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Bradenton Chapter 13 Lawyer

Chapter 13 Bankruptcy

Chapter 13 is a common alternative for individuals who do not qualify for aChapter 7. It can, however, be the preferred option even in cases where the individual qualifies for both.

This may be the case if some of your debt does not qualify for discharge in a Chapter 7, which depends on the type of debt you hold. Certain assets are better protected with a Chapter 13, which can be another reason for choosing this option.

Rather than immediately cancelling all qualifying debt,  a portion of the debt is paid over time according to a payment plan. This payment plan extends over three to five years and is based on your ability to pay, determined by the means test. At the end of a successful payment plan, all remaining unsecured debt is discharged and you get a "fresh start".

The Benefits of a Chapter 13 Bankruptcy

  • A Chapter 13 can include certain tax debts, with no interest charges during the plan.
  • If you are behind on your mortgage or are in foreclosure you may be able to save your home. In a Chapter 13, late payments and fees can be caught up over three to five years. It is also possible to modify a mortgage in a chapter 13 to reduce your payment, interest rate and / or balance owed. 
  • In a chapter 13 it is possible to cancel a second mortgage if the house is worth less than what is owed on the first mortgage.
  • If you owe significantly more on your car than what it is worth it is possible to reduce the balance of the loan to it's value and /or reduce the interest rate to around 6%.

A Bradenton bankruptcy attorney can review the specifics of your financial situation and help you to determine the best approach for you.

Dedicated Bankruptcy Assistance

For assistance from seasoned professionals, talk to the team at David Holland Law. We have helped many individuals and families escape from under the burden of crushing debt and take the time to understand your personal situation and determine your best course of action. There are many specifics to consider and we can use our extensive experience to help you make informed decisions about your financial future.

We offer affordable rates and also have payment plans available. If you are considering bankruptcy, contact a Bradenton Chapter 13 attorney to discuss your options.

Contact Us Today!

At David Holland Law we focus on Consumer Bankruptcy and Debt Defense. We proudly serve Manatee and Sarasota Counties. We offer free phone or in-office consultations in Bradenton, Sarasota, Lakewood Ranch and Port Charlotte. Contact us through the form on this page or call us at (941) 744-5450 to speak with an experienced bankruptcy and debt defense attorney today. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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