The Debt Reorganization Plan
Are you making enough money to cover your living expenses but still struggling with debt? Would you be able to catch up on your payments if you were able to get some breathing room? Do you have certain property you want to protect? If so, Chapter 13 bankruptcy may be the right option for you.
At Borras & Latino, P.A., we help clients develop workable debt reorganization plans that allow them to repay a portion of what they owe over a period of time. When you visit our office, our experienced attorneys will thoroughly evaluate your situation and explain your options. Rest assured, we will give you all the necessary information for you to make an informed decision about whether or not bankruptcy is the best course of action for you.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a debt reorganization plan for people who make too much money to qualify for Chapter 7, want to retain certain assets or wish to repay their debts. In this type of bankruptcy, your unsecured debt is rolled into one monthly payment based on your ability to pay. Over a period of three to five years, you will repay all or a significant portion of your debt. After that time is over, any remaining unsecured debt included in your bankruptcy estate is discharged.
Since this plan reorganizes rather than eliminates debt, it is good for people who have secured debt and a steady income.
Florida Mortgage Foreclosure Prevention
Filing Chapter 13 bankruptcy will immediately stop a foreclosure action. Any past due amounts can be included in the monthly payment you make to the bankruptcy trustee, allowing you to repay missed payments without interest or penalties. Since your unsecured debt will be reduced, you will be in a better position to continue making your monthly mortgage payments.
If you have more than one mortgage on your house and currently owe more than the property is worth, do not despair. Our lawyers can help you avoid foreclosure by removing the second mortgage through lien stripping. In this process, the second mortgage is converted to unsecured debt, of which you will repay a portion over time with no interest. To learn more about mortgage cram downs, call us at 239-935-5712 or 888-724-0544.
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For more information about debt reorganization, contact our firm. During a free consultation, our Fort Myers Chapter 13 bankruptcy attorneys will answer your questions and recommend a debt relief solution that works for you.
Our office is located in a historic home located near the Butterfly Estates, approximately a half mile from the Federal and State courthouses in Fort Myers. We are available to clients seven days a week by appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
