A Chapter 13 bankruptcy is a court-supervised plan that allows you to make monthly payments to your creditors while keeping your assets. The payment amount depends on your total household income, reasonable expenses, and other exemptions.
If you do not qualify for Chapter 7, you can get out from underneath overwhelming debt through a Chapter 13 bankruptcy. It will also protect you from harassing collection calls, wage garnishments, and foreclosure.
A Fort Lauderdale Bankruptcy Attorney at Miceli Law, P.A. will help you evaluate your options that support a brighter financial future. Request your FREE consultation by messaging our legal team or calling us at (954) 601-5854.
Qualifying for a Chapter 13 Bankruptcy in Florida
For those who cannot qualify or do not want to file a Chapter 7 bankruptcy, Chapter 13 is the next approach you may want to consider. You will still make payments to creditors under this option for up to five (5) years after filing.
However, you can keep your assets. Once you complete your repayment plan, you are no longer liable for any remaining general unsecured debts.
You are eligible to file for a Florida Chapter 13 bankruptcy if:
- You are a resident of Florida for at least 730 days before filing;
- You are an individual or married filing as a joint petitioner;
- You can meet the monthly minimum terms of your debt repayment plan;
- Your unsecured debts do not exceed $419,000;
- Your secured debts do not exceed $1,277,000;
- You have not discharged debts in a Chapter 7 action within the last four (4) years.
There are massive advantages of a Chapter 13 reorganization. Under this type of bankruptcy, you may be able to discharge a significant portion of your debt upon completion. Make sure you consider your options with Fort Lauderdale Chapter 13 bankruptcy attorney to determine the best solution for you.
Connect with a Fort Lauderdale Chapter 13 Bankruptcy Lawyer at No Cost
Miceli Law, P.A. will help you resolve your financial issues through bankruptcy. You can have a return to financial stability soon. Contact us now for a FREE consultation by phone at (954) 601-5854.
Prospective clients are welcome to message us with questions here.
Advantages of a Chapter 13 Bankruptcy
There are advantages of a Chapter 13 bankruptcy that a Chapter 7 cannot provide, such as the ability to save your home. If you do not qualify for a Chapter 7 and have the means to pay back some or all of your debts but still need financial relief, then a Chapter 13 bankruptcy may be the next practical step. Speak with a Fort Lauderdale Chapter 13 bankruptcy attorney for advice that is specific to you and your family.
While every case is unique, Miceli Law, P.A. wants you to know that there are several benefits of a Chapter 13 bankruptcy, including:
- Time: A Chapter 13 bankruptcy gives you more time to pay off your debts, such as non-dischargeable IRS debts. You may have options to reduce payment amounts or stretch out your payments. Once you complete your three-to-five-year repayment plan, you do not have to pay anything more.
- Asset retention: As you make payments on your bankruptcy, you can retain your assets. Items you can keep include your home, car, appliances, furniture, and other personal property. Fort Lauderdale Chapter 13 bankruptcy attorneys at Miceli Law, P.A. will help you work toward keeping as many assets as possible.
- New start: A bankruptcy may appear on your credit history for about seven (7) years. However, some financial institutions are willing to work with you if your financial situation has improved. You are not ruining your future credit opportunities or prospects.
- Flexibility: Declaring bankruptcy will help you move toward financial stability now, even if you are still unsure of your future. Specific rules allow you to file a future petition if an unanticipated event forces you to do so. Our Fort Lauderdale Chapter 13 bankruptcy lawyers at Miceli Law, P.A., will stand by your side no matter what life throws your way.
- Peace-of-mind: When you file for bankruptcy, the court places an automatic stay on your creditors and their collection efforts. That means you can put a stop to wage garnishments, foreclosures, lawsuits, and creditor calls. This benefit gives you a chance to reorganize your debt and focus on getting your finances back on track.
In addition to the above-referenced list, there are other advantages you can gain from filing for bankruptcy. Miceli Law, P.A. will work smart to get you back on track. Safeguard what matters the most to you by hiring a Fort Lauderdale Chapter 13 bankruptcy attorney.
The Decisions You Make Now Affect Your Bankruptcy Later
Part of a Chapter 13 bankruptcy filing includes a disclosure of certain payments or transfers you must list on part 7 of your State of Financial Affairs. The Chapter 13 Trustee reviews your bank statements and other financial documents that must be provided upon filing a case to ensure that filers have not liquidated or transferred any assets.
The lookback assessment will consider:
- Retirement distributions
- Interest and dividends received
- Tax refunds
- Wages and earnings
- Personal gifts and loans
- Bonuses and commissions
- Trust distributions
- And more
If you have questions about previous tranfsers or assets that you may have sold prior to filing bankruptcy, it is important to go over all of these transactions with you attorney to ensure they have all been propertly listed within your schedules. Contact Miceli Law, P.A. to help you address these issue and learn how they may impact your case. For most cases, our Fort Lauderdale Chapter 13 bankruptcy attorney can help you naviagate the bankruptcy code which can makes the process go as seamlessly as possible.
Next Steps with Fort Lauderdale Chapter 13 bankruptcy attorney at Miceli Law, P.A.
At Miceli Law, P.A., we understand that the decision to file for bankruptcy is a significant step to take. Our firm invites you to contact Fort Lauderdale Chapter 13 bankruptcy attorney for a free conversation.
For those with a list of questions, It is an opportunity for you and your family to learn more about your rights, options, risks, and more with no cost or obligation to yourself. Reach out to our legal team for a FREE CONSULTATION by sending us a message through our contact form or calling directly at (954) 601-5854.
Your time is important to us. All calls and messages are returned within 24 business hours.