Chapter 13 Bankruptcy Attorneys in South Florida
We're Helping Clients from Offices in Pompano Beach & Miami
A Chapter 13 Bankruptcy is an individual re-organization process created for individuals and married couples that have regular income and are within a certain range of debt. It permits the debtor to reorganize his debt and create a more manageable payment plan to repay a portion of the unsecured debt while potentially paying to maintain a home, car or other asset through a document called a Chapter 13 Plan.
Not everyone is a fit for Chapter 13, and it is important that you speak to an experienced bankruptcy practitioner about filing a Chapter 13 prior to moving forward. The professionals at Bilu Law are here to guide you through this process to help you get the fresh start that you deserve.
What Are The Benefits of Chapter 13?
Chapter 13 bankruptcy comes with a range of benefits that make it a powerful solution for individuals facing financial challenges. Here's how it can help:
- Foreclosure Protection: Worried about losing your home? Chapter 13 can stop foreclosure proceedings and provide a structured way to catch up on past-due mortgage payments.
- Debt Reorganization: With Chapter 13, you can reorganize certain secured debts, making repayment more manageable over 3 to 5 years.
- Special Third-Party Protection: If others share liability with you for "consumer debts," Chapter 13 safeguards their interests as well.
- Streamlined Payments: A dedicated Chapter 13 trustee manages and distributes your payments to creditors, eliminating the need for direct communication with them.
Chapter 13 is designed to reduce stress, simplify processes, and offer a clear path to financial stability.
Qualifying for Chapter 13 Bankruptcy: What You Need to Know
Chapter 13 bankruptcy offers a distinct avenue for gradually repaying a portion of your debts over a predetermined timeframe. However, eligibility isn't a blanket provision for everyone facing debt challenges. Before embarking on Chapter 13, meeting specific criteria is crucial to obtaining court approval for your repayment plan.
Essential requirements for filing Chapter 13:
- Individual Status: Chapter 13 is designed for individuals and married couples rather than businesses. However, if you operate as a sole proprietor, your business's financial aspects may be integrated into the process.
- Tax Compliance: Staying current with your tax filings is imperative. Falling behind on tax obligations could impact your eligibility.
- Manageable Debt: The ceiling for debt fluctuates periodically. It's advisable to consult a knowledgeable Chapter 13 attorney to confirm your eligibility. As of 2023, the combined total of secured and unsecured debts should not exceed $2,750,000 to qualify for Chapter 13.
- Steady Income: Demonstrating sufficient income to meet the required monthly payment is essential.
Speak With a Qualified Chapter 13 Lawyer at Bilu Law
Obtaining freedom from debt and a fresh start requires a comprehensive understanding of bankruptcy law. With the help of a Pompano Beach Chapter lawyer at Bilu Law, we can ensure a smoother path for you! With extensive experience in handling Chapter 13 cases, our team is dedicated to securing your financial well-being and stability. Contact us for a personalized consultation and take the first step toward reclaiming your financial freedom now!
Get a free consultation with an adept Pompano Beach Chapter 13 Attorney at Bilu Law! Contact us online or call (954) 239-7386.