Having a plan is a good idea! Plans help accomplish goals in business, relationships, and life in general. In Chapter 13 bankruptcy, having a plan is a great idea, and it’s the law.

Clients look to me as their bankruptcy lawyer to formulate a Chapter 13 plan that meets all of their financial goals. The Chapter 13 plan, which lasts from 3 to 5 years, is used to cure arrears on a mortgage, completely eliminate a second mortgage, discharge credit card debt, shave money off a car loan, or pay off IRS debt.

The person filing the Chapter 13 bankruptcy (the Debtor) must file a payment plan at the start of the case. The purpose of the plan is to explain what objectives the Debtor wants to meet while in bankruptcy. The plan also alerts creditors as to how they will be handled in the plan. Lastly, the plan tells the Chapter 13 Trustee who she is supposed to pay and what amount she is supposed to pay each creditor.

There are many decisions to be made by the Debtor when constructing a Chapter 13 plan. I see many Do it Yourselfer’s in Court who have a really hard time successfully formulating a plan that can be understood by the Trustee or the creditors. This often will result in the creditors objecting to the plan, or the Trustee filing a motion to dismiss the case. When that happens, the person has a bankruptcy on her credit report and absolutely nothing to show for it.

Hiring an experienced Orlando bankruptcy lawyer is a great first step to getting the result you want in your Chapter 13 case. Most of the time in my cases, when my clients make their Trustee payments, they never even have to go to the Bankruptcy Court at all during their case. The most important thing, though, is that my clients succeed in meeting the financial goals they set at the beginning of their case.

Plans are the King in Chapter 13 cases. Having a solid plan that eliminates your debt and provides a smooth ride in your Chapter 13 case is the best!

Want to find out more about Chapter 13 bankruptcy, then visit K. Hunter Goff’s site on how to choose the best