Chapter 13 Bankruptcy Attorney In Central Florida
What Is A Chapter 13 Bankruptcy?
If you’ve fallen behind on your house or car payments, a Chapter 13 bankruptcy can provide powerful protection. It can stop foreclosure on your home, help you keep your vehicle, and in some situations even reduce the amount you owe on your car loan. In certain cases, you may qualify for a repayment plan that allows you to pay only a portion of your debt while still keeping all of your assets, including your home and car. Chapter 13 can also help with issues such as unpaid parking tickets and may allow you to have your driver’s license reinstated if it was suspended due to those obligations.
To take full advantage of what Chapter 13 can offer, it’s important to work with an attorney who understands how the process applies to your unique circumstances. Attorney John A. Russo has spent years helping individuals throughout Central Florida navigate Chapter 13 and pursue positive, manageable outcomes.
Schedule a consultation today to learn how he can help you move forward.
Call The Law Office of John A. Russo, P.A. at 833-RUSSOFL to schedule a consultation with a lawyer today.
How Do I Qualify for a Chapter 13 Bankruptcy?
To successfully qualify for a Chapter 13 bankruptcy, it is essential that you have a regular and reliable source of income—sufficient enough to make consistent payments under a court-approved repayment plan. Importantly, this income does not necessarily have to derive from a traditional job. You may still be eligible even if your income comes from non-traditional sources such as Social Security benefits, disability payments, unemployment assistance, retirement benefits, or revenue generated from rental properties. However, it's essential to note that certain individuals, such as stock or commodity brokers, are not eligible for Chapter 13 bankruptcy, and corporations are also prohibited from filing under this chapter. That said, sole proprietors and self-employed individuals can qualify, provided their debts remain within the limits established by law.
Typically, most repayment plans for Chapter 13 bankruptcy last between three to five years, allowing individuals the time necessary to manage their debts effectively. Additionally, eligibility for filing may also hinge on successfully completing the required means test, which evaluates your financial situation in detail. Attorney John A. Russo is available to thoroughly review your financial circumstances, clarify the requirements needed for Chapter 13, and assist you in determining whether this course of action is the right fit for your specific needs.
Don't hesitate to contact The Law Office of John A. Russo, P.A. today to initiate the process and take the first step toward regaining financial stability.
What Happens During a Chapter 13 Proceeding?
First, you’ll need to qualify through the means test mentioned earlier. If you meet the requirements, filing for Chapter 13 immediately stops foreclosures, wage garnishments, repossessions, lawsuits, and other creditor actions. Attorney John A. Russo will work with you to develop a repayment plan that fits your financial circumstances, but the plan must be approved by the court. The court will review whether the proposal is made in good faith, whether your unsecured creditors are receiving at least as much as they would under a Chapter 7 filing, and whether your plan uses all of your disposable income—meaning the income left after covering necessary living expenses.
Chapter 13 can be detailed and involved, but with clear guidance from John A. Russo, you can move through the process with confidence. To begin, contact The Law Office of John A. Russo, P.A. today.
Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
Have Questions About Bankruptcy?
Help is always just a phone call away. Reach The Law Office of John A. Russo, P.A. anytime, day or night,
at 833-RUSSOFL to talk with an attorney who understands.