Some people are not eligible to file a Chapter 7 Bankruptcy. If the Lawyers at Roberts & Robold, P.A. determined that you do not pass the Chapter 7 bankruptcy Means Test, or if it is determined that you own too many assets to qualify for a Chapter 7 bankruptcy, you still have an opportunity to eliminate your debt.

The Chapter 13 bankruptcy is commonly referred to as “the Reorganization Bankruptcy,” which provides for an adjustment of debts for an individual with a regular source of monthly income. Often called the wage earner’s plan, Chapter 13 bankruptcy allows you to eliminate all or a portion of your debts within three to five years. A common misunderstanding about Chapter 13 bankruptcy is that you must repay all of your debt. You are not required to pay back all of your debt! The bankruptcy laws control the amount you must repay, but you still discharge or eliminate debt.

At Roberts &Robold, P.A., the attorneys are experienced with these bankruptcy laws, and will work with you in order to keep the amount you have to pay to a minimum.

Under Chapter 13 bankruptcy, the money you owe on your mortgage, vehicle loans, student loans, credit card debts and other unsecured debts is consolidated into one reasonable, interest-free payment. While you are in a Chapter 13 debt repayment plan, your creditors cannot attempt to collect from you directly. That means no more harassing phone calls, wage garnishments, repossessions, or foreclosures.

Based on Your Ability to Pay
Many people do not realize that the payments they are asked to make under a Chapter 13 bankruptcy are based on an amount they can afford. All reasonable living expenses, child support payments, alimony and other payments you are ordered to make are deducted from your income available for debt repayment. You are not required to pay all of your debt!

At Roberts & Robold, P.A., our bankruptcy attorneys help clients who were drowning in debt establish affordable repayment plans, eliminate debt, and move forward.