Chapter 13 Bankruptcy Lawyers
Relief to Those Suffering With Debt in South Florida
For many people with overwhelming debt, Chapter 13 bankruptcy proves to
be the best means to overcome financial problems and better their long-term
economic health. Chapter 13 resolves debt issues without liquidating assets,
instead constructing manageable payments over a 3 to 5 year duration to
pay off obligations. If this sounds like it could be a possible option
for you, reach out to our attorneys for a professional opinion, and to
learn more about your bankruptcy options.
Loan Lawyers specializes in debt solution, and we continually help individuals,
families, and businesses resolve their financial issues according to their
specific needs and priorities. Read our
testimonials to see what our clients think of our legal services.
Why Choose Chapter 13?
Most people who choose Chapter 13 bankruptcy do so either because their
income exceeded the limits for Chapter 7, or because they wish to keep
properties they would have lost if they filed Chapter 7. Chapter 13 may
also be a better choice for you if you have enough income to make steady
monthly payments towards your debt without liquidating any of your assets.
Some common circumstances that lead people to file Chapter 13 bankruptcy include:
- Falling behind on house, vehicle, or student loan payments
- Seeking a resolution for rising debt, but wanting to keep nonexempt property
- Paying off non-dischargeable debt
For individuals filing bankruptcy for their self-employed business, Chapter
13 is particularly appealing because it allows you to retain your business
property and other assets. It can also be less damaging to your credit
than Chapter 7 bankruptcy.
Chapter 13 Qualifications
Anyone wishing to file Chapter 13 bankruptcy must meet the minimum requirements.
You must have enough income to cover the monthly payment plan, and can
only file as an individual, or a sole practitioner. There are also specific
debt limits, determined by The Bankruptcy Code. While the debt limits
are updated every few years, the current debt limits for Chapter 13 Bankruptcy are:
Unsecured Debt Limit: $394, 725
Secured Debt Limit: $1,184, 200
About the Chapter 13 Repayment Plan
The duration of your payment plan will depend on whether your average income
is above or below the median income of your state. Depending on your income
in Florida, you will have a 3-5-year repayment plan.
Once you decide Chapter 13 is the best decision given your situation, you
and your attorney will sit down and discuss payment plan options. After
coming up with a plan you are comfortable with, your attorney will see
that your creditors and bankruptcy trustee approve the plan. Should it
be declined, the plan will be revised and proposed again. Once approved,
the court will confirm the plan, and you will begin making payments to
If You Are Unable to Make Payments
If you ever find yourself in a position where you are unable to make your
payments, contact Loan Lawyers immediately to discuss your options. It
is possible for court to modify or decrease payments in to make it more
affordable if you have experienced a change in your financial situation.
You may also be able to convert your Chapter 13 bankruptcy to a Chapter
7, or ask for a hardship discharge.
Hire Loan Lawyers
At Loan Lawyers, our legal team will use our knowledge of debt and bankruptcy
to analyze your financial situation and discuss the best options for your
state of affairs. Not only do our attorneys have the skills and experience
to competently represent your concerns, we also provide the compassionate
help you need to ensure you get back on your feet.
Find out which bankruptcy options we recommend for you, or learn more about
Chapter 13 bankruptcy by contacting Loan Lawyers
at our Florida office.