CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Three Secrets to Securing Chapter 13 Success

Filing Chapter 13 Bankruptcy Pasco, St Petersburg, And Tampa Florida.Finding Success Filing Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a valuable tool that allows you to manage debt without the scorched earth approach of Chapter 7. In Chapter 13, you’re able to keep your assets and retain control of your income but still, benefit from the discharge that comes with more drastic forms of bankruptcy.

But getting to that Chapter 13 debt discharge can be tricky for some people. Many transition to Chapter 7 midway through Chapter 13 or they don’t complete bankruptcy at all and lose the benefits they should’ve enjoyed in the plan.

What can you do to make sure your Chapter 13 bankruptcy is a Success?

Know Your Power and Your Responsibilities

Start by acknowledging the power you have in Chapter 13. You are not handing over complete control of your finances to a trustee.

Instead, you’re creating a repayment plan based on your specific financial situation. The court needs to confirm it, but it’s up to you to make the initial decisions about the plan. The best way you can increase your odds of completing the plan is to design the plan to be realistic and achievable.

It can help to:

  • Create goals
  • Have a savings focus
  • Prioritize debts properly

Remember, the most valuable thing bankruptcy provides is an opportunity to walk away from deals you can no longer afford. But to achieve success, you must first focus on debts you need to pay.

Create a Realistic Payment Plan

It’s also important when designing your Chapter 13 plan to be realistic about your cost of living. It’s not going to help you at all in the long-run if you underestimate your living expenses. You need to make realistic assumptions about your day-to-day and month-to-month cost of living so the plan you come away with is feasible over three to five years.

For more tips on creating a manageable Chapter 13 payment plan, check out this information from Nolo.com.

This isn’t to say that you can’t make changes if something in your life changes within this time. But estimating a food budget of $100 for a family of four just to make a plan possible on paper does nothing to set you up for failure.

Bonus Tips!

  • Use automatic payments for your Chapter 13 repayment plan.
  • Setting up auto-pay for your Chapter 13 plan is one of the easiest and best ways to ensure success. People who need to manually make their payment are more apt to fall behind than those who can put payment obligations on autopilot. It’s simply common financial sense can set you up for success.
  • Find an experienced bankruptcy attorney to help you with the plan.

Keep in touch with your Chapter 13 bankruptcy attorney after you file, inform him or her of any changes that affect your ability to meet your payment obligations, and be proactive when it comes to solving problems. There’s some flexibility in Chapter 13 bankruptcy, but only when you are open and honest about your situation.

If you have questions about filing for bankruptcy or you want to do all you can to ensure Chapter 13 success, contact the Law Office of Robert M. Geller at (813) 254-5696 or schedule a bankruptcy lawyer appointment at one of our conveniently located Tampa area bankruptcy law office locations.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

What’s the Difference Between Chapter 13 and Chapter 7?

When people file for bankruptcy, they must choose between Chapter 13 and Chapter 7. Working with a Chapter 7 or...
Read More

10 Signs You Should File for Bankruptcy

When it comes to your finances, there may come a time when you feel like bankruptcy is the only way...
Read More

What Do You Need to Know Before Filing for Bankruptcy? A Chapter 7 Bankruptcy Attorney in Florida Can Help You During this Time

What happens during the time leading up to filing for Chapter 7 bankruptcy? A Chapter 7 bankruptcy attorney in Florida...
Read More

What Does It Mean to Declare Bankruptcy?

What does it mean to "declare" bankruptcy? Your bankruptcy law attorney will help you through the process. Declaring bankruptcy is...
Read More

Student Loan Forbearance Ends April 30th. Here’s What You Need to Know

The federal government extended forbearance of repayment of student loans during the COVID-19 crisis. This forbearance was due to end...
Read More

Is Better Money Management on Your List of Resolutions for 2022?

If you’re like most Americans, improving your financial situation is on your list of New Year’s resolutions for 2022. Whether...
Read More

3 Reasons to Send Your Bankruptcy Attorney in Tampa Florida a Christmas Card

Have you begun making your Christmas card list yet? Did you include your bankruptcy attorney in Tampa, Florida? It seems...
Read More

What Was the Biggest Money Management and Bankruptcy News of 2021?

Like most years, bankruptcy was a topic that arose in the news many times throughout 2021. Topics related to money...
Read More

3 Best Bankruptcy Tips of 2021

Learning how to manage your money is an ongoing process. Even the smartest money minds out there can always learn...
Read More

How to Prevent Bankruptcy from Ruining Your Holiday Season: Why a Spending Spree Before Bankruptcy Could Hurt You in the New Year

Should you go on a spending spree before bankruptcy to celebrate the holiday season? The answer might surprise you. The...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions