If you are struggling with debt and want to seek relief through the bankruptcy court, you will be presented with several types of bankruptcy petition, the most common of which are Chapter 7 and Chapter 13 bankruptcy. Chapter 13 bankruptcy Florida is more commonly used by individuals facing home foreclosure and property repossession, as this type of bankruptcy can put a halt in the foreclosure process while it is still in its tracks.
Thousands of people have benefited from this bankruptcy plan, allowing then to keep their cars, homes, and valued possessions while they deal with creditors. If you are having a hard time keeping with your monthly bills and paying back your debts, talk to our foreclosure and bankruptcy attorneys here at the Law Offices of Justin McMurray, P.A. to explore your Chapter 13 Florida bankruptcy option and regain control over your finances.
A Chapter 13 bankruptcy allows you to reorganize your debts into an affordable monthly payment scheme, and get back on track with your finances. Here are some things to keep in mind when filing for this type of plan in the bankruptcy court:
- Bankruptcy should always be your last option, and should only be decided upon when you have already considered all alternative means to fix your financial trouble. You can always seek advice from our lawyers about more favorable options to help you get back on your feet, financially.
- In Florida, Chapter 13 bankruptcy is a sound option for people who receive regular income and want to pay off their debt but need more time to do so. It is an alternative to Chapter 7, suitable for those whose debts are no more than $269,750 and whose secure debts do not exceed $807,750. Individuals, corporations and partnerships that have already received an bankruptcy discharge in the last 180 days are not eligible to file for a Chapter 13 bankruptcy.
- Your petition must be filed with the bankruptcy court serving your home district. In addition to the bankruptcy petition, you will also have to prepare and file a schedule of your assets and liabilities, executory contracts, current income and expenditures, unexpired leases, as well as your exempt assets. Special Chapter 13 Florida bankruptcy lawyers here at Justin McMurray Law Offices can help you with all the required forms you need to file to acquire a petition.
- A plan of repayment must also be filed to determine a proper scheme of payment to be approved by the court and your creditor and trustee. This plan may be filed together with the petition or within 15 days of your first filing.
- Meeting with the creditors is also one of the most important steps in a Chapter 13 bankruptcy case. This is where your creditors can ask you questions about your financial situation, and discuss your proposed payment scheme.