Tampa Chapter 13 Bankruptcy Lawyers
CHAPTER 13 BANKRUPTCY FOR WAGE EARNERS
A chapter 13 bankruptcy is also called a reorganization bankruptcy. Unlike a chapter 7 bankruptcy which eliminates debts completely, a chapter 13 bankruptcy will involve a repayment plan. You agree to repay your debts (sometimes at lower interest rates or lower amounts) and, in return, you are able to keep your property, stop creditor harassment, stop wage garnishment and halt home foreclosure.
At Cohen & DePaul our Tampa chapter 13 bankruptcy attorney is also a CPA and thoroughly understands not only bankruptcy law but also financial and accounting procedures. Our law firm has helped a great many of individuals file for bankruptcy and we would like the opportunity to help you as well.
EXPERIENCED FLORIDA DEBT REPAYMENT LAWYER
A chapter 13 bankruptcy may work for you if your income is too much to file a chapter 7 bankruptcy, or if you are trying to save a home, car or catch up on IRS debt, alimony or child support. A chapter 13 bankruptcy plan will be created in which creditors will be paid amounts over a period of time that could last from three years to five years. You pay a trustee and the trustee pays the creditors.
Why File a Chapter 13 Bankruptcy?
The benefits to filing a chapter 13 bankruptcy are:
- You make one payment to the chapter 13 trustee, who makes your payments according to the plan.
- You can stop a foreclosureand repay an amount to catch up on your loan over three to five years.
- You can stop repossession and repay an amount to catch up the loan over three to five years.
- You can reduce the amount you owe on a car loan in some instances.
- A second mortgage may be eliminated if your home is worth less than the amount due on your first mortgage.
- You may be eligible for a loan modification through the Bankruptcy mediation program
Loan Modifications in Bankruptcy
If your goal is to save your home through Bankruptcy but you are just too far behind to catch up the past due amount, you can now attend mediation during your chapter 13 bankruptcy in order to negotiate a loan modification. Loan modifications bring your mortgage current immediately, and can change your loan term, interest rate, principal amount or any combination of the three. As of early 2013, debtors are getting modifications of their home mortgage in 80% of cases going to mediation. That’s 4 out of 5 people who successfully obtain a loan modification! Call us today at 813-606-4446 to see if you qualify for a loan modification in Bankruptcy.
When Experience Matters — Contact Cohen & DePaul
We provide you with the personal attention and care you deserve and always make sure you understand your rights and options. Cohen & DePaul offers free consultations in both Tampa and Lakeland. For a Tampa chapter 13 bankruptcy attorney, please call 813-606-4446, or contact our law office to schedule a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.