Apollo Beach Attorneys Helping Clients Get Debt Relief
If you have a regular income but are not able to keep up on your debts, Chapter 13 bankruptcy may be a solution to your debt problems. If you are having difficulties paying your mortgage but want to save your home, Chapter 13 can allow you to get current on your debts. If you are thinking about taking this important step, it is vital that you work with an experienced bankruptcy lawyer.
We are the attorneys of Nicole M. Cameron, P.A. We are committed to helping our clients get the answers and the debt relief they need.
What Is Chapter 13 Bankruptcy?
In Chapter 13 bankruptcy, you will be required to pay your creditors over a three- to five-year time frame. Your secured debts, such as your past due mortgage payments, must be paid in full over this time frame. You will pay only a portion of your unsecured debts, such as credit cards and medical bills. If Chapter 13 is right for you, our law firm will prepare your bankruptcy petition and Chapter 13 plan. Your Chapter 13 plan will propose exactly how you intend to repay your creditors. We will work closely with you to develop a workable plan.
Once we file for bankruptcy, the automatic stay will start. This prevents your creditors from trying to collect on your debts. Once your plan is filed, our lawyers, your creditors and the bankruptcy trustee will meet at what is known as a confirmation hearing. The bankruptcy trustee will oversee the bankruptcy. At this hearing, the bankruptcy trustee will evaluate your plan. If the plan is approved, you will begin making regular payments of your debts to the bankruptcy trustee.
Chapter 13 May Help You Reduce Your Major Debts
There are a few unique aspects to Chapter 13 that may work to your benefit, depending on your situation. If you have more than one mortgage on your home, you may be able to discharge the value of a second mortgage in Chapter 13. For example, if your first mortgage is worth $150,000, your second mortgage is worth $50,000, and your home is now only worth $125,000, we can remove or strip the value of your second mortgage in Chapter 13 bankruptcy. This is known as lien stripping. As housing prices in Florida have declined, more people are able to take advantage of lien stripping.
If you have owned your car for more than two and a half years and owe more on your car than what it is currently worth, we can reduce your car payments to the value of the car. This is called cramming down. We can also reduce your interest rates in a cram down. This can result in even greater savings.
Contact Nicole M. Cameron, P.A., Today
Call 813-645-8787 or e-mail our Hillsborough County Chapter 13 bankruptcy attorneys to schedule your free initial consultation.
Click here to see the Bankruptcy Court Videos
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.