Chapter 13 Helps Those in Okaloosa and Walton Counties
There are times in life where it is not always easy to pay off the debts that we have accumulated throughout the years. Fortunately, there are solutions to this problem, but many times you will need the help of a bankruptcy lawyer. The process of filing for bankruptcy in Okaloosa or Walton County can be complicated, and if the steps are not followed correctly, you could find yourself on the short end of the stick. There are many different types of bankruptcy that you can file, one of the most popular forms is Chapter 13.
There are many reasons why someone would want to file for Chapter 13 bankruptcy:
- To prevent a house foreclosure or avoid repossession of a car
- Make up missed car or mortgage payments
- Payback federal taxes
- Stop interest from accruing on your tax debt
How Chapter 13 Bankruptcy Works
To put it simply, Chapter 13 bankruptcy is a repayment plan for wage-earning individuals to repay their debts. It is also known as the “Wage Earner’s Plan.” If you file for Chapter 13, you will pay off your debt in monthly installments over the next three to five years, depending on where your monthly income ranks with the state median.
At ASG Legal, our bankruptcy attorney understands how Chapter 13 bankruptcy works, and the best method for you to obtain it. We know that life does not always work out the way that you thought it would, and we are here to help you get through this difficult time in a way that is manageable for your income.
How to Know if You Are Eligible
Every individual is eligible to file for Chapter 13 bankruptcy, even those that are self-employed, or run a business that is not incorporated, provided that your debt is below a specified amount. Unfortunately, corporations and partnerships are not eligible for Chapter 13, and you must be up-to-date on your current IRS filings in order to qualify. You are also not eligible if you:
- Failed to appear in court for a prior bankruptcy filing and your case was thrown out in the last 180 days
- Failed to comply with the orders of the court
- Voluntarily had your case dismissed after creditors have asked to put a lien on a property
- Failed to receive credit counseling from an approved credit counseling agency within the last 180 days
There are exceptions to the above rules, but those exceptions are rare and only for emergency situations, so you should not count on being able to get around any of them.
What Happens Once You File Chapter 13?
If you live in Destin, Fort Walton Beach or surrounding areas, and have contacted a bankruptcy attorney to file for Chapter 13, the next steps you should take is to start gathering the information together for your hearing. The court will want to know about any of your liabilities, assets, income, expenditures, contracts, leases, and a statement of your financial affairs. They will also want to see your previous year’s tax returns, and any tax returns that will be filed during the case. It is important to note that if you are married, you can either file jointly, or as individuals. You can also file for Chapter 13 bankruptcy in order to save your house from being foreclosed upon.
From there, you will be asked to appear in front of a Trustee Meeting that includes a bankruptcy administrator. Attendance is required, and during the meeting you will be placed under oath and asked a series of questions regarding your financial situation. Before it takes place, you should prep for the meeting with bankruptcy lawyers, so you will be prepared for the line of questioning that you will face. Typically, the situation will be resolved at the conclusion of the meeting, but if not, a further hearing will take place at a later date.
Our Bankruptcy Attorney is Here to Help Those in Destin, FWB and Surrounding Areas
No one looks forward to filing for bankruptcy, be it Chapter 13 or any other form. However, for many it is a necessary step to take in order to pay off the debts that they have accumulated over the years. Finding a competent Chapter 13 bankruptcy attorney will be a great asset for you moving forward, and helping get you the relief that you need. ASG Legal has served the Northwest Florida community for many years, and we can get you where you need to be.
Contact ASG Legal today by filling out the form below and talk to our Chapter 13 lawyer about what steps you need to take to get your life back on track.
We proudly serve a number of areas along the Emerald Coast including:
- DeFuniak Springs
- Fort Walton Beach
- Santa Rosa Beach
- and many other cities in Okaloosa and Walton County
We all need a little help sometimes. ASG Legal can give you the help you are looking for.