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Chapter 13 Bankruptcy Lawyer West Palm Beach

West Palm Beach Chapter 13 Attorney

The idea of having to file for bankruptcy is never easy to accept. Even though more and more people file each year, it is still viewed as a bit of a stigma. However, filing for bankruptcy can provide you and your family with a fresh start. The West Palm Beach Chapter 13 attorneys at the Law Offices of Brian McMahon can guide you in the right direction when dealing with such a difficult situation.

Do I Qualify for Chapter 13 Bankruptcy?

In order to determine whether or not you qualify for Chapter 13 bankruptcy, you need to meet the following requirements:

When you file a Chapter 13 petition, it immediately suspends the ability of creditors to contact you about your debt. It also suspends the payments of any debts you owe. However, the filing does not wipe the debt from your record. Those who file for Chapter 13 do so in the hope that it frees enough debt from their record that they then have enough income to make mortgage payments in order to remain in ownership of their homes.

What is the Chapter 13 Process?

The first step in filing Chapter 13 bankruptcy is consulting with a West Palm Beach Chapter 13 attorney from the Law Offices of Brian McMahon. Brian offers free consultations, so be sure to bring all of your financial documents and a list of questions you need answered.

It will cost you $313 to file a petition for Chapter 13 bankruptcy. You should provide your attorney with the following information:

To file, you must also have undergone and completed a course on credit counseling in the same 180-day period. You cannot enroll in just any credit counseling course. It must be approved by the U.S. Department of Justice U.S. Trustee Program.

Once the paperwork has been filed, a letter will be sent to you and your creditors notifying them that all collection activities on your accounts have been paused. The letter will also be sent to the trustee appointed to your case by the bankruptcy court.

Now, it is time for you to create a payment plan that needs to be approved by the court. You will present this payment plan at a hearing. The plan must be considered fair to all parties involved and meet legal standards set forth by the bankruptcy code. Creditors are permitted to object to the plan, but a majority of judges will allow bankruptcy filers multiple opportunities to revise their plans.

You must stick to the payment plan that was approved, or you risk the trustee moving to have your petition dismissed. Having an active bankruptcy petition dismissed can be devastating to you financially.

Should your financial situation take a turn for the worse, you should inform the trustee immediately in the hopes that the repayment plan can be modified. You might also be able to make additional payments to accelerate the closure of your petition. Speak with your West Palm Beach Chapter 13 attorney about this option before making additional payments.

Your Credit and Chapter 13 Bankruptcy

The big advantage of filing for Chapter 13 is that your unsecured debts will finally be off of your record. However, your mortgage and auto loans will still be on your report. Continue to pay these debts by the due date each month, so your credit score stays in good shape.

A Chapter 13 filing will remain on your credit report for up to seven years, which is three years less than a Chapter 7 filing. If you continue to make payments on secured loans and do not accrue any other debt, your credit score will gradually increase.

Chapter 13 helps you build a track record of making payments on time regularly. Be warned that your credit score will drop between 100 and 200 points when you file for Chapter 13. This can be a shock for those who had a decent credit score before filing.

Why You Need a West Palm Beach Chapter 13 Attorney

The idea of filing for bankruptcy should not overwhelm you, but it will. Going through a bankruptcy filing can help you rebuild your financial record and should be done with the assistance of a West Palm Beach Chapter 13 attorney. Brian McMahon has more than 32 years of experience helping clients navigate the turbulent waters of bankruptcy. Your attorney will help with the following:

Call Brian McMahon in West Palm Beach Today

Are you thinking about filing for Chapter 13 bankruptcy? If you need to restructure your debt for a fresh start, it is in your best interest to speak with an experienced attorney about your financial situation. Call Brian McMahon at 561-658-1789 to schedule a free consultation. Brian is empathetic and has more than 32 years of experience representing clients in bankruptcy filings. We serve clients in West Palm Beach, Port St. Lucie, Boca Raton, and all of South Florida.

Get Professional Advice from the Law Offices of Brian McMahon’s West Palm Beach Bankruptcy Attorney Today

Everyone knows that bankruptcy is intimidating. After completion, though, an individual or business has the fresh start they need. The courts can discharge or reorganize debts, and the debtor has the relief of knowing that their finances are back under control.

We strongly advise anyone considering filing bankruptcy to hire one of our top West Palm Beach Chapter 7 bankruptcy attorney. We can assist with the legal process and give the assurance that everything will work out with us as a teammate. Our attorneys take all claims and matters seriously; we don’t take bankruptcy lightly. All our clients can attest that our services are second to none and our success rates are exceptional. Give us a call now for help filing bankruptcy. Our legal team of experts fights for justice. No one deserves to suffer the wrath of debt with no way out. Let us do the legwork and take bankruptcy head-on.

Call our office at 561-658-1789 for help filing bankruptcy. We serve West Palm Beach, Port St. Lucie, Boca Raton, and all South Florida.