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 65+ 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 Chapter 7.

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);
• Owe 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 Our Jacksonville Attorneys Help You

When you bring your case to Edwards & Edwards, P.A., our Jacksonville chapter 13 bankruptcy lawyer 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. 

Call our Jacksonville Chapter 13 Lawyer (904) 478-9255 or contact us online today!

Understanding the Benefits of Chapter 13 Bankruptcy

Chapter 13 bankruptcy can provide individuals with a fresh start and a path towards financial stability. It offers several benefits that can help you regain control of your finances and protect your assets. Here are some key advantages of filing for Chapter 13 bankruptcy:

• Debt Repayment Plan: Chapter 13 allows you to create a manageable repayment plan based on your income and expenses. This plan can help you pay off your debts over a period of three to five years, giving you the opportunity to catch up on missed payments and avoid foreclosure or repossession.
• Protection from Creditors: Once you file for Chapter 13 bankruptcy, an automatic stay is put in place. This means that creditors must immediately stop all collection efforts, including harassing phone calls, wage garnishments, and lawsuits.
• Asset Protection: Unlike Chapter 7 bankruptcy, Chapter 13 allows you to keep your assets while still resolving your debts. This can be particularly beneficial if you own a home or other valuable property that you want to protect.
• Improved Credit Score: While Chapter 13 bankruptcy will have an initial negative impact on your credit score, it provides an opportunity to rebuild your credit over time. By making regular payments on your repayment plan, you can demonstrate responsible financial behavior and work towards improving your creditworthiness.
• Flexible Repayment Options: Chapter 13 bankruptcy offers flexibility in terms of repayment. If your financial situation changes during the repayment period, you may be able to modify your plan to accommodate your new circumstances.

At Edwards & Edwards, P.A., our experienced Jacksonville bankruptcy attorneys can guide you through the Chapter 13 bankruptcy process and help you understand the full range of benefits it offers. Contact us today to schedule a consultation and take the first step towards a brighter financial future.