Chapter 13 – Also known as a debt adjustment or wage earner’s plan, Chapter 13 allows you to negotiate and adjust your debts so that you can comfortably pay them off over a three or five-year period. Chapter 13 has the advantage of bringing all your creditors together in one place and dealing with one payment rather than several. Creditors must submit to an approved plan and cannot continue to harass you for other payment.
Chapter 13 also has the added benefit of stopping a home foreclosure in its tracks. Even if you are in default on your mortgage and foreclosure proceedings have begun, Chapter 13 allows you to catch up any missed payments by rolling them into your three or five-year payment plan. As long as you stay current on your monthly payments, the bank can no longer take your home.
Trusted Bankruptcy Attorney
Our Florida bankruptcy representation covers all aspects of the Chapter 7 or Chapter 13 bankruptcy process, including:
- Advising clients on their options
- Preparing and filing all petitions and schedules
- Preparing clients for section 341 Meetings
- Preparing pleadings, orders, and amended and modified plans
- Managing cases, retaining appointments, reviewing documents, and following up with clients.
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.
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“Ms Secor and Sam were with me during a very dark time. They helped me through a mess I made by trying to do this on my own. She was extremely knowledgeable and had my best interest in mind. Thank you very much!!!”