Florida Chapter 13 Bankruptcy Attorney

A Chapter 13 bankruptcy allows you to catch up on past-due payments owed to your home and auto lenders over a three-to-five year repayment plan.  Upon the successful completion of the plan, you receive a broader discharge than a Chapter 7 discharge, even if you have paid only a small portion of your debts back.  In effect, a Chapter 13 is a debt consolidation and discharge program for debtors with regular income, but who are overburdened with debt.  

If your household income is above the median income level, you may not qualify for a Chapter 7 bankruptcy.  

Advantages of Chapter 13:

• Stop Foreclosure and get back on track;
• Eliminate second and third mortgages;
• Reduce principal balances on investment properties;
• Reduce principal balances and interest on vehicles;
• Eliminate most unsecured debts;
• Eliminates many secured  and unsecured tax debts.

How Chapter 13 Works:

At the beginning of a Chapter 13 case your attorney will assist you with preparing your petition, schedules, and statements detailing your income, debts, and assets.  Then you and your attorney will prepare and submit a Chapter 13 repayment plan to the court.  The plan will allow you to spread any past-due balances on secured assets over a three-to-five year repayment plan.  In many cases, Chapter 13 allows you to get current on your mortgage and car payments while discharging much of your unsecured debt.

Related Practice Areas

If you qualify under the means test and do not need to cure a mortgage or save a vehicle, a Chapter 7 liquidation may resolve your debts faster. Business owners whose liabilities exceed Chapter 13 limits should consider Subchapter V or traditional Chapter 11 reorganization. Florida homeowners can also combine Chapter 13 with asset protection planning to safeguard non-exempt property and plan for the long term.