Chapter 13 Bankruptcy Lawyer in Orlando
A Chapter 13 bankruptcy, or “reorganization” bankruptcy, allows a debtor to reorganize their financial debt into manageable monthly payments. Debtors who are ineligible for Chapter 7 bankruptcy or who do not pass the Chapter 7 Means Test, may be eligible for Chapter 13 bankruptcy. Under Chapter 13, both secured and unsecured debts, such as automobile loans, mortgages, student loans, and credit card debt, may be consolidated into a reasonable monthly, interest-free three to five year plan. During this time creditors cannot harass you nor attempt collection proceedings.
If you would like to learn more contact the Orlando Chapter 13 bankruptcy attorneys at Turdhope Law in Orlando.
Chapter 13 Bankruptcy Eligibility
Debtors in Orlando wishing to file for Chapter 13 bankruptcy must show that they have a regular steady income. Such income may include salary, wages, income from self-employment, social security benefits, commissions, seasonal wages, pension payments, disability or worker’s compensation benefits, welfare benefits, rent, royalties, child support, alimony, unemployment benefits, or proceeds from the sale of property. Chapter 13 bankruptcy is not available to businesses.
If your secured debts exceed $922,975.00 or your unsecured debts exceed $307,675.00, you will be ineligible for Chapter 13 bankruptcy. In order to be eligible for Chapter 13 bankruptcy, your income must be high enough to pay for your living expenses with enough money left over to make (usually) monthly payments to the Bankruptcy Trustee. How much you pay will depend on how much you owe and the individual facts of your case. Some debts must be paid in full while others may be partially repaid.
One of our experienced Orlando Chapter 13 bankruptcy attorneys will assist you in compiling a reasonable monthly budget and a Chapter 13 Plan for scheduling payments. Chapter 13 bankruptcy may allow you to discharge second mortgages on your homestead property, certain tax obligations, some debts for willful and malicious injury to property, and some debts which arise from property settlements in divorce.
If you have fallen behind in the mortgage payments for your home, Chapter 13 bankruptcy may allow you to catch up your payments. Contact us for help in determining whether bankruptcy is a viable option for your financial setbacks and if so, what type of bankruptcy is appropriate to your situation.
Our attorneys have extensive experience in all aspects of Chapter 13 bankruptcy and we can assist you in setting up a plan today to reorganize your financial future. Call us today for a free consultation.
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