Chapter 13 Bankruptcy Lawyer in Jacksonville, FL
Parker & DuFresne files more Chapter 13 bankruptcies than any other firm in Northeast Florida. Chapter 13 is a process that will help you reorganize your finances by:
(a) catching up payments on your home or modifying your mortgage,
(b) restructuring payments on cars and
(c) reducing or eliminating many other types of debts.
In Chapter 13, you can also pay off or even eliminate taxes; bring child support payments current; reduce balances on secured debts, and eliminate credit card and medical debt. Let our bankruptcy lawyers guide you through this complicated process.
From the moment you file a Chapter 13, the “Automatic Stay” starts protecting you from collection efforts of any kind by your creditors. A creditor must seek permission from the judge to resume collection activities, and this is extremely rare.
What Chapter 13 Can Do For You
A Chapter 13 can do almost anything to give you the best opportunity to get your financial life back in order. The creativity of your bankruptcy lawyer is the primary limit of a Chapter 13 Plan of Reorganization. Parker & DuFresne has filed at least 1000 Chapter 13 Plans over the last 25 years, and we’ve seen everything.
We will use our creative problem-solving and innovative solutions to design a plan which meets your specific financial circumstances. Our Chapter 13 bankruptcy lawyers will build a stable and efficient plan, prioritizing payment to your various creditors.
Businesses cannot file bankruptcy under Chapter 13 ~ they file under either Chapter 7 or Chapter 11. Chapter 13 is for individuals with “regular income” who need time to catch up on certain financial obligations and need to eliminate or reduce other types.
Why Choose Chapter 13
The process of filing a Chapter 13 bankruptcy works to repay your entire debt or parts of it instead of liquidating your assets. The great news is that, unlike Chapter 7 bankruptcy, you keep 100% control of your assets in Chapter 13. For example, let’s say you own a classic car you restored, and it’s worth $15,000. A Chapter 7 trustee would take your car and sell it to pay credit cards, medical bills, and other unsecured debts. In Chapter 13, you get to keep the car if you commit to repay at least 75% of the car’s value to your unsecured creditors over a period of 5 years. Chapter 13 almost always seems to make the most sense for anyone with at least $5,000 of non-exempt assets. See our section on Asset Exemptions in bankruptcy.
The bankruptcy court continues protecting you as long as you make your plan payments on time. It is possible to keep your home, even if it is subject to a mortgage. As a bankruptcy debtor, you can deal with your unsecured debts and have the time to catch up on any missed mortgage payments. In the alternative, you can seek to modify the terms of your mortgage through the Mortgage Modification Mediation Program in bankruptcy.
There are significant differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. One is typically better for you than the other based upon your specific circumstances and your financial goals. We conduct a thorough consultation, where we explore the pros and cons of each chapter to determine your best course of action. If a Chapter 13 is right for your situation, our experienced Chapter 13 bankruptcy lawyers can help you file as soon as possible.
Preparing for Your Chapter 13 Consultation
Our team will tell you exactly what documents and information you need to bring to your free consultation. Listed below for your convenience are the items typically required. We also offer flexible payment options so you can get started quickly.
Chapter 13 Steps
- Last three years of tax returns ~ we can order a tax transcript directly from the IRS
- Seven months of bank statements
- Your social security card ~ we can help you get one if you can’t find yours
- Your driver’s license
- We will obtain your credit report and ask you to supplement it with any missing creditors
Questions or Concerns?
Before your consultation, visit our FAQ page to learn more about filing bankruptcy Chapter 13.
DISCLAIMER – This bankruptcy overview is not an exhaustive review of bankruptcy law in Florida. Do not regard nor rely upon this as legal opinion applicable to all circumstances. Each case is different and requires individual advice. If you have questions or concerns, please contact us to schedule a consultation with our bankruptcy lawyers by calling 904.733.7766 or by completing our online form