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.”
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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.
A Healthy Firm Culture
When our employees are happy to come to work, we know that they are capable of overcoming any challenge on behalf of our clients.
Service Tailored to Your Needs
We sincerely care about each and every one of our clients and refuse to treat them like a case file to be passed from person to person.
Communication You Can Count On
We believe that our clients deserve clear and consistent communication every step of the way, without any unnecessary "legalese."
A Culture of Philanthropy
In order to give back to our community, each employee at our firm is granted the opportunity to sponsor a charitable cause of their choosing.
Experience & Passion on Your Side
Our dedicated team of lawyers, paralegals, assistants, & staff have been fighting on behalf of our clients since 1998.
Our firm is singularly focused on our clients and will stop at nothing to fight for the future that they deserve. Let our attorneys fight for your future next.