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Evaluating a Chapter 13 Bankruptcy

Savage Villoch Law, PLLC

Many Bankruptcy Attorneys in Tampa will tell you, people often ask whether or not they should file Chapter 13. The answer is that, every situation is unique and so there is no, one-size-fits-all answer. Bankruptcy Attorneys in Tampa could answer questions and evaluate a debtor’s situation to determine which type of bankruptcy filing is most appropriate. However, a pros and cons list may help you figure out which kind of bankruptcy might work for you.

The Pros of Chapter 13:

  • If you have cosigners, they will be protected in a Chapter 13 bankruptcy.
  • You will be able to keep your property, as long as you fulfill your bankruptcy plan.
  • If you have several mortgages, you may be able to convert the extra mortgages into unsecured debts, which would not have to be repaid in full if the house is worth less than the initial mortgage.
  • Certain kinds of secured debts might be modified for less, depending on when the debt was acquired.
  • You might be able to continue running an unincorporated business, but you will be required to include the business’ debts in the bankruptcy plan.

The Cons of Chapter 13:

  • The legal fees for a Chapter 13 bankruptcy are more expensive than those for Chapter 7.
  • Creditors may seek higher payments during the life of the plan, if your assets or income increase.
  • Most Chapter 13 plans last for three or five years, and you will need to pay a trustee’s estimated 10 percent commission during that time.
  • Your case will be open to dismissal by your creditors or trustees if you fail to make a plan payment.
  • You will have to make payment proposals that equal to the value of your nonexempt property to unsecured creditors such as lawsuit judgments, medical bills and credit cards.
  • Your financial life will be examined by the bankruptcy court during the lifetime of your plan.

As you can see from the above list of pros and cons, there are several factors to consider when choosing which kind of bankruptcy is the best choice. You may want to speak with bankruptcy attorneys in Tampa about your unique situation. Please call the office of Robert Savage at 813-200-0013 to schedule an appointment.

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