Chapter 13 Bankruptcy

Orlando, Florida, Chapter 13 Bankruptcy Lawyers

Chapter 13 bankruptcy is a debt repayment plan. When you file for Chapter 13 bankruptcy, you and your lawyer create a plan to pay off a percentage of your debts over a three- to five-year period. At the Law Office of Paul L. Urich in Orlando, Florida, our lawyers offer a free initial consultation to explain how the process works.

There are many reasons why you may choose to file Chapter 13 bankruptcy instead of Chapter 7 bankruptcy:

• You may not qualify for Chapter 7 bankruptcy, which provides a full discharge of most unsecured debts.
• Filing Chapter 13 bankruptcy may allow you to protect assets you would otherwise lose by filing Chapter 7 bankruptcy.
• Chapter 13 bankruptcy gives you more time to catch up on mortgage payments to prevent a home foreclosure.
• There are some tax debts you can discharge in a Chapter 13 bankruptcy that can't be discharged in a Chapter 7 bankruptcy.

Creating a debt repayment plan

Under your Chapter 13 bankruptcy payment plan, you will agree to pay back 100 percent of your secured debt over a three- to five-year period. Secured debt is debt backed by certain property, such as your home and your car.

After you and your lawyer have determined a budget, you will pay back a percentage of your unsecured debt such as credit card bills, lawsuit judgments, payday loans and hospital bills. This percentage will be determined by how much you can afford to pay. A Chapter 13 bankruptcy plan is a form of debt consolidation, as you will make one payment to the bankruptcy trustee, who will pay your creditors.

Filing Chapter 13 bankruptcy puts an immediate stop to home foreclosure, eviction, wage garnishment, repossessions and harassment by your creditors.

Free Ch. 13 bankruptcy consultation: Call 407-896-3077 or fill out our contact form to discuss your case with a Florida bankruptcy attorney at no charge.

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