How To Process Chapter 13 Bankruptcy

Bankruptcy is a solution that gives people who are facing serious financial problems the chance to get out of debt while treating creditors fairly. Chapter 13 bankruptcy is a type of debt reorganization that allows people with significant debt to keep their property and reduce or eliminate payments on secured loans, such as a mortgage or car loan, as well as unsecured consumer debt, such as credit cards and medical bills.

The Best Chapter 13 Bankruptcy Attorney in Phoenix Arizona

If you are considering filing for bankruptcy, it is important to have an experienced Chapter 13 bankruptcy lawyer represent you. The attorney can help you develop a debt repayment plan that works best for your situation. The lawyer can also help you negotiate with your creditors and prepare your case for approval by the court.

Current Monthly Income (CMI)

The amount of your income that you can afford to pay to unsecured creditors in your Chapter 13 bankruptcy plan is determined by the disposable income test. Disposable income is the amount of money you have left after all your regular living expenses are covered. This amount can include your income from employment, social security, alimony or child support, and any other source of income you may have.

Confirmation hearing and payment

After you file your Chapter 13 bankruptcy petition, you must meet with creditors and your Chapter 13 bankruptcy trustee to discuss your financial circumstances and develop a plan. This meeting is called the “meeting of creditors” or “motion for confirmation.”

During this meeting, your bankruptcy attorney will explain your debt relief options and assist you in developing an effective plan. Your attorney will also make sure that you comply with all the requirements of your bankruptcy.

Once your Chapter 13 plan is approved by the court, it becomes legally binding on you and your creditors. You will then make payments to the trustee under your plan for three to five years, and you will receive a discharge of your remaining qualified debts at the end of this period.

Loss Mitigation Plans

A loss mitigation plan is a special type of plan that can be used in Chapter 13 cases for certain types of mortgages. These plans are often necessary for individuals with high amounts of mortgage arrears, and for clients who have a home that has lost significant value since their original purchase or foreclosure.

In these cases, a client can seek to have the lender modify their mortgage and agree to an affordable payment that is based on what they could pay on an alternative property. The lender’s attorneys can oppose the motion for loss mitigation, but if they do not, it will be granted and allow a client to cure their mortgage arrears in a Chapter 13 case over a 5 year plan that is binding on their mortgage lender.

The process of obtaining a loss mitigation plan is extremely complicated and requires the expertise of an experienced lawyer to ensure that the client’s case is feasible and a success.

How to Make a Request for Modification of Child Support Orders

If you’ve already gone through the divorce process or are currently in a custody battle, there may come a time when you need to make a request for a modification of your child support order. While this can be a frustrating and emotional experience, there are steps you can take to increase your chances of success in the process.

1. A Significant Change in Income

When it comes to how child support is determined, it’s important to remember that income plays a large role in the calculation. This means that if you have experienced a significant change in your income, such as losing your job or experiencing an income drop, it’s possible to ask for a child support modification.

2. A Permanent Disability

One of the most common reasons for a child support modification is a permanent disability. This can be a big change for either parent and can result in a lot of additional medical costs that aren’t included in the initial child support calculations.

3. An Unexpected Expense

Another reason for a modification is an unexpected expense that’s uncovered by the court. This can happen when a child needs to undergo a surgery or an emergency room visit, and the child support payment isn’t enough to cover these expenses.

4. A Settlement Agreement That Can be Modified

If you have a good relationship with the other parent, it’s a much easier process to try and reach an agreement. In these cases, it’s essential to have a skilled family law attorney by your side as you negotiate the details of the agreement and file for a modification with the courts.

5. Stay Informed of Changes in the Law

When it comes to child support in Florida, laws can change over time, and it’s vital that you keep up with any changes that affect your case. An experienced Miami child support lawyer can help you understand how these changes might impact your case.

6. Paying the Right Amount of Child Support

When it’s time to change your child support order, it’s important to make sure that you’re getting the amount that is fair and appropriate for your situation. This isn’t always an easy task, and it’s often best to hire a skilled Miami family and divorce attorney to assist you in your efforts.

The first step in winning your child support modification case is to file a supplemental petition with the court. This petition allows you to explain why you believe that your current child support order should be modified. It also gives the other party a chance to respond.

Once the court has received your supplemental petition, it will schedule a hearing where you and the other party will appear before the judge. The judge will listen to your testimony and then decide whether or not to grant your modification request.

The judge will determine if the modification is in your child’s best interests. If it’s not, you will need to appeal the decision. However, most courts will uphold a modification if it is supported by substantial evidence and is in the child’s best interest.