Tampa FL Chapter 13 Bankruptcy Lawyer
Tampa FL Chapter 13 Bankruptcy Lawyer | Tampa Florida Bankruptcy Attorney Tampa Florida – FL Chapter 13 Bankruptcy Attorney Chapter 13 in detail Chapter 13 Bankruptcy is often referred to as the wage earner’s plan. It is designed to enable financially distressed individual debtors with regular income to propose and carry out a repayment plan under which creditors are paid over an extended period of time generally three to five years. The debtors can keep their assets if they make payment according to the repayment plan. Chapter 13 eligibility is contingent on the fact that the individual’s unsecured and secured debts are between certain dollar amounts that are adjusted annually by statute. Only individuals can file for Chapter 13 Bankruptcy. A corporation or partnership cannot file for bankruptcy under Chapter 13. Tampa FL Chapter 13 Bankruptcy Lawyer During the repayment plan, creditors are barred from starting or continuing collection activity. Chapter 13 will discharge most debts but some debts may have to be paid off. The repayment plan is supervised by the court. If the repayment plan is more than three years, the debtor must show cause. The court will not approve plans over five years. Tampa FL Chapter 13 Bankruptcy Lawyer