It helps to have a plan. In life. In business. In relationships. Plans are good things. So to, in Chapter 13 bankruptcy, having a plan is not only a good idea, it’s the law!
My clients hire me as their Orlando bankruptcy lawyer to create a Chapter 13 plan payment that meets their financial goals. A Chapter 13 plan lasts between 36 to 60 months and can be used to catch up a mortgage payment, wipe out a second mortgage completely, eliminate credit card debt, pay off a car loan, or take out IRS debt.
In a Chapter 13 bankruptcy, the person filing the case (Debtor) files a payment plan at the beginning of the case. This plan addresses what goals the Debtor wants to accomplish during the term of the plan. It also serves as guidance to creditors as to how they are going to be treated in the plan. Finally, it provides instruction to the Chapter 13 Trustee regarding who she is to pay and how much she is to pay each creditor.
There are many decisions to be made by the Debtor when constructing a Chapter 13 plan. I see many Do it Yourselfer’s in Court who have a really hard time successfully formulating a plan that can be understood by the Trustee or the creditors. This often will result in the creditors objecting to the plan, or the Trustee filing a motion to dismiss the case. When that happens, the person has a bankruptcy on her credit report and absolutely nothing to show for it.
Hiring an experienced Orlando bankruptcy lawyer who has successfully represented clients through the Chapter 13 process in Orlando is a must if you want a smooth ride through the case. In the vast majority of cases I file for my clients, so long as the Trustee payments are being made, my clients never have to appear in Court. More importantly, my clients accomplish the goals they set out to achieve at the beginning of their case.
Plans are the King in Chapter 13 cases. Having a solid plan that eliminates your debt and provides a smooth ride in your Chapter 13 case is the best!
Learn more about Chapter 13 bankruptcy. Stop by K. Hunter Goff’s site where you can find an experienced Orlando bankruptcy lawyer and learn how he can help you.
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