Chapter 13 Bankruptcy
Chapter 13 bankruptcy is frequently referred to “rehabilitation” bankruptcy and is most appropriate for individuals who are employed and have a steady source of income, but are unable to continue to meet their monthly debt obligations. It’s a way to restructure your debt that involves making payments each month for a set period of time, typically from three to five years. It provides several benefits including:
- Stopping the home foreclosure process
- Prohibiting repossession of cars, boats and other property
In addition to structuring a payment plan that works for you, your Jodat Law Group attorney will work on your behalf to reaffirm the debt on property you wish to keep (houses, cars) and limit your liability to pay for property possessions you do not wish to keep.
As long as you make your payments on time, your remaining debt will be discharged at the conclusion of the plan. You will also have an opportunity to learn how to effectively manage your money through mandatory credit counseling which can help you make better financial decisions in the future.
When you are ready to learn more about Chapter 13 bankruptcy and would like to speak with an experienced Tampa bankruptcy attorney, please contact Jodat Law Group, P.A. for a free initial consultation at (813) 225-7200. We’ll be happy to answer your questions and help you better understand your options for financial recovery.
Chapter 13 bankruptcy is frequently referred to “rehabilitation” bankruptcy and is most appropriate for individuals who are employed and have a steady source of income, but are unable to continue to meet their monthly debt obligations. It’s a way to restructure your debt that involves making payments each month for a set period of time, typically from three to five years. It provides several benefits including:
- Stopping the home foreclosure process
- Prohibiting repossession of cars, boats and other property
In addition to structuring a payment plan that works for you, your Jodat Law Group attorney will work on your behalf to reaffirm the debt on property you wish to keep (houses, cars) and limit your liability to pay for property possessions you do not wish to keep.
As long as you make your payments on time, your remaining debt will be discharged at the conclusion of the plan. You will also have an opportunity to learn how to effectively manage your money through mandatory credit counseling which can help you make better financial decisions in the future.
When you are ready to learn more about Chapter 13 bankruptcy and would like to speak with an experienced Tampa bankruptcy attorney, please contact Jodat Law Group, P.A. for a free initial consultation at (813) 225-7200. We’ll be happy to answer your questions and help you better understand your options for financial recovery.