Everyone experiences phases with a temporary gap in income; but by the time you’ve gotten yourself together, the high interest rates, the late fees and overdue payments have piled up. Often, it seems impossible to recover. Filing for Chapter 13 bankruptcy is a legal option that lets you get a structured debt repayment plan. Going this route can also help you stop foreclosure proceedings, retain over-exempt assets, and even discharge certain debts. A Chapter 13 Fort Lauderdale bankruptcy attorney can help you navigate through the whole process to ease your transition into your debt recovery.
Unlike Chapter 7, Chapter 13 bankruptcy doesn’t involve the liquidation of assets. Chapter 13 bankruptcy restructures your debts and provides an affordable repayment plan over a three to five year period, depending on your income and ability to pay. Any debts remaining at the end of the Chapter 13 repayment plan are discharged, just like in Chapter 7. Chapter 13 also stops home foreclosure, eviction, wage garnishment, reposses-sions and the continuous harassment by creditors.
Take control of your debts and your life – but always proceed with caution. Each bankruptcy case is unique, and it’s important to understand how and why Chapter 13 is the best option for you. If you qualify for Chapter 13 bankruptcy, our husband and wife team of bankruptcy lawyers is ready to help you every step of the way. From determining your budget to the protection of certain assets and the discharge of debts, we’re here for you throughout the entire process. Depending on assets and income, you could pay as little as $100 per month, while receiving full discharge of remaining debts at the end of your plan. And unlike Chapter 7, you re-main in full control of your assets when filing Chapter 13. Interested in learning more? Contact our office for a free case evaluation.
Christian and Lisa McCue are law graduates of the Nova Southeastern University, with over forty years of combined experience in handling legal affairs of others, especially in the most difficult areas of finance: Personal bankruptcies, mortgages, foreclosures, and corporate liquidation.
As a married couple, we understand the challenges that financial hardship can present for families. We focus on providing not only competent legal support, but also on helping you manage the emotional upheaval by taking the bulk of the burden off your shoulders.Read More About Christian and Lisa McCue
Bankruptcy is a legal option that people or businesses to eliminate debts they are unable to repay. Through bankruptcy, debtors can either discharge the majority of their debts, or create a structured payment plan to repay some or all of the debt.
People who file for bankruptcy normally file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. In Chapter 7, most debts are discharged and some assets might be liquidated to cover debts. Chapter 13, on the other hand, restructures your debts into an affordable monthly repayment plan. At the end of the plan, the remaining debts are discharged.
There is no common answer as each bankruptcy case is unique. There are different factors at play such as the types of debt you are dealing with, the assets you want to keep, and your ability to generate income and pay your debts. Generally, however, if you have minimal as-sets and low income, Chapter 7 is probably the better option. If you have assets you want to protect, and your income demonstrates an ability to repay some or all of your debt, then Chapter 13 may be the best option. Either way, it is better to consult with an experi-enced Florida bankruptcy lawyer at The McCue Law Firm, before taking any action.
Want to learn if foreclosure defense or bankruptcy is the best option for you? Get started with your free case evaluation by filling out the form below.