Orlando Bankruptcy Attorneys at Clark & Washington Shine Light on Chapter 13 Bankruptcy Myths

Clark & Washington, an Orlando bankruptcy firm, dispels some commonly held false beliefs regarding chapter 13 bankruptcy.

2012-09-14

NORCROSS, GA, September 14, 2012 (Press-News.org) If you are overwhelmed by debt and need to protect your assets, Chapter 13 bankruptcy may be the solution you need. Filing for bankruptcy under chapter 13 can help you manage and overcome debt, but because there are many incorrect ideas believed about Chapter 13 bankruptcy, many people do not file when they should. The Orlando bankruptcy attorneys at Clark & Washington are sharing the facts about Chapter 13 bankruptcy with Orlando residents.

Myth 1: Filing for Chapter 13 cannot prevent foreclosure.
Far from being powerless to save your home from foreclosure, Chapter 13 bankruptcy is actually one of the best possible defenses against an imminent foreclosure. Filing for bankruptcy under Chapter 13 will enact a stay against all foreclosure efforts. The stay will give you time to reorganize your finances and pay off your debt.

Myth 2: You cannot qualify for Chapter 13 if you are not unemployed.
On the contrary, you must be employed in order to be eligible for Chapter 13, as a steady income is necessary in order to to make the required monthly payments. If you are unemployed, your lawyer may instead suggest that you file for Chapter 7 bankruptcy.

Myth 3: Your income is too high for Chapter 13.
Actually, a steady income is a plus for filers of Chapter 13, which is sometimes referred to as the "wage earner plan". Although there are upper limits to income in the eligibility requirements for Chapter 7, there are no such limits for Chapter 13.

Myth 4: You will not qualify for loans after you file.
Although your credit will not be completely unaffected by your bankruptcy, which will appear on your report for 10 years, you may still be able to take out a loan during that time. If you have had other problems with your credit, Chapter 13 may actually allow you to rebuild your credit by helping you overcome your debt.

Myth 5: You still have to repay everything, so there is no point in filing.
It is true that you will have to make monthly payments against your debt; however, Chapter 13 bankruptcy can improve your situation by giving you more time to pay off your debts and protecting your assets, such as your home, in the meantime. Depending on your income, your total debts, and the value of your assets, filing for Chapter 13 may also allow you to pay back only a percentage of your total debt, saving you money.

If you are feeling suffocated by overwhelming debt, do not delay in finding the answers you need. Contact the Orlando bankruptcy lawyers at Clark & Washington to schedule a free, no-obligation consultation and find out if Chapter 13 is right for you. Learn more about filing for bankruptcy in Orlando at http://www.orlando-bankruptcy-help.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.orlando-bankruptcy-help.com.

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Anne DeVito
Lead Content Developer
Cardinal Web Solutions
http://www.CardinalWebSolutions.com

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