Tuesday, June 11, 2019

Understanding Chapter 13 Bankruptcy

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For individuals to successfully navigate through society, sound finances play a significant role. With many people unable to support themselves with savings or investments, remaining current with any outstanding debts is essential. However, there will always be extenuating circumstances which arise in life and require unplanned expenditures. If these types of situations occur frequently, you will likely have to consider filing for bankruptcy. Making this type of decision is undoubtedly nerve-racking, but there are quite a few options for you to take. Bankruptcies happen across the country, and this is undoubtedly the case for Orlando, FL. If you live in this area and are thinking about filing for bankruptcy, consult with a chapter 13 lawyer Orlando Fl.

Determining Eligibility for Chapter 13

With there being so many types of bankruptcy to claim, it is essential to understand which form applies to you. If you are interested in filing chapter 13, then your unsecured debts must be lower than $349,725 to proceed with this filing. There are also laws about secured debts, also which a chapter 13 lawyer would be able to explain in detail. A court of law will also determine your eligibility based on any recent filings made under your legal name. If 180 days have not passed since a recent filing was cut short due to negligence, you would not be eligible for chapter 13 bankruptcy.

Understanding the Process

There is a lot of documentation that a bankruptcy court will require for this process to move along. Most people do not have a schedule of assets and liabilities on-hand for personal property and the accompanying valuations. All of this information must be accurate to the best of your ability, and an attorney can assist with this process. Filing for bankruptcy is not easy, but seeking legal counsel can help aid in this burdensome task.

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