CHAPTER 13 BANKRUPTCY LAWYERS IN FORT LAUDERDALE
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 the trustee.
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.