Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is for people with regular income who need time to pay off certain debts. In Chapter 13 Bankruptcy, you get to keep all of your property, regardless of its value. You are eligible for Chapter 13 Bankruptcy if your debts do not exceed certain dollar amounts.

Under Chapter 13 Bankruptcy, you must file a plan with the Bankruptcy court to repay your creditors with your future earnings. The period allowed by the court to repay your debts may be 3 years or 5 years, depending upon your income.

After completing the payments under your plan, your debts are discharged. Some debts are not discharged under Chapter 13, such as student loans, certain back taxes, child support, and debts arising from criminal or fraudulent conduct.

If you are facing foreclosure on your home, Chapter 13 Bankruptcy provides a powerful remedy to keep your home by allowing you to pay your missed payments through your Chapter 13 plan.

Chapter 13 Bankruptcy can also help you to reduce or “strip off” the amount you owe on your second mortgage or home equity loan if your home is now worth less than what you owe on your first mortgage.

Chapter 13 Bankruptcy may allow you to keep your car if you are facing repossession. A Chapter 13 plan can reduce or “cramdown” the amount you owe to the replacement value of your car.

Orlando Attorney Debra G. Simms will review your financial condition and explain the alternatives to help you determine if Chapter 13 Bankruptcy is the right choice for you. Our Orlando Bankruptcy office is open during weekly office hours. We also offer evening and weekend hours. Contact us today for a consultation.