Personal Bankruptcy Attorneys Serving Pinellas Park and Other Areas
Filing for bankruptcy is a difficult decision. Before you make any choices about your future, you should first consult with an experienced bankruptcy attorney who can advise you of your options and what debt relief option will best fit your situation.
Throughout Florida, people come to Carnal & Mansfield, P.A., because we believe in being clear about your legal options. We treat our clients with respect and believe in forging close, personal relationships that foster trust and understanding.
If you are struggling with mounting debts, contact us today to see if Chapter 13 bankruptcy is a viable option for you.
Chapter 13 Bankruptcy Income Calculations
Chapter 13 bankruptcy is an option for individuals whose income or assets exceed the limits allowed under a Chapter 7 bankruptcy. This is also a solution for those owing income tax debt which can be paid through the bankruptcy without penalty, as long as no tax lien has been recorded.
The Benefits of Chapter 13 Bankruptcy
Unlike a Chapter 7 bankruptcy, under a Chapter 13 bankruptcy, you will make monthly payments to the bankruptcy trustee who will then make payments to your creditors. In many cases, the total you pay to the trustee is less than the total amount you actually owe to your creditors. Our bankruptcy lawyers will calculate the amount of your monthly payments based on a variety of factors including your income and your assets. This monthly payment will also allow you to keep most of your assets and structure a repayment plan that will give you 36 to 60 months to pay off what you owe.
Another substantial difference under a Chapter 13 bankruptcy is that it may be possible to "strip" a second mortgage lien off of your property if the amount of your first mortgage alone exceeds the value of your property. Once you complete your payments to the bankruptcy trustee and receive your discharge, the second mortgage debt is removed from your property.
Also in a Chapter 13 bankruptcy, a portion of the attorney's fees may be included in your monthly payment to the trustee.
These are only a few of the benefits of choosing Chapter 13 bankruptcy over other options. If you have questions about the process, please do not hesitate to contact us and schedule an appointment at your earliest convenience.
Carnal & Mansfield, P.A.
6528 Central Ave, Suite B
St. Petersburg, Florida (FL) 33707
Phone: (727) 381-8181 ▪ Fax: (727) 381-8783
Carnal & Mansfield, P.A. practice elder law in St. Petersburg, Florida and the areas of St Pete Beach, Clearwater, Pinellas Park, Largo, Pasadena, Gulfport, Seminole, Tampa, New Port Richey, Oldsmar, Treasure Island, Madeira Beach, Tarpon Springs, Dunedin, Safety Harbor
Pinellas County - Hillsborough County - Pasco County - Manatee County