Chapter 13 Bankruptcy
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.
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
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.
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.
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!
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