Chapter 13 Bankruptcy in Miami, Fort Lauderdale, Aventura, Pembroke Pines, & Hollywood
The Kaple Law Firm, successful Chapter 13 Bankruptcy Attorneys in Miami, Fort Lauderdale, Aventura, Pembroke Pines, & Hollywood Florida, have the dedication, knowledge and experience to handle repayment plans and help homeowners in need, and stop foreclosures when filing for bankruptcy.
We have successfully represented thousands of clients with financial difficulties, to start fresh throughout South Florida. To learn more about your options, please contact us toll free # 1-866-675-5110 or fill out our contact form with any questions you have.
What is Chapter 13 Bankruptcy?
Filing for chapter 13 bankruptcy in Fort Lauderdale, Miami, Aventura, Pembroke Pines, & Hollywood enables people with regular incomes to develop a plan to repay their debts. Also known as the wage earner's plan.
The bankruptcy discharge is designed for an individual debtor who has a regular source of income. Chapter 13 in Miami is often preferable to chapter 7 because it enables the debtor to keep a valuable asset, such as a house, and because it allows the debtor to propose a "plan" to repay creditors over time – usually three to five years.
How does Chapter 13 Bankruptcy work?
Chapter 13 bankruptcy is also used by consumer debtors who do not qualify for chapter 7 relief under the means test. At a confirmation hearing, the court either approves or disapproves the debtor's repayment plan, depending on whether it meets the Bankruptcy Code's requirements for confirmation.
How is Chapter 13 Different?
Chapter 13 is very different from chapter 7 since the debtor usually remains in possession of the property of the estate and makes payments to creditors, through the trustee, based on the debtor's anticipated income over the life of the plan.
Unlike chapter 7, the debtor does not receive an immediate discharge of debts. The debtor must complete the payments required under the plan before the discharge is received. The debtor is protected from lawsuits, garnishments, and other creditor actions while the plan is in effect. The discharge is also somewhat broader than under chapter 7 because more debts are eliminated under chapter 13.
Our firm can help you understand the specifics of Chapter 13 in Miami and how this type of bankruptcy filing helps you. To speak with an experienced chapter 13 bankruptcy lawyer, please contact our law office in Hollywood, Pembroke Pines, Aventura, Fort Lauderdale, & Miami, call toll free 1-866-675-5110, or fill out our contact form online.