Understanding Chapter 13 Bankruptcy
Chapter 13 Bankruptcy in Florida
Proudly Serving Florida Residents for 20+ Years
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 repayment schedule. Chapter 13 bankruptcies last between three to five years.
Why Choose My Chapter 13 Bankruptcy Firm?
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 do not hesitate to find out how I can help you achieve a financial fresh start.
Call 352.379.2828 for your FREE consult with Barbara Cusumano, Attorney at Law! Barbara represents clients in Gainesville, Ocala and all of North Central Florida. We are here for you!
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 or if you are behind on your home mortgage payments, 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 certain limits. Unsecured debt includes debts that do not involve physical security or collateral—such as medical bills, garnishments, and credit card debt.
- Your secured debt exceeds certain limits. 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 filed your tax returns.
- 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 a Skilled Bankruptcy Lawyer
There are 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, Chapter 13 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, serving North Central Florida. Set up an appointment for a free and confidential consultation with me at my Gainesville office or via a phone conference or video chat.