Caroline Secor PA

Chapter 13 Bankruptcy Oldsmar

Chapter 13 bankruptcy offers both individuals and small sole proprietorships a legal option for eliminating debt and obtaining a fresh start with their finances.  A different type of bankruptcy from Chapter 7 or Chapter 11, Chapter 13 bankruptcy is also known as the bankruptcy plan for wage earners.  It allows debtors with regular income to adjust their debts, keep their property, and repay their creditors for their debt over a time period usually ranging from three to five years.

Reorganization and debt adjustment

Similar to Chapter 11 business bankruptcy whereby businesses in debt employ a means of reorganization to manage their finances and pay back their debt, Chapter 13 bankruptcy also involves a repayment plan developed by the debtor to repay all or part of his or her debts in installments. 

Benefits of Chapter 13 bankruptcy

A Chapter 13 bankruptcy is beneficial because by consolidating all debts into single monthly payments, the debtor can keep his or her assets rather than lose them through liquidation, as in Chapter 7 bankruptcy.  In particular, Chapter 13 offers debtors a chance to save their homes from foreclosure.  Additionally, if the value of a second mortgage on your homestead property falls below the first mortgage, you may be able to eliminate the second mortgage through Chapter 13.  Finally, Chapter 13 bankruptcy under bankruptcy law may result in lower payments for secured debts and also includes a provision protecting third parties—such as co-signers who share liability with the debtor on certain consumer debts.


Carolyn Secor


The federal government passed new bankruptcy reform legislation in October 2005. However, don't be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.




"Serving Pinellas, Pasco, and Hillsborough Counties."

Carolyn Secor, Attorney at Law
Bankruptcy Attorney Tampa Bay Florida
Florida Law Firm with Offices in
Clearwater (Main Office) Tampa St. Petersburg Port Richey
Phone:  1-727-254-1704

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

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