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.
The Debtor, the person filing the Chapter 13 bankruptcy, has to file a payment plan at the outset of the case. The plan’s job is to tell everyone what goals the Debtor wants to achieve during the time the Debtor is in bankruptcy. The plan also instructs creditors how they will be dealt with, and tells the Chapter 13 Trustee who to pay and how much 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 is a greta first step to getting the result you want in your Chapter 13 case. Most of the time in my cases, when my clients make their Trustee payments, they never even have to go to the Bankruptcy Court at all during their case. The most important thing, though, is that my clients succeed in meeting the financial goals they set 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!
Want to find out more about Chapter 13 bankruptcy, then visit K. Hunter Goff’s site on how to choose the best Orlando bankruptcy lawyer for your needs.