Boca Raton Chapter 13 Bankruptcy Attorney
End Creditor Harassment with a Chapter 13 Bankruptcy Repayment Plan
People all over Florida struggle every day with mounting debt. It can feel like you are fighting a no win uphill battle. Are you tired of all the calls and letters from collection agencies? Let the Chapter 13 Bankruptcy attorneys at the Broderick Law Firm in Boca Raton help you repair your financial mess. We help people everyday get on a track in restoring their finances.
Chapter 13 bankruptcy is most commonly used to help homeowners facing foreclosure get the courts to stop the process of losing their home. Chapter 13 allows people to keep their home, autos and other property while they work out a plan to repay the banks. If you find yourself struggling to pay your debts, filing for Chapter 13 bankruptcy could help you to reorganize your debts and get on a reasonable payment plan with the banks.
Chapter 13 Bankruptcy vs Chapter 7
Chapter 13 bankruptcy does not use the means test, like Chapter 7 bankruptcy, in order to be able to file. A Chapter 13 filing allows you to restructure your debts and create a court managed repayment plan. You must have a stable source of income if you wish to be able to file for Chapter 13.
Advantages of filing for Chapter 13 bankruptcy:
- Stop foreclosures and possibly lets you keep your house while going through debt restructuring.
- Stops creditors from calling you so you don’t get hassled any more with annoying letters and phone calls.
- Reorganizes your debt so you can create a repayment plan that actually fits in your budget.
Will I Lose My Property in a Chapter 13 Filing?
Chapter 13 bankruptcy will not liquidate your assets but will allow you to get on a reasonable repayment plan so you so catch up on your late payments to creditors. Most Chapter 13 plans will range from 3 to 5 years in length.
While going through a Chapter 13 bankruptcy you will maintain your regular payment plan but you will make additional payments that go towards your past due account amounts. Your secured creditors will the first to get paid while the unsecured creditors will get any additional money left over from your disposable income. A positive aspect of filing Chapter 13 bankruptcy is that when you do complete all your payments toward your secured debt any left over unsecured debt could very well be discharged by the court.
Contact or call our Boca Raton Chapter 13 Bankruptcy attorneys today at 1-800-333-3903 for your FREE consultation to review your financial situation.