Vero Beach Chapter 13 Bankruptcy Attorney
For most of us there comes a point when we can’t pay all of our bills on time. Falling behind a payment or two is usually no big deal. But if you have reached the point where all of your payments are late–and what you are paying doesn’t even take care of the interest on your debt–then it may be time to consider drastic action. Assuming you still have money coming in, a Chapter 13 bankruptcy filing may be your best option for taking control of your debt.
At Markarian & Hayes, our Vero Beach Chapter 13 bankruptcy attorneys can assist you with every aspect of the bankruptcy process. We can review your current financial situation and help determine if Chapter 13 is the right option for you and your family. And if you decide to proceed with bankruptcy, we will be there to represent your interests before the bankruptcy court, the bankruptcy trustee, and your creditors.
The Steps in a Successful Chapter 13 Case
Chapter 13 is a type of bankruptcy designed for debtors who have a regular income. In many cases, individual debtors have to file for Chapter 7 because their income and assets render them ineligible for a Chapter 7 (liquidation) bankruptcy. And while Chapter 13 will not allow you to quickly discharge your outstanding debts, there are still some advantages over Chapter 13, especially if you are behind on your home mortgage payments.
Basically, once you file for Chapter 13, an automatic stay takes effect that stops most further debt collection activities without court approval. For example, your mortgage lender cannot proceed with any foreclosure action while the stay remains in effect. This stay period also gives you time to submit a debt repayment plan to the bankruptcy court. Typically this plan covers a period of 3-to-5 years depending on your income.
The bankruptcy court must ultimately ensure your repayment plan complies with certain legal requirements. Once approved, the bankruptcy trustee is responsible for administering the plan. This means that instead of making separate payments to each individual creditor, you only need to make a single monthly payment to the trustee, who then distributes the money to your creditors in accordance with the plan. As long as you follow the repayment plan, your creditors cannot take any further action against you. Once the repayment plan is complete, any remaining unpaid debts will, subject to certain exceptions, be discharged by the bankruptcy court.
Speak with a Vero Beach Chapter 13 Bankruptcy Attorney Today
As you can see, a Chapter 13 bankruptcy is not a one-day process. It takes several months of bankruptcy court proceedings, followed by several years of compliance with a repayment plan, to ensure the success of a Chapter 13 case. The experienced Vero Beach Chapter 13 bankruptcy lawyers at Markarian & Hayes can help make sure your bankruptcy is a success. If you are thinking about bankruptcy, but are unsure of what steps to take, call us today at 772-794-3379 to schedule a confidential consultation with a member of our team.