When you have a steady income stream, meaningful debt relief might not be about discharging debt and liquidating assets. Sometimes, the help you need involves restructuring several debts into one manageable repayment plan, which Chapter 13 allows you to do.
Ozment Law is a bankruptcy firm you can trust to help you maximize the benefits of Chapter 13 and develop a plan that works for you. Attorney Drake Ozment has spent over 25 years helping individuals like you find their way out of very difficult financial situations.
With offices in West Palm Beach and Port St. Lucie, we are conveniently located to represent you in bankruptcy throughout Southern Florida.
What Do You Need To Know About Chapter 13 Bankruptcy?
In a Chapter 13 bankruptcy, you and your attorney develop a repayment plan which you then present to the court for approval. It can be especially helpful if you want to negotiate a loan modification and keep your home or remove a second mortgage or other property lien.
Here are a few other things you should know about filing for Chapter 13:
- It is a reorganization not consolidation. Unlike a consolidation loan, the court will approve your plan based on your entire financial situation and ability to pay, and the payments are interest-free.
- You can propose to pay a portion of the debt. You can propose a plan to pay off less than you actually owe.
- We can catch up mortgage loans or in some cases pay remaining balances over 3, 4 or even 5-year payment plans.
- We can address past due IRS debt.
- We can make vehicle payment arrangements and in some cases reduce the overall debt for vehicles which are upside down on loans.
- The plans typically last from three to five years. Upon successful completion of the plan, any remaining unsecured debt is discharged.
- All collection activity stops immediately. As in Chapter 7, the automatic stay prohibits creditors from contacting you or foreclosing on your home or repossessing property.
Contact Us And Talk To Our Lawyer In A Free Initial Consultation
At Ozment Law, we always offer a free initial consultation so that you never feel pressured to make a decision. Schedule your consultation with our attorney by calling us at 561-328-0726. You can also send us a confidential email. Se habla español tambien.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code when necessary. WE WANT TO MAKE YOUR FINANCIAL LIFE BETTER.