Understanding Chapter 13 Bankruptcy

Chapter 13 Bankruptcy in Florida

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Chapter 13 bankruptcy allows you to escape an oppressive financial situation by giving you the opportunity to reorganize your debts without losing your property to your creditors. In this process, you can arrange a new repayment schedule that is manageable for you — usually allowing you to secure financial stability in a matter of three or five years.

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This form of bankruptcy will allow you to keep your home and assets and provide you with the added time you need to catch up on your loan payments, while potentially allowing you to reduce or even totally eliminate some of your debt. It is a complex process, however, one that I have the experience and dedication to guide you through. Please don't hesitate to find out how I can help you reach your fresh start.

Call (352) 379-2828 for your FREE consult with Barbara Cusumano, Attorney at Law!

Am I Eligible for Chapter 13 Bankruptcy?

Even if you didn't pass the means test to qualify for Chapter 7 bankruptcy because of too much disposable income, it is likely you will still be eligible to file under Chapter 13. There are only a few limitations.

You may not be eligible for Chapter 13 bankruptcy if:

  • You are a business. Only individuals and couples who file jointly are eligible for Chapter 13 bankruptcy. Companies can file for business bankruptcy under Chapter 11.
  • You filed for Chapter 7 bankruptcy within the last 4 years. You will be ineligible for Chapter 13 bankruptcy if you recently filed under Chapter 7.
  • You filed for Chapter 13 bankruptcy within the last 2 years. You cannot file Chapter 13 bankruptcy twice within a 2-year time period.
  • Your unsecured debt exceeds $336,900. Unsecured debt includes debts that do not involve physical security or collateral — such as medical bills, garnishments, and credit card debt. You may be eligible for Chapter 7 bankruptcy if your unsecured debt exceeds this amount.
  • Your secured debt exceeds $1,010,650. Secured debts include mortgages and car loans. In a secured debt, your creditor could take the security property if you are unable to pay your loan back. If your secured debt is in excess of this amount, you may be eligible to discharge your debt in a Chapter 7 bankruptcy.
  • You have not paid your income taxes. If you did not pay your taxes within the last 4 years, you will not be eligible to file Chapter 13.
  • Your income isn't high enough to pay back some loans. If your income is too low, you will not be able to file reorganization bankruptcy, but may be eligible to discharge your debts by filing under Chapter 7.

Travel the Road to Financial Freedom with Professional Help

There are a few other restrictions on who may and who may not file for Chapter 13 bankruptcy. As a Gainesville bankruptcy attorney with 20+ years of experience, I understand the U.S. Bankruptcy Code and have helped thousands of my clients discover the debt relief option that is right for them. For many people, reorganization bankruptcy is a viable option that allows them to get back on their feet after financial hardship.

If you have questions, don't hesitate to call my Florida bankruptcy law firm today to set up an appointment for a free and confidential consultation with me at my Gainesville or Lake City offices.

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