Chapter 13 bankruptcy attorneys Eric Lanigan and Roddy Lanigan of Lanigan and Lanigan in Winter Park, Florida, walk clients through bankruptcy process so that they clearly understand the options.
If you’re going to file a Chapter 13 bankruptcy in Florida, it’s important to hire an attorney who can review your financial situation and determine that bankruptcy is the right plan for you. Eric Lanigan and Roddy Lanigan of Lanigan and Lanigan in Winter Park, Florida, walk clients through the process so that a client succeeds in this three to five year plan.
There is an accessment of the client’s financial situation to find out if the client can repay the client with a steady income. All bills and debts are reviewed and weighed against the amount owed. Creditors will be negotiated with to determine the amount of money that will be repaid and what will be eliminated.
The Lanigans will work with the court to finalize a payment plan that fits income and the amount of debt owed to creditors.
After the payment plan is filed with the court, there will be a confirmation hearing before a judge. Clients may appear at the hearing, objections are permitted. The judge will hear both sides before confirming the plan. Once the plan is confirmed by the judge, payments can begin immediately and must be maintained and never late or the bankrupty can be dismissed.
The ability to make the monthly payments is a necessary part of a Chapter 13 bankruptcy, so the client must be employed, or at least have prospects of future income.
Those who need to file because of job loss difficulty finding employment may have to file under Chapter 7 bankruptcy, or find some other way out of indebtedness, such as consolidation or an equity loan.
When consulting with Chapter 13 bankruptcy attorneys Roddy Lanigan and Eric Lanigan, they will lay out the options and know a client’s ability to obtain new loans or credit without the court’s permission.
The client will be urged to get secured credit cards, those with a certain amount of money put on it by the cardholder, to help rebuild credit.
Build Credit After Bankruptcy
Two years after going bankrupt, clients will once again be eligible for mortgage loans on the same terms as someone who never filed for bankruptcy with a bankruptcy lawyer.
When the new rules for filing are in place, the plan will be based on total income, without the payments mentioned above being a consideration. This is going to make it harder to file unless the debtor’s income is below the local poverty level.
Consultation with a Chapter 13 bankruptcy attorney Eric Lanigan or Roddy Lanigan will provide the details about filing before the new rules go into effect, and what to expect if debtors wait.
Bankruptcy is a Fresh Start
Bankruptcy is there to allow debtors to get out from under debt and make a fresh start. Although the record of going bankrupt stays on a credit report for ten years, it won’t be that long before filers can get credit again.
The more time that passes afterward, the better the chances for obtaining credit. It is expected that after filing, filers will be more careful with managing debt in the future. However, should filers find difficulty again, they are allowed to file for protection again in six years.
There are some important facts a good bankruptcy lawyer will point out concerning the process: Clients get legal protection from creditors; most of debt can be eliminated; financial ruin can be stopped which will allow a fresh start.
Before taking any action toward bankruptcy, filers should consult with Chapter 13 bankruptcy attorney Roddy Lanigan or Eric Lanigan to determine if this is the best action for your particular situation.
