Qualifying for Repayment Plans in Florida
Chapter 13 is a payment plan for debtors who have a consistent income, or for those who do not qualify for Chapter 7. Chapter 13 lets you keep certain assets (like your house), letting you set up a manageable repayment plan that will last about three to five years. The court will approve or reject your plan at a confirmation hearing, depending on whether it meets the standards set by the Bankruptcy Code.
Can a Chapter 13 Bankruptcy Stop a Foreclosure?
Jacksonville bankruptcy Attorney Robert Peters answers that question in this brief video:
How Is Chapter 13 Different from Chapter 7?
In Chapter 13, you usually get to keep your property and make creditor payments with a court-appointed trustee, and payments are based on your current and future earnings. Where Chapter 7 means you cannot immediately discharge your debts, in Chapter 13, your burden is discharged when you are able to complete payments. During the repayment period, you receive protection from actions which can negatively impact your credit and your finances.
Discuss Your Bankruptcy Options
You absolutely need to discuss your options with a qualified Jacksonville bankruptcy attorney you can trust.