Florida Chapter 13 Bankruptcy Lawyers

Is Chapter 13 Right for You?

The decision to file bankruptcy is never easy and during this time most people are met with a high level of uncertainty. Most bankruptcies filed in the United States are either Chapter 7 or Chapter 13 cases. Determining which one is right for you is based on a variety of factors, including assets, debts, income level, and your financial goals. Meeting with an experienced bankruptcy attorney will help you determine which one is right for you.

What Is Chapter 13 Bankruptcy?

Chapter 13 is a reorganization bankruptcy designed for individuals with a steady income that can pay back at least a portion of their debts through a repayment plan. People who don’t qualify for a Chapter 7 often qualify for Chapter 13 bankruptcy. If your income is irregular or too low, it may not be feasible to file for Chapter 13. In Chapter 13, you get to keep all of your property, including nonexempt assets. In turn, you pay back a percentage of your debts through a repayment plan.

Did you know, filing for Chapter 13 bankruptcy:

• Will stop almost any lawsuit (including the foreclosure process) in its tracks
• Will stop your wages from being garnished
• Will stop creditor harassment
• May provide an opportunity to obtain a mortgage modification
• Allows for one monthly payment to the trustee (only what you can afford)
• Can discharge your debts (a fraction of what was initially owed)

Learn more by downloading our eBook, What Are the Benefits of Filing for Bankruptcy?

“Was recommended to Dellutri by another firm and I was not let down. From the consultation to post filing my case, the entire staff have been diligent in getting me where I need to be or answering my questions. Carmen Dellutri is a delight to be around, EXTREMELY knowledgeable and makes one comfortable in a stressful situation. If I, or anyone I know ever needs a bankruptcy lawyer, Dellutri will always be the #1 choice.”
-A.A.

Read more of our success stories by clicking here.

The Chapter 13 Reorganization Plan

The most important part of your Chapter 13 paperwork will be the reorganization plan. Your reorganization plan will demonstrate to the court, the Chapter 13 bankruptcy trustee, and your creditors how you will resolve your debts.

In bankruptcy, we deal with three classes of debts:

• Unsecured priority
• Secured non-priority
• Unsecured non-priority

Unsecured priority debts must be paid over the life of the Chapter 13 plan. Priority claims include—but are not limited to—alimony, child support, and some tax debts.

Next you have secured creditors. Secured creditors hold collateral to make sure the loan is repaid. If you don’t make your car payment, your lender can repossess your car. If you don’t pay your mortgage payment, your lender can foreclose on your home. In bankruptcy, the rules are pretty simple, if you want to keep it, you have to demonstrate that you can pay for it. If you want to surrender it, surrender it and walk away from it.

Lastly, the third category of creditors is the unsecured non-priority creditors. These creditors consist of medical bills, personal loans, credit cards, etc. They are at the bottom of the list when it comes to creditors. If any creditors are NOT going to get paid, these are the first ones on the chopping block. They have no collateral to secure their loans, so they have a very weak position in bankruptcy court.

However, each Chapter 13 plan must deal with each category of debts a consumer has and must be in conformity with the bankruptcy code.

Hiring the Dellutri Law Group for a Chapter 13 Bankruptcy

Have questions about how The Dellutri Law Group, PA will handle your Chapter 13 case? Great! We love that you asked!

At The Dellutri Law Group, PA we know that the stress leading up to a bankruptcy filing can be overwhelming and that your road to financial freedom should be as smooth as possible, which is why our Chapter 13 team is dedicated to walking you through the entire bankruptcy process.

Meet your bankruptcy team here!