Chapter 13 Bankruptcy

Is Ft Lauderdale Chapter 13 Bankruptcy Right For Me?

In Broward County, Chapter 7 bankruptcy is the bankruptcy chapter that everyone has heard about at one time or another. But for many people, filing a Ft Lauderdale Chapter 13 bankruptcy is a much better option. I often refer to Chapter 13 as a Chapter 7 with a payment plan. What does that mean?

When you file a Chapter 7 bankruptcy, you immediately wipe out most of your debt once the case is closed and you receive an Order of Discharge. But in exchange for the quick elimination of your debt, you must give up any personal assets you own that can’t be protected any of Florida’s exemption law. Although many people love the quick and easy part of Chapter 7 bankruptcy – sometimes they either can’t afford to give up a car or don’t want to part with other personal property that couldn’t be protected. The best of both worlds is a Ft Lauderdale Chapter 13 bankruptcy!

In a Chapter 13, the same rules apply as in a Chapter 7 bankruptcy. The creditors get the monetary benefit of any unprotected property that you own. The difference is that Chapter 13 bankruptcy gives you three to five year to pay the value of that property to the trustee (who will then distribute it to the creditors). In a Chapter 7 bankruptcy, you do not get a payment plan. The Chapter 7 trustee will require you to pay him/her the full value in a lump sum or you will lose the property. Now, most of my clients don’t have a chunk of change lying around to pay trustees but they still want to keep their stuff – so we file Chapter 13 and get the best of both worlds. Another great benefit of Chapter 13 is that it only stays on your credit report for seven years. A Chapter 7 stays on your credit report for ten years.

If you are running from the repo man or have a foreclosure sale date circled on your calendar, Chapter 13 bankruptcy is the only way that you can stop the foreclosure sale and save your house. You can keep your home by spreading out all of your missed payments over the term of your bankruptcy payment plan plus keep current on your mortgage. Chapter 13 bankruptcy will also stop HOA and Condominium Association foreclosure sales and car repossessions. You can catch up on all delinquent payments over the span of your Chapter 13 bankruptcy plan while also getting rid of your unsecured credit card debt! If you have IRS tax problems, Chapter 13 will also allow you to either eliminate old IRS debt if all the criteria is met, or it will stop the interest and penalties from accruing while you pay it off through your Chapter 13 payment plan. Chapter 13 bankruptcy is a powerful tool to get back on your feet without losing what you’ve worked so hard to acquire.

The Chapter 13 Bankruptcy Repayment Plan in Fort Lauderdale

So a question that I often get is “who decides what you have to pay monthly?” When we file a Chapter 13 bankruptcy, we have to file a proposed repayment plan with the court. The plan must pay all debts that are required to be paid (IRS debt, delinquent child support, Department of Revenue debt, etc) and all debts for secured property that you want to keep such as your home and car. You must also pay a portion to unsecured creditors that is usually the greater of: 1) the disposable income on your means test; 2) the value of any unprotected property that you are keeping; or 3) whatever money you have left over at the end of the month after all of your necessary household expenses. The Chapter 13 plan will also include any bankruptcy attorney fees that are outstanding and the trustee’s fee for administering the plan.

Debts That Are Discharged In Ft Lauderdale Chapter 13 Bankruptcy

For the most part, all unsecured debt that is owed for credit cards, medical bills, lawsuit judgments, deficiency judgments on a repossessed car – any unsecured debt whatsoever – will be discharged in a Chapter 13 bankruptcy. If we strip a second mortgage off your home or cram your car’s balance down to what the car is worth today, the secured debt that is stripped becomes unsecured debt and is also eliminated once you complete your Chapter 13 payment plan.

Debts That Are Not Discharged In Fort Lauderdale Chapter 13 Bankrutpcy
Debts that will not be discharged in a Chapter 13 bankruptcy are:
• any debts that you fail to list in your bankruptcy petition
• any court ordered fines, fees and restitution
• any domestic support obligations such as child support and alimony
• sorry….student loans are not discharged regardless of what the bankruptcy code suggests (with rare exceptions)
• any IRS taxes within the past 3 years
• any IRS taxes for years that you didn’t file a return
• any debt or court judgment for causing injury or death as a result of willful/malicious acts caused while under the influence

Can Anyone File Chapter 13?

