Should I file a Chapter 13 Bankruptcy?
When you file for consumer bankruptcy in Florida, you do so by filing a Chapter 7 or Chapter 13 bankruptcy. Each chapter has its own benefits, drawbacks and eligibility requirements.
If you are concerned about losing your home or having to give up other assets, filing a Chapter 13 bankruptcy may make the most sense for you.
Advantages of a Chapter 13 bankruptcy
One of the main reasons people who qualify for a Chapter 7 file a Chapter 13 is because they are facing losing their home or other valuable assets. Filing a Chapter 13 can stop the foreclosure of your home, stop the court order sale of your home and give you time to catch up on the arrearages. Keep in mind that you will need to pay the mortgage while in the bankruptcy. You will agree to make the mortgage payments as part of your payment plan in the bankruptcy. The good news is that once you file, you don't have to speak to creditors. It takes longer for your debts to be discharged, but you also are given more time to get caught up on the secured debt for assets that you want to keep. Alson, if you own more than one home, you will not have to surrender it in a Chapter 13.
Eligibility for a Chapter 13 bankruptcy
There are requirements that must be met for a Chapter 13. First, you must have a regular income. Second, there are required amounts of debt that you must have. We can help you decide whether a Chapter 13 bankruptcy is right for you.
There are many different factors that will help you decide which chapter of bankruptcy is best for you. For more information about bankruptcy, please give us a call at (321) 690-2363.