American Bankruptcy Institute

Fort Lauderdale Chapter 13 Bankruptcy Attorney

Chapter 13

For some, Chapter 13 is a better solution than Chapter 7 bankruptcy because it allows them to keep more assets. For those who do not qualify for Chapter 7, Chapter 13 may be the only option.

Through this type of bankruptcy, individuals burdened by overwhelming debt can develop a plan to repay a portion of their debt over a three- to five-year period. At the end of that period, any remaining debt will be discharged — that is, permanently wiped away.

Make Affordable Monthly Payments While Keeping Your Property The plan sets out affordable monthly payments based on your income and expenses.

As a practical matter, those who complete the payment plan generally end up paying back much less than they owed — sometimes as little as 10 cents on the dollar.

A key distinction between this type of bankruptcy and Chapter 7 is that, unlike in Chapter 7, you will retain possession and control over your assets. The role of the trustee is simply to collect monthly payments.

Stop Foreclosure And Strip Your Second Mortgage

Bankruptcy is a powerful financial tool for obtaining financial help. Depending on your situation, Chapter 13 can potentially offer numerous benefits, such as:

  • You may be able to keep your home, for example through a Chapter 13 loan modification
  • Any foreclosure proceedings will immediately halt
  • Creditors can no longer harass you
  • Repossession efforts will stop
  • Wage garnishment will immediately cease
  • You can often strip the second mortgage on your home
  • Court appearances are minimal

If your home mortgage is underwater, and you have a second mortgage or home equity line of credit, you can "strip" the second mortgage and incorporate it into the payment plan. At the end of the plan, the entire remaining amount you owe will be permanently erased.

Who Can Qualify?

To qualify, you must earn regular income. Additionally, there are limits on how much debt you can have. If you have more than about $1 million in secured debt, or about $360,000 in unsecured debt, you will not be eligible for Chapter 13.

Learn How Our Coral Springs Foreclosure Defense Lawyers Can Help

To learn more, contact the Fort Lauderdale, Florida, Chapter 13 bankruptcy lawyers at the Bankruptcy Law Firm of Clare Casas. Call us at 954-327-5700 or contact us online. Our attorneys offer free initial consultations.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Client Reviews
Clare and all of her staff are truly amazing. Very thorough and always there for you through this difficult time. I recommend her for your bankruptcy needs. Don't go anywhere else. Andrea S.
Clare and her staff are truly amazing!! My case was prepared and closed in less than 4 months. It was a lot of work, but they helped me through it all. If you need help and guidance Attorney Clare Casas is the number one choice!! Val S.
Attorney Clare Casas and her staff were not only professional and effective during my case they were also kind and understanding. If you're considering or need an attorney for financial matters, I highly recommend contacting this office first. You'll be glad you did! R.J. T.