If you don't qualify for Chapter 7 bankruptcy, all hope is not lost you may consider Chapter 13 bankruptcy.
Chapter 13 bankruptcy provides an option to individuals that allows them reorganize and pay back debts over three to five years. Another reason to consider Chapter 13. You may be forced to sell or liquidate some property if you file for Chapter 7 bankruptcy.
What is Chapter 13 Bankruptcy?
Essentially, when you file for Chapter 13 bankruptcy you are asking the Court to allow you to reorganize and establish a payment plan for your existing debts. After we file the appropriate paperwork, we will have a meeting with the bankruptcy trustee and your creditors to create a plan to payback your debts over a time, usually three to five years. Our job is to ensure that you get the best plan for your needs.
What is the process to file for Chapter 13 Bankruptcy?
At Lapina & DuBois we will walk you through the steps to see that your bankruptcy filing goes through the process as smoothly as possible. Here is what will happen:
1. We will draft a Petition to the bankruptcy court asking for relief from your debt under Chapter 13 of the bankruptcy laws. This form must be signed by your creditors. Once this form is filed with the court, you will have an automatic stay and your creditors will not be able to come after you for your debts and all lawsuits or garnishments will be stopped.
2. Next, within 10 days of filing the petition we will submit a chart, referred to as the Matrix, which lists all of your creditors and their contact information to the court.
3. Then, about 10 days after filing the chart of your creditors to the court, we will submit the plan that we have tailored to your needs, that shows exactly how you plan on reorganizing. We will need to include in this plan such things as your income, debts, assets, monthly expenses, evidence of your ability to comply with your plan, and information on your financial history.
4. After these are filed, we will work out a plan with your creditors and trustee. The trustee will then make a determination if the court will accept your Chapter 13 plan, in most cases you will not have to go in front of the judge.
Call Lapina & DuBois today at 407-482-4533 to schedule a free consultation for your bankruptcy questions. We have offices in Kissimmee and Orlando for your convenience.
