It always help to have a plan. Plans are are a good idea for relationships, business, and life in general. When filing Chapter 13 bankruptcy, a plan is not only a good idea, it\’s required by 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.
The Debtor has several options to choose from when creating a chapter 13 plan. Too often in Court I see folks try to develop a plan with no idea how to express what they want to do in the plan in a way that can be understood by anyone. The result is that the plan gets objected to, or the Debtor\’s case gets dismissed by the Trustee. This is bad because then the Debtor has filed bankruptcy and got nothing from it.
If you want a good result from your Chapter 13 case, hiring an experienced Orlando bankruptcy lawyer is a great place to start. In almost all of my cases, so long as my client keeps up with the Trustee payment during the plan, my client will never see the inside of the Bankruptcy Court. Even better, my clients will have met all of the goals they wanted to achieve when their case was filed.
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!
Learn more about Chapter 13 bankruptcy. Stop by K. Hunter Goff\’s site where you can find an experienced Orlando bankruptcy lawyer and learn how he can help you.