You can only file Chapter 13 if you have a steady form of income that will allow you to maintain your household expenses and cover the Chapter 13 payments. Those that don’t qualify for Chapter 7 bankruptcy will have to file Chapter . Many people who have a choice decide to file under Chapter 7 bankruptcy but there are situations when Chapter 13 will be the better option.

Looking For A Bankruptcy Attorney Near You?

The Bankruptcy Law Firm of Orfelia Mayor is a debt relief agency in Broward County that loves what they do! We help people file for bankruptcy under the bankruptcy code. Make our day by letting us help you stop wage garnishment, stop foreclosure sales, stop car repos and just get you back into loving life! Your creditors have lawyers on their side – shouldn’t you have a lawyer too?

Contact us today for a no-charge, no-obligation bankruptcy consultation throughout Broward and Palm Beach County. We happily service clients in: Broward County including Oakland Park, Cooper City, Coral Springs, Miramar, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Hallandale Beach, Hollywood, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Weston, North Lauderdale, Coconut Creek, Parkland, Pembroke Pines, Plantation, Pompano Beach, Sunrise, Tamarac, West Park, Weston. In Palm Beach, we serve clients in Boca Raton, Lake Worth, West Palm Beach, Lantana, Boynton Beach, and all cities in Palm Beach County.

Ask About Our Affordable Payment Plans and Zero-Money-Down Bankruptcy.

Just a quick note about the main thing on everyone’s minds when they are thinking about bankruptcy. You’re looking for a cheap bankruptcy attorney near you but you should be looking for an experienced and affordable bankruptcy attorney near you instead. We make bankruptcy affordable in Broward County.

When Your Debt Relief Can't Wait - We Can Wait For Our Attorney Fees!


How Zero Money Down Bankruptcy Works For You

While the majority of our clients prefer to make regular payments towards a bankruptcy before they file so they can get discounted attorney fees, some clients need to file right away to stop a wage garnishment, car repo or foreclosure sale. Those clients prefer to take advantage of our $0-down-payment bankruptcy option.

We can tell you more about it during your free bankruptcy consultation but to sum it up briefly, it works like this: Once you sign a retainer agreement, you only pay the costs of filing your case (approximately $485) and all of your attorney fees are paid after we file your case. This option does not get a discount on attorney fees but it does allow you to file an emergency bankruptcy petition so we can stop whatever debt collector that is threatening to take your property or garnish your paycheck. Of course, you can also take advantage of our zero-down-bankruptcy option if you do not have a bankruptcy emergency. It’s up to you. I do promise that we have a payment option that fits your budget and your situation. Make an appointment at our Cooper City bankruptcy office today! No matter where you live in Broward County, we are a bankruptcy attorney near you!
Client Reviews
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"Orfelia Mayor is that rare combination of integrity and compassion in an attorney. I think she does as much counseling as she gives legal advice. I turned to her during a very difficult time in my life. I could never have imagined that I would ever have to file for bankruptcy. She listened to all of my concerns and fears and put me at ease during our consultations. She is very knowledgable and extremely professional..." Olga
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"Ms. Mayor clarified our concerns and we had no qualms about bringing our case to her. She is knowledgeable, professional, diligent and caring. She treats her clients with special care. I cannot say enough about this firm. She is our secret weapon...always there to battle on our behalf." Dorcas
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“...She explained everything to me with a lot of patience and listened to what I was worried about. Everything went exactly as she said it would and I am not worry free, debt free and already have credit cards again. I got rid of about $50,000 in debt for a SMALL fraction of that amount, THANK YOU!” Magaly
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“Attorney Orfelia Maria Mayor is one of the most excellent Bankruptcy attorney's here is Florida and works above and beyond these criteria’s. Throughout the process, she explained all the necessary steps and documents required and answer all “crucial personal ” questions advising on how to proceed to the best of my interest...“ Melinda
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