Chapter 13 in Lakeland

A Chapter 13 bankruptcy in Lakeland offers many advantages over a Chapter 7 bankruptcy. The most significant of these advantages is that you may be given the opportunity to save your home from foreclosure.

In a typical Chapter 7 filing, which calls for a liquidation of your assets, you may ultimately lose your home to foreclosure. Once you file your Lakeland Chapter 13 petition, you will be in a position to stop foreclosure proceedings and possibly even catch up with previously delinquent payments. During the Lakeland Chapter13 bankruptcy proceeding however, you will be required to make all monthly mortgage payments if you hope to prevent foreclosure.

A Lakeland Chapter 13 proceeding requires a payment plan to be submitted to the bankruptcy trustee and to the creditors of the debtor. If the creditors and the trustee approve the plan, the debtor begins making monthly payments to the trustee who then distributes the funds to the creditors. While under Chapter 13 protection, the debtor has no contact with his creditors and communicates any payment problems or questions directly to the bankruptcy trustee.

You need the guidance of a Lakeland Chapter 13 bankruptcy attorney

A Chapter 13 in Lakeland, Florida is more complicated than a Chapter 7 filing and you should seek the guidance and counsel of a Lakeland bankruptcy attorney. A Chapter 13 bankruptcy in Lakeland requires a strong understanding of the federal and state exemption amounts and experience determining the eligibility of a debtor for Chapter 13 protection.

To be eligible for a Lakeland Chapter 13 bankruptcy, a debtor must have:

• Individual unsecured debts that are less than $360,475; and
• Individual secured debts that are less than $1,081,475

A partnership or corporation is not eligible for a Chapter 13 bankruptcy.

Information to gather before filing a Chapter 13 bankruptcy in Brandon

When preparing a Brandon Chapter 13 filing, a debtor needs to collect a significant amount of information and file it with the court.

• A list of all creditors and the amount and nature of their claims
• The source, amount, and frequency of the debtor's income
• A list of all of the debtor's property
• A detailed list of the debtor's monthly living expenses

An attorney at Lakeland and Brandon, Florida based Pilka & Associates, P.A. can help you to gather and file all of the required information. Additionally, the bankruptcy law firm in Lakeland can advise you on whether you are eligible for Chapter 13 and what the most effective payment plan may be.

Reach out to our Florida law firm

Our attorneys are dedicated to providing effective and efficient representation. Call Pilka & Associates, PA in our Brandon, Lakeland or Bradenton, Florida law offices at 813-653-3800 or contact us through this website.

We serve Brandon Chapter 13 bankruptcy clients throughout the Tampa Bay region and Central Florida including the following counties: