Tampa Chapter 13 Bankruptcy Attorney
Debt Relief in Three to Five Years
When you need a Chapter 13 bankruptcy lawyer in Tampa, Sandra L. Hibsch offers unique insight gained from her experience as a Staff Attorney for the Chapter 13 Bankruptcy Trustee and more than 20 years of experience exclusively handling bankruptcy cases. She uses her hands-on experience and expansive knowledge of bankruptcy law to help clients navigate even the most complicated financial struggles.
Wondering if Chapter 13 is right for you? Call (813) 446-5761 to schedule a free consultation.
What is Chapter 13 Bankruptcy in Tampa?
Chapter 13 bankruptcy is also known as the wage earner's plan. If you have a regular income this plan allows you to come up with a propose a 3-5 year repayment plan for all or part of your debts to creditors. The process allows you to consolidate and even discharge some debts. This plan requires you to use all of your disposable income you have after essential expenses. If you qualify for Chapter 13, we can complete the appropriate paperwork and guide you through the process.
Some of the advantages of Chapter 13 include:
- Immediate debt relief
- Stop the threat of foreclosure
- Stop wage garnishment
- Time to catch up on mortgage payments, property taxes, or HOA fees
- No penalties or interest on most IRS debts
- Discharge secondary loans, if the house is underwater
- Discharge remaining debt after completion of the repayment plan
- Manage student loans
Life After Chapter 13 Bankruptcy
The Chapter 13 process can be completed in three to five years. At the end of the repayment plan, your debts will be behind you. Rather than make minimum payments on debt for decades, you can eliminate financial stress and move forward without crushing debt. From the beginning of your case, bankruptcy can remain on your credit for up to 10 years. This means that after you finish your repayment period (3-5 years) you will only have bankruptcy showing up for a few years on your credit.
What is the Difference between Chapter 7 and Chapter 13 Bankruptcy?
Bankruptcy may be a solution for you if you can't keep up with repaying loans and other credit debts. The two most common types of bankruptcies are Chapter 7 and Chapter 13. But it is important to consult with a bankruptcy attorney to find the best possible solution. The following are some key differences between the two types of bankruptcies:
Chapter 7 Bankruptcy:
- Liquidation: Property is sold and used to pay off your debts
- Means Test: Meant for people with limited income
- Fresh Start: Allows you to quickly discharge most debts
Chapter 13 Bankruptcy:
- Reorganization: Property is not sold and debt is consolidated into a repayment plan
- Monthly Payments: Must make monthly payments for three - five years
- Catch Up: Able to catch up on payments and keep property
Consult with our bankruptcy attorneys in Tampa to learn more about which type of bankruptcy better suits your situation.
The Best Debt Relief Solution for Each Client
Our attorney can evaluate your financial situation to determine if you are eligible for Chapter 13 or Chapter 7 bankruptcy. When Chapter 13 is the best option, interest rates are often lowered, and some debts may be eliminated. Because each situation is unique, it is best to schedule a free consultation to get advice for your unique circumstances.