Chapter 13 Bankruptcy Solutions in South Florida
Helping Clients from Our Pompano Beach & Miami Offices
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.
Why Choose Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is often the best choice for individuals seeking to regain control of their financial future while keeping their assets. Unlike Chapter 7, which may require you to liquidate non-exempt assets, Chapter 13 allows you to create a manageable repayment plan over three to five years. This means you can catch up on missed mortgage or car payments, stop foreclosure, and prevent repossession—all while keeping your property.
Here are some compelling reasons to consider Chapter 13 bankruptcy:
- Debt Restructuring: Consolidate your debts into a single monthly payment that fits your budget.
- Protection from Creditors: Enjoy the peace of mind that comes with an automatic stay, halting all collection actions against you.
- Flexible Repayment Plans: Tailor your repayment plan based on your income and financial situation, making it easier to stay on track.
- Potential Tax Benefits: Certain tax debts may be discharged, providing additional relief.
- Improved Credit Score Potential: Successfully completing your Chapter 13 plan can positively impact your credit score over time.
At Bilu Law, our experienced South FloridaChapter 13 bankruptcy attorneys will guide you through every step of the Chapter 13 process, ensuring you understand your rights and options. We are dedicated to helping you achieve a fresh start and a brighter financial future. Contact us today to schedule a consultation and explore how Chapter 13 bankruptcy can work for you.
Why Choose Bilu Law?
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Decades of ProficiencyWith two decades of dedicated service, we've assisted countless clients with their legal needs, covering 67 counties in Florida.
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Swift and AccessibleOffering seasoned legal guidance, our attorneys respond promptly and are easily accessible when you require their expertise.
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Hablamos EspañolOur proficient team, including Spanish speakers, ensures that you fully comprehend the intricacies of your case.
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Global Legal ExpertiseWe are proud members of an international law firm network, enabling us to provide assistance to clients nationally and worldwide.
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.
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What should I do if I'm considering filing for bankruptcy protection?If you are considering filing for bankruptcy protection it is important to speak with an experienced attorney who can review your unique situation and provide legal advice so that you can move forward and find financial freedom.
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Does filing for bankruptcy mean my business will close?Not necessarily. Depending on the chapter of bankruptcy that is filed, a business may be able to continue operations while reorganizing their debts in a payment plan.
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Bilu Law and their associates were willing to fight for me when other firms wanted to throw in the towel. Their professionalism and dedication resulted in the best outcome I could ask for. I highly recommend this firm. Many thanks to all.- Emporio -
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Bilu Law advised and completed my Trust paperwork to my satisfaction. The team consistently delivers, even during Covid-19. Calls are quickly returned, and there's a warm atmosphere. Highly recommend for settling legal matters.- Aldith -
""Choosing this law firm was the best decision I have ever made.""
"I had the pleasure of working with Ron Bilu and his assistant Andrea. Choosing this law firm was the best decision I have ever made. Both Ron and Andrea were with me every step of the way and were very kind, helpful, and knowledgeable. In the end i was very pleased with the results and would recommend his services to anyone in need of a great real estate attorney. Thankyou so much Ron!"- Doris -
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"Our firm has engaged Ron Bilu and Nick Rossoletti and their amazing team of effective legal professionals for a variety of litigation matters and they are professional, aggressive and the keep us informed of progress of our cases. Their experience and knowledge of the law combined with a results oriented approach has helped our bottom line."- Jeffrey -
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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.
