A Leading Bankruptcy Lawyer in Panama City Beach, FL Explains Chapter 13 Bankruptcy
Have you decided that your out of control finances are
finally going to be controlled? Have you decided bankruptcy is the best option
for you and your family? If so, you’re probably wondering what chapter of
bankruptcy is best. Maybe you don’t even know what a chapter of bankruptcy is!
Either way, a personal
bankruptcy attorney in Panama City Beach, FL is here to help. Read
below an introductory guide to Chapter 13 bankruptcy, a common chapter of
bankruptcy. By the end of this article, you should be able to decide whether
Chapter 13 Bankruptcy is the right option for you.
Chapter 13 Bankruptcy is also known as debt consolidation.
Under a Chapter 13 plan, individuals create a revised repayment plan for repaying
their creditors. Credit card companies, hospitals, insurance companies, and
banks are all common examples of creditors. Those who will file a Chapter 13
plan are committing to repaying their debts, they are just acknowledging their
need to have an extension on when the bills are due. Therefore Chapter 13 is
referred to as debt consolidation because people “consolidate” their debts
into a single plan.
You may be wondering why you should file for Chapter 13.
There are many reasons why Chapter 13 bankruptcy is preferable to other
bankruptcy Chapters. For one, under Chapter 13 bankruptcy, your assets will not
be repossessed by your creditors. According to bankruptcy attorneys, this is
the biggest reason why people file Chapter 13. Most families cannot afford to
have a car or home repossessed.
Another reason to file Chapter 13 is for emotional and
mental pride. Filing for bankruptcy can be viewed by many as shameful, or that
they are a failure. Chapter 13 bankruptcy can help people feel better about
themselves because they are still repaying their debts. If you have any more
questions about Chapter 13, you can contact a leading bankruptcy lawyer in
Panama City Beach, FL.
Martin
Lewis and Steven Jurnovoy joined as partners in 1998 to create the law firm of
Lewis & Jurnovoy, P.A. The primary emphasis of the law firm is in the
representation of individuals and sole proprietors in Chapter 13 Bankruptcy
("Debt Consolidation") and Chapter 7 Straight Bankruptcy.
Lewis
& Jurnovoy, PA
1004
Jenks Avenue
Panama
City, FL 32401
(850)
913-9110
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