Chapter 13 Bankruptcy Filing Process Explained by Tampa Bankruptcy Law Firm Clark & Washington

Chapter 13 bankruptcy provides a means for property owners to reorganize their debts while keeping their home, car, and other assets of value protected. Not only can Chapter 13 halt foreclosure, repossession, wage garnishment, and debt lawsuits, it may also help to reduce or eliminate credit card debt.

Chapter 13 bankruptcy is a viable financial tool in many situations, but debtors sometimes do not file as soon as they could simply because they lack information. The Tampa bankruptcy attorneys at Clark & Washington hope that this explanation of the filing process will help those individuals and families facing the possibility of bankruptcy better understand the options available to them. For additional information on bankruptcy or a free consultation, Tampa residents are encouraged to contact Clark & Washington to speak to a bankruptcy attorney.

To be eligible for Chapter 13 bankruptcy, the candidate should be employed or have some regular source of income that is sufficient to make the regular Chapter 13 payments as well as current mortgage payments and living expenses. There are also statutory caps for Chapter 13 bankruptcy which the candidate's debt must not exceed. Not sure if you qualify? One of the Tampa bankruptcy attorneys at Clark & Washington can meet with you to assess your current situation and evaluate your options.

The debt repayment plan for Chapter 13 typically lasts between 3 and 5 years. However, before you file, you must be sure that your timing meets certain criteria. For example, if you have had a bankruptcy case dismissed due to either a voluntary request for dismissal or failing to obey court orders, you may not file again for 180 days. You will also need to receive a briefing from a certified credit counseling agency within the 180-day period prior to your bankruptcy being filed. During the 90-day period before you file, you must reside within the state with which you intend to file. If you have any questions concerning these restrictions, your bankruptcy lawyer at Clark & Washington will be able to assist you.

A case officially begins when the Chapter 13 petition is filed. At this point, the bankruptcy court will generally enter an automatic stay. This prohibits creditors from taking any collection action towards the debtor while the stay is in effect. All creditors listed in the petition will be notified, and a bankruptcy trustee will be assigned to the case. Next, usually within 15 days of the filing, a Notice of Commencement of Case will be sent to the debtor and all of the listed creditors including logistical information such as deadlines for claims from creditors and dates and locations of meetings.

No two bankruptcy cases are identical, but the Tampa bankruptcy lawyers at Clark & Washington have the experience and resources to handle any Chapter 13 bankruptcy case. The Clark & Washington bankruptcy attorneys handle all of the paperwork and attend all hearings for each case, taking much of the strain out of what can be a very stressful situation. If you are considering filing for bankruptcy in Tampa, contact Clark & Washington today to schedule a free, no-obligation consultation with a Tampa bankruptcy attorney. Learn more at http://www.cw13fl.com.

About Clark & Washington

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the southeast. They have locations in Georgia, Florida, and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information visit: http://www.cw13fl.com.

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