Working with a Chapter 13 bankruptcy attorney in Tampa, FL is one of the smartest things you can do if you are struggling financially. This is true no matter the chapter bankruptcy you choose, but Chapter 13 especially because the process takes so long to complete.
1. Stop Collection Actions
One of the biggest benefits of filing for bankruptcy is the automatic stay that is enacted when you file. This means collection efforts must stop as soon as the court acknowledges that you’ve filed for bankruptcy. Although some collections might eventually come to fruition, you get breathing room when you file. The phone calls, letters, and court actions will pause the moment you file. You and your chapter 13 bankruptcy attorney in Tampa will review your situation and discuss when you can expect this benefit to occur.
2. Get Organized
One of the secondary benefits of filing for bankruptcy is that the process helps you get organized. This doesn’t apply to everyone who files, but some people who turn to bankruptcy don’t have a handle on their financial situation. In addition to having bills they cannot afford, they’ve just allowed things to spiral out of control and they don’t even know where they are regarding their finances. Filing will help you get everything in order and learn to manage your money better in the future.
3. Arrange a Repayment Plan
One of the most important aspects of Chapter 13 bankruptcy is the time and structure it gives you to repay all or a portion of your debt. Instead of wiping everything out and starting from scratch, with Chapter 13 you get a reset. This way you can get a handle on your debt and protect your assets. A Chapter 12 bankruptcy attorney in Tampa helps you determine if this is the right option for you and help you create a repayment plan that fits your income.