Chapter 13 in Jacksonville
Jacksonville Chapter 13
You’re on the right page if you’re looking at filing bankruptcy but don’t want to have to give up your property, because that’s the major factor of chapter 13 when compared to chapter 7 bankruptcy.
If you’re in a position to continue to make payments to your creditors, for example, on your mortgage or car loan, with a little more paid to slowly catch up on the outstanding amount accrued when you fell behind, this is chapter 13 and we can help you file your petition for bankruptcy in Jacksonville to get the best possible terms.
Here’s the reality. Thousands and thousands of homeowners in Jacksonville are currently in arrears with their mortgage repayments. Life is difficult for many people and they start to feel that the only way out is to walk away from their homes.
We would implore you to contact us for a free consultation first. If you are in or around Jacksonville, we could possibly help you wipe a large amount of debt off the mortgage and make saving your home a realistic option. When the housing market turns you’ll begin to build up equity in your home again.
The benefits of chapter 13 bankruptcy
- If you are able to make the payment you agree to, it will stop foreclosure on your home.
- In Jacksonville, a Chapter 13 case can be dismissed at any time or converted to a Chapter 7.
- You are allowed to either sell or refinance your house when under Chapter 13.
- If your income changes you are able to modify your payment plan.
- The trustees will and want to work with you to make the plan work, it benefits everyone.
- A Chapter 7 filing can be challenged be any of the trustees, however, a Chapter 13 filing cannot be challenged.
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The process of filing chapter 13 in Jacksonville
During your FREE CONSULTATION, one of our Jacksonville bankruptcy legal team will walk you through the process in more detail and specifically how it relates to your personal situation.
The process starts with the filing of a chapter 13 petition, which for Jacksonville residents means in the federal court in Jacksonville. With the petition, you are required to submit other documents. We’ll help you to file schedules of assets and liabilities, income and expenditures, executory contracts and unexpired leases and a statement of financial affairs.
As the debtor, you also need to file certification for credit counselling, together with a debt repayment plan that has been developed during the process.
To be frank, there are a number of other documents that need to be prepared, especially in Jacksonville and the state of Florida. On top of what we’ve mentioned, there are tax returns and transcripts, as well as the decision to file a joint or single petition.
The statement of financial affairs includes:
- A list of all creditors (including the amount and nature of the claim)
- Income source (including the amount, and frequency of the debtor’s income)
- A list of all property
- A list of monthly living expenses (including, food, clothing, shelter, utilities, taxes, transportation, medicine)
For married individuals, you are obliged to gather information on their spouse regardless of whether they are filing a joint petition or separate individual petitions. Even if one spouse is only filing for chapter 13, the financial details of the other spouse are still required.
In Jacksonville, the filing of a chapter 13 petition stops debt collection barring some exceptions, which we will talk you through during your FREE consultation or when we prepare you for your chapter 13. Most importantly, it stops the foreclosure of your home.
3 to 6 weeks after your petition, the chapter 13 trustees will meet with your creditors to discuss the repayment plan, and you would be required to attend and answer questions. With our help, we’ll ensure the petition is complete and accurate which normally results in a problem-free process.
If you are looking at chapter 13, you need to get expert advice from legal experts who have extensive experience filing and negotiating chapter 13 bankruptcy petitions in Jacksonville. Every court interprets the law slightly differently and having insight about the court you will be specifically filing your petition to is massively important.