In Chapter 13 Bankruptcy, What’s The Plan?
It always help to have a plan. Plans are are a good idea for relationships, business, and life in general. When filing Chapter 13 bankruptcy, a plan is not only a good idea, it’s required by law.
As an Orlando bankruptcy lawyer, I help my clients formulate a Chapter 13 payment plan to accomplish their financial goals. Depending on my client’s situation, through their payment plan, which can usually last anywhere from 36 to 60 months, I can help them catch up a mortgage payment, eliminate a second mortgage altogether, wipe out credit card debt, save money on a car loan, or handle IRS debt.
The Debtor, the person filing the Chapter 13 bankruptcy, has to file a payment plan at the outset of the case. The plan’s job is to tell everyone what goals the Debtor wants to achieve during the time the Debtor is in bankruptcy. The plan also instructs creditors how they will be dealt with, and tells the Chapter 13 Trustee who to pay and how much to pay each creditor.
There are many decisions to be made by the Debtor when constructing a Chapter 13 plan. I see many Do it Yourselfer’s in Court who have a really hard time successfully formulating a plan that can be understood by the Trustee or the creditors. This often will result in the creditors objecting to the plan, or the Trustee filing a motion to dismiss the case. When that happens, the person has a bankruptcy on her credit report and absolutely nothing to show for it.
Hiring an experienced Orlando bankruptcy lawyer is a greta first step to getting the result you want in your Chapter 13 case. Most of the time in my cases, when my clients make their Trustee payments, they never even have to go to the Bankruptcy Court at all during their case. The most important thing, though, is that my clients succeed in meeting the financial goals they set at the beginning of their case.
In Chapter 13 cases, it’s all about having a plan. A plan that gets you through the Chapter 13 process and wipes out your debt is even better.
Looking for help with filing Chapter 13 bankruptcy, then visit www.khuntergoffpa.com to find the best Orlando bankruptcy lawyer for you.