Chapter 13 Bankruptcy Attorneys Located in St. Petersburg, Florida
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 for people whose income exceeds the limits allowed for under Chapter 7 bankruptcy. This alternative form of personal bankruptcy still requires you to complete the two credit counseling courses, one before you file and one to be finished before the filing is complete.
The Benefits of Chapter 13 Bankruptcy
Unlike Chapter 7 bankruptcy, under Chapter 13 bankruptcy your debts won't be discharged, but rather, a repayment plan to your creditors through a court trustee will be set up. Our bankruptcy lawyers will help you calculate the amount of this monthly payment based on the means test under the bankruptcy code and help you determine the non-exempt value of your assets. This will 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 Chapter 13 bankruptcy is that it may be possible to strip second mortgage liens off your first mortgage if the amount if equal or less to the first mortgage. This can help stop foreclosure and help you pay down what you owe on these mortgages in five years, instead of the usual 15 or more. While you may lose the value of a home equity loan, the financial burden of your mortgage will now be greatly reduced.
Under Chapter 13 bankruptcy, part of your attorney's fees can be deferred and rolled into your structured monthly payments. One more benefit of Chapter 13 bankruptcy is that it allows you to pay any income tax you owe without penalty, as long as no tax lien has been recorded.
There are many benefits for 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