Chapter 13 Bankruptcy Lawyers in Jacksonville
Are you hoping to achieve instant relief from debt collectors? Is your
home in danger of
foreclosure? Do you have a steady income that allows you to make monthly payments
toward your debt, but you currently owe too much to ever pay it all off?
If you answered “yes” to one or more of these questions, you
might derive substantial benefits from Chapter 13 bankruptcy. Our attorneys at
Edwards & Edwards, P.A. can sit down with you to assess your financial circumstances, explain
what Chapter 13 could do for you, and help you determine whether this
is the solution you need. If Chapter 13 is not right for your situation,
we can use our
50+ years of combined experience to find a suitable alternative.
Ready to begin your journey toward financial freedom? Give us a call at
(904) 478-9255 or
contact us online. All prospective clients can begin with a case evaluation.
What Is Chapter 13 Bankruptcy?
Chapter 13 is a form of debt reorganization. You will propose a
3-5-year repayment plan to the court, which will approve your plan if it uses all
your projected disposable income and gives your creditors at least as
much as they would have received from the liquidation process if you had filed
In other words, Chapter 13 does not involve liquidation, but the proceeds
your creditors would have received from that process must be paid to them
through your 3-5-year plan. To determine how much they need to receive,
you will have to assess the total value of your nonexempt assets. Our
bankruptcy attorneys in Jacksonville at Edwards & Edwards, P.A. will be more than happy to help you calculate
this amount and develop an approvable plan that works for you.
Once you successfully complete your repayment plan, you can receive a discharge
of any remaining unsecured debt (e.g. medical debt, credit card debt,
utility bills, etc.). Once the court discharges your debt, you are no
longer responsible for paying it off, and your creditors can no longer
attempt to collect it.
Who Can (and Should) File Chapter 13?
Not everyone will qualify for Chapter 13. Additionally, Chapter 13 might
not be right for you, even if you are eligible.
To qualify for Chapter 13 bankruptcy, you must:
- File as an individual or sole proprietor (not as a business entity);
no more than $419,275 in unsecured debt and $1,257,850 in secured debt; and
- Complete credit counseling and financial management courses.
If you qualify for Chapter 13, it might be right for your situation if:
- You have a steady, dependable income;
- You have assets that you would lose through the Chapter 7 liquidation process; and/or
- You need several years to catch up on delinquent payments for secured debt
(e.g. car loans, mortgages, etc.).
When Can You File for Chapter 13 Bankruptcy Again?
If you have already filed for Chapter 13 bankruptcy, you will have to wait
at least two years from the filing date of your first Chapter 13. If you
try to file before this time period is up, then your discharge will be
denied and you will still be responsible for the debts.
If you’ve previously filed for Chapter 7 bankruptcy, you will have
to wait four years from the filing date before you can file for Chapter
13. This wait period only applies if you received a discharge in your
Chapter 7 bankruptcy.
How We Help You
When you bring your case to Edwards & Edwards, P.A., we won’t
simply assess your eligibility. We will closely analyze your situation
and help you understand all potential legal and financial implications
of Chapter 13 bankruptcy. If we believe Chapter 7 would provide greater
benefits, we will encourage you to file that type of bankruptcy instead.
Ultimately, we are here to help you find the best possible solution and
guide you through that process with care and efficiency.