necessary information.

Experienced Chapter 13 attorneys can determine if you qualify and help you secure all necessary records and documents before filing.

Explanation of key terms

There are a number of common bankruptcy terms which you may hear from court officials, lawyers, and government web sites:

• Secured debt—This type of debt ensures creditors repayment by guaranteeing them collateral, which is an asset that becomes theirs following the debtor's failure to pay the loan.  House loans and car loans are the most common examples of secured debt.
• Unsecured debt—This refers to any type of debt which comes without collateral.  Creditors must pursue debtors directly to obtain payment on an unsecured loan.
• Trustee—This is an appointed agency or person who collects property or money from the debtor and distributes it amongst the creditors.
• Creditor—Any individual or business to whom an individual owes money is a creditor.

Chapter 13 Bankruptcy in Orlando, Melbourne, Cocoa & Titusville

The Law Office of Paul L. Urich, P.A. focuses on bankruptcy and debt reorganization 100 percent of the time.  We offer low fees and a free initial consultation for the entire Orlando area.  Call 888-341-6149 or contact an experienced bankruptcy attorney online today.