Tampa Bankruptcy Firm Clark & Washington Debunk Chapter 13 Myths

Tampa bankruptcy firm Clark & Washington, shines light on chapter 13 bankruptcy.

2012-09-14

NORCROSS, GA, September 14, 2012 (Press-News.org) Filing for bankruptcy under Chapter 13 can be a life saver, helping you to reorganize and repay your debt while protecting your home and other assets. Although there are many situations in which Chapter 13 is a necessary and advisable choice, some common misconceptions about Chapter 13 bankruptcy sometimes cause people to delay filing. The Tampa bankruptcy attorneys at Clark & Washington offer the below information to clear up these doubts and help Tampa residents find the answers they need.

Myth 1: Filing for Chapter 13 will not protect your home from foreclosure.
Not only can Chapter 13 prevent a foreclosure, it is one of your best defenses in such a situation. When you file under Chapter 13, the court will issue a stay against all foreclosure efforts, giving you enough time to save your home and begin paying off your debt.

Myth 2: Only the unemployed can file for Chapter 13.
Actually, a candidate for Chapter 13 should be employed, as a steady income will be necessary to make the requisite monthly payments against your debt. If you need to file for bankruptcy because you are unemployed, an attorney would be more likely to suggest that you file under Chapter 7.

Myth 3: You cannot qualify for Chapter 13 if your income is too high.
On the contrary, it is best if an individual filing for Chapter 13 does have a good income. There are no upper limits on income in order to file under Chapter 13, which is sometimes known as the "wage earner plan", although these limits do exist for Chapter 7 bankruptcy.

Myth 4: You will not be able to take out loans after filing.
Your bankruptcy will show up on your credit report for 10 years, but you may still be able to qualify for loans during that time. In many situations where someone is filing for bankruptcy, they may already have problems with their credit by the time they file. If this is the case, filing for Chapter 13 can actually help you rebuild credit as you pay back your debt.

Myth 5: There is no point in filing because you will still have to pay everything back.
You will be required to make regular monthly payments towards your debt, but you may still save money by filing for Chapter 13. The exact amount you will have to repay is based on your income, your total debts, and the value of your assets, so it is possible that you may end up paying less total by filing, in addition to the getting to keep your home and other assets.

Do not put your financial well-being on hold. If you have questions about filing for bankruptcy in Tampa, Clark & Washington can help you get the answers you need. Visit http://www.cw13fl.com to schedule a free, no-obligation consultation with a Tampa bankruptcy lawyer.

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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