Florida Chapter 13 Debt Repayment Plan Attorney
Chapter 13 bankruptcy is a viable option for consumers who do not qualify for Chapter 7 and those who want to protect property or remove second loans. Unlike Chapter 7, your debts will not be eliminated, but will be reorganized and can be reduced through payment plans. At the Law Offices of Craig Feldman in Fort Lauderdale, Florida, we provide sound counsel, advocacy and strategic support to help our clients protect their property and restore financial independence through bankruptcy.
Hope is not a strategy. You need a plan to achieve security and financial independence. Let us help. Call 954-703-4109 or contact us by e-mail to schedule a free consultation with a Fort Lauderdale Chapter 13 bankruptcy attorney.
Chapter 13 Bankruptcy and Debt Relief
Chapter 13 debtors use this provision of the Bankruptcy Code to save homes from foreclosure or cars from repossession by filing a Chapter 13 plan along with their bankruptcy petition. There are many other good reasons to file Chapter 13 but these are the two major ones:
- The debtor gets 3 to 5 years to catch up on missed payments while making regular current payments on mortgages and car or other loans.
- People who file Chapter 13 bankruptcy cases get to keep most if not all of their property so long as they make the payments called for under their Chapter 13 plan.
Chapter 13 is also immediate relief to stop foreclosure, stop creditor harassment and reorganize your debts so that you can regain stability and successfully restore your credit.
Do I Qualify for Chapter 13?
The successful Chapter 13 debtor must have income above living expenses. A budget and proof of earnings are submitted to the Court and the Chapter 13 standing trustee. The budget must be reasonable and fair, and the Court must approve the debtor's repayment plan.
After the debtor has made all payments called for in the plan and the trustee has disbursed the money to creditors, the debtor will be sent a discharge. No longer is any money owed except for mortgages. Some debts may be eliminated without paying anything on them or substantially less than what is owed and only what the collateral (property) may be worth. This is called 'cram down' and can be made part of a Chapter 13 plan.
To explore your options in debt relief and bankruptcy, please call 954-703-4109 or contact us by e-mail to arrange a free consultation with our Fort Lauderdale, Florida bankruptcy lawyer. Se habla español.
