Chapter 13 Bankruptcy

Chapter 13 of the Bankruptcy Code is titled “Adjustment of Debts of an Individual with regular income.”  One of the main benefits of filing Chapter 13 is that it allows a debtor to keep property and pay debts over time, usually three to five years (the CARES act may extend some confirmed plans to be as long as 7 years).

Miami Bankruptcy Attorney

Mr. Miceli has been involved in thousands of Chapter 13 bankruptcy cases while representing the Chapter 13 Bankruptcy Trustee in Miami, Florida. Due to his experience and by representing the Chapter 13 Trustee, he has become uniquely qualified to provide you excellent representation in Chapter 13 bankruptcy cases.

Background:

Chapter 13 gives debtor(s) the opportunity to adjust their financial affairs without having to sell or liquidate their current assets.  A Chapter 13 case usually involves payments of debts out of future income.  Debtor(s) in Chapter 13 can use and keep all their property, regardless of exemption, and pay some or all their debts in accordance with a Chapter 13 plan approved by the Bankruptcy Court.  At the completion of the Chapter 13 Plan or in some cases earlier, debtor(s) receive a discharge.

Advantages of Chapter 13

In addition to stopping your creditors from harassing you,  you may eliminate or reduce second mortgages, which allow you to keep your house and car, other possible benefits of a Chapter 13 bankruptcy may include predictable plan payments, protection of any co-signers with the automatic stay, and stopping tax penalties and interest charges.

Chapter 13 Eligibility:

A Chapter 13 bankruptcy is available to any person with regular income.  Regular income can be from wages but also from government benefits, alimony or support payments, or any other regular income.  Besides the requirement of regular income, there is a second limitation to filing Chapter 13 which is not present in a Chapter 7.  Chapter 13 is not available to debtor(s) with over $419,275.00 of non-contingent, liquidated, unsecured debts or over $1,257,850.00 of non-contingent, liquidated, secured debts.

How Chapter 13 Works

Chapter 13 bankruptcy is a reorganization of your debts over a period of three to five years. You are required to make payments are made to a Chapter 13 trustee during the pendency of the plan. When you complete your Chapter 13 plan payments, some, if not all, of your unsecured debt may be discharged. In Chapter 13, a written plan that you and your attorney file with the Bankruptcy Court will determine how and what debt will be handled and determine the amount of your plan payments. Our Miami Bankruptcy Lawyer can help you determine how to repay your secured debt(s) such as your mortgages, real estate taxes or your car payments. The Chapter 13 plan also provides for treatment of your unsecured debt such as credit cards, signature loans, medical debt, and repossessions.

Additional Chapter 13 information can be found on the Bankruptcy Courts Website.

Contact a Miami Bankruptcy Attorney

Take advantage of our free initial consultation and sit down with a Miami Bankruptcy Lawyer who is familiar with Chapter 13 and will personally evaluate your options. When you need to protect your home, health, and future in the face of serious financial turmoil, put our professionals on your side in bankruptcy court.

To discuss your concerns regarding saving your home from foreclosure, debt liquidation, or debt repayment plans, contact our offices. Call us at (305) 515-5928 to arrange an initial consultation and find out what we can do for you