St. Petersburg Chapter 13 Bankruptcy Attorney
Debt Reorganization and Reduction Through Chapter 13
Chapter 13 is a bankruptcy option available to individuals and families who do not qualify for Chapter 7 or who have significant assets they want to protect. Before you make any decisions 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.
At Carnal & Mansfield, P.A., in St. Petersburg, Florida, we are dedicated to protecting our clients’ best interests and achieving debt relief through bankruptcy. We are informative, honest and forthright in helping our clients explore their legal options.
Our St. Petersburg Chapter 13 bankruptcy attorneys can assist you in:
- Assessing your assets, debts and income
- Reviewing your options, including bankruptcy alternatives
- Consumer and business debt reorganization
- Protecting your assets in bankruptcy
- Minimizing interest and penalties for income tax debt
- Foreclosure defense through bankruptcy
- Restoring your credit after bankruptcy
- Lien stripping (the process of having a second mortgage be deemed an unsecured debt)
- The Benefits of Chapter 13 Bankruptcy
Unlike a Chapter 7 bankruptcy, a Chapter 13 bankruptcy will require you to 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 St. Petersburg bankruptcy attorneys 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, if not all, 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 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.
If you are behind on your mortgage payments and wish to keep your home, a Chapter 13 case may allow you to keep your home by making your current monthly mortgage payments and paying a portion of the past due amount over the course of 36 to 60 months. You still retain the option to negotiate with your mortgage lender for a loan modification or other option your lender may offer to you. Should you reach an agreement with your mortgage lender for a loan modification, we will prepare and file the necessary documents to obtain approval of the modification from the Bankruptcy Court.
Also in a Chapter 13 bankruptcy, a portion of the attorneys fees may be included in your monthly payment to the trustee. This is also a solution for those owing income tax debt, which can be paid through the bankruptcy without additional penalties and interest as long as no tax lien has been recorded.
Call 727-381-8181 or contact us by e-mail for an initial consultation with our experienced St. Petersburg chapter 13 bankruptcy attorneys. Our firm offers a 20 percent fee discount to AARP members.