Dealing with overwhelming debt can feel incredibly isolating and stressful. You may feel like there’s no way out and no one who understands your financial struggles. But you don’t have to navigate this alone. The experienced bankruptcy attorneys at LSS Law are here to help you find real solutions, regain control of your finances, and start fresh. Let’s explore how an experienced bankruptcy lawyer can guide you through the Chapter 13 bankruptcy process and help you get back on track financially.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also known as wage earner’s bankruptcy, allows individuals with regular income to repay all or a portion of their debts over 3-5 years through a court-approved repayment plan. This type of bankruptcy lets you keep certain assets like your home or car while catching up on missed payments through more affordable monthly payments.

Unlike Chapter 7 bankruptcy, which liquidates your assets to pay off debts, Chapter 13 gives you a chance to reorganize your finances, avoid foreclosure or repossession, and emerge with a clean slate after making your payments under the plan.

When Should You Consider Chapter 13 Bankruptcy?

Here are some common situations when filing Chapter 13 bankruptcy may be advantageous:

• You are facing foreclosure and want to keep your home. Chapter 13 immediately halts the foreclosure process and lets you catch up on mortgage payments.
• You are behind on car payments and want to avoid repossession. Chapter 13 stops repossession and allows you to make more manageable payments.
• You have high unsecured debts like credit cards or medical bills that you cannot pay back right away. Chapter 13 lets you repay a portion over time.
• You have co-signed loans you want to protect. Chapter 13 keeps your co-signers from being pursued for the debt.
• You exceed debt limits for Chapter 7. Chapter 13 has higher debt limits.
• You need time to catch up on overdue taxes or domestic support obligations. Chapter 13 allows you to repay these debts over time.

Clearly, Chapter 13 offers powerful protections that provide breathing room to catch up on payments and ultimately resolve your debts. But the key is working with an experienced bankruptcy attorney who can help you decide if it’s the right path forward.

How an Experienced Bankruptcy Attorney Helps With Chapter 13

The bankruptcy process contains many complex legal procedures and requirements. An experienced Chapter 13 bankruptcy lawyer guides you through every step, including:

Financial Analysis

A knowledgeable bankruptcy attorney will thoroughly review your financial situation, including assets, income, expenses, and debts. They can then advise if Chapter 13 is the best approach for your specific circumstances.

Preparing and Filing the Petition

Your bankruptcy lawyer will prepare and file the bankruptcy petition, including all required documents and schedules. This is the crucial first step in the Chapter 13 bankruptcy process.

Creating a Feasible Repayment Plan

Your attorney will negotiate with creditors and trustees to develop a manageable Chapter 13 repayment plan that addresses your debts based on your income and assets. Getting the plan confirmed is key.

Representing You in Bankruptcy Court

At the meeting of creditors and confirmation hearings, your bankruptcy lawyer will represent your interests before the trustee and judge to get your repayment plan approved.

Providing Ongoing Legal Guidance

Even after your plan is confirmed, questions and issues can arise. Your attorney will advise you throughout the 3-5 year repayment period to ensure you remain in compliance.

Discharging Remaining Debts

Once you complete your Chapter 13 repayment plan, your lawyer will obtain a court discharge order for your remaining debts, giving you a fresh start.

With so many intricacies involved, you need an experienced guide in your corner. The right bankruptcy attorney smoothes the process and optimizes the outcome.

How to Choose the Right Chapter 13 Bankruptcy Lawyer

Not all bankruptcy lawyers are equal when it comes to skill, experience, and commitment to their clients. Use these tips to find the right attorney for your Chapter 13 case:

Look for Extensive Chapter 13 Experience

Seek out a lawyer who focuses specifically on Chapter 13 bankruptcies and has successfully handled many cases. Their expertise can prove invaluable.

Understand Their Track Record

Research the attorney’s background and client reviews to assess their success rate in getting beneficial results for clients. A lawyer’s track record speaks volumes.

Evaluate Their Communication Skills

Your bankruptcy lawyer must be able to explain complex legal matters in understandable terms and address all your questions. Clear communication is key.

Confirm Availability and Responsiveness

Choose a lawyer who is readily available via phone, email, and meetings to provide ongoing legal guidance throughout your Chapter 13 bankruptcy.

Understand Their Fee Structure

Ask about fees upfront so you know what to expect financially. Most bankruptcy attorneys’ fees are paid over time through the repayment plan.

Check for Local Reputation

Search for a lawyer who is respected by the local bankruptcy court and has a proven ability to successfully represent clients in your area.

By keeping these criteria in mind as you evaluate prospective attorneys, you can find the right legal partner to guide you through your Chapter 13 bankruptcy. Don’t navigate it alone.

Frequently Asked Questions About Chapter 13 Attorneys

What is the success rate of Chapter 13?

According to the Administrative Office of the U.S. Courts, around 50-60% of Chapter 13 bankruptcy cases are successfully completed and discharged. However, success rates can vary based on factors like the debtor’s financial circumstances and commitment to making plan payments. An experienced Chapter 13 attorney can help create feasible repayment plans to boost the chances of discharge.

Do creditors usually object to Chapter 13?

It’s fairly common for some creditors to object to Chapter 13 repayment plans during the initial confirmation hearings. Common objections relate to the repayment amount, length, or treatment of secured/priority debts. A knowledgeable attorney will anticipate and address such objections in advance while negotiating with creditors on the debtor’s behalf.

What is the downside to filing Chapter 13?

The downsides of filing Chapter 13 bankruptcy include the prolonged impact on your credit, usually up to 7 years. The legal process is also extensive, with many required forms, court hearings, and other procedures. Finally, not successfully completing the repayment plan can lead to dismissal of your case without debt discharge.

Are Chapter 13 bankruptcies worth it?

For many individuals facing financial hardship, Chapter 13 can be well worth pursuing. It offers powerful legal protections immediately and provides a structured path for repaying debts over time while retaining assets. With experienced legal guidance, Chapter 13 bankruptcy can help people overcome debt, avoid foreclosure, and eventually rebuild credit.

Let Our Dedicated Attorneys Help With Your Chapter 13 Case

The bankruptcy attorneys at LSS Law have successfully handled numerous Chapter 13 cases in Florida. We’re committed to defending clients’ rights and helping them get back on the road to financial stability. To explore your debt relief options in a free initial consultation, contact our office today.

Working With Chapter 13 Attorneys at LSS Law

Here at LSS Law, our knowledgeable Chapter 13 attorneys have the skills and experience to guide you through bankruptcy smoothly. Our team takes the time to understand clients’ unique situations. We then develop customized legal strategies aimed at resolving debts affordably while allowing clients to retain assets.

With over 70 years of combined legal experience, our attorneys are intimately familiar with Chapter 13 bankruptcy requirements in Florida. We can promptly halt collection efforts against you using an emergency filing if needed, while preparing your full bankruptcy petition.

To learn more about working with our caring and competent Chapter 13 attorneys in Florida, contact our office today to schedule a free initial consultation. Let us help you take the first step toward financial freedom.

To learn more or schedule a consultation with our legal team, contact us today.