Bankruptcy - Chapter 13

Miami Chapter 13 Bankruptcy Attorney

What is Chapter 13 Bankruptcy?

Bankruptcy offers individuals the chance to obtain a fresh financial start. How quickly they can get that start depends on which type of bankruptcy they file: Chapter 7 or Chapter 13. The compassionate and knowledgeable bankruptcy lawyers at Seltzer Mayberg, LLC, help individuals explore their debt relief options and guide them toward the best solution for their unique situations and needs. We are happy for the opportunity to do the same for you.

The Basics of Chapter 13

Whereas Chapter 7 bankruptcy, also known as liquidation bankruptcy, completely eliminates most types of unsecured debts, Chapter 13 restructures obligations to make it easier for debtors to repay them. At the beginning of the bankruptcy, the debtor will propose a repayment plan that details how much he or she can afford to pay creditors each month. If the judge approves the arrangement, the debtor will make payments to the bankruptcy trustee each month for a period of between three and five years. The trustee decides how to distribute the funds to creditors and which of them take priority. After the bankruptcy term is up, the judge will discharge any remaining debt.

The Benefits of Chapter 13

While some people want to be debt-free right away, there is ample reward in remaining patient and going the repayment route. The top benefits of electing to file for Chapter 13 over Chapter 7 are as follows:

  • • Stop foreclosure and keep your home
  • • Stop wage garnishments, collection calls and lawsuits
  • • Eliminate second mortgages
  • • Eliminate most debt
  • • Repair your credit quicker

To ensure the success of your Chapter 13, it is important that you work with an attorney to devise a fair repayment schedule that you can feasibly handle.

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Contact an Experienced Bankruptcy Lawyer

The right bankruptcy attorney can go a long way toward ensuring the success of your case and to put your mind at ease. If you are swimming in debt and want to get above water without losing your home and other assets, call the team at Seltzer Mayberg, LLC, at 305-444-1565 to see if Chapter 13 is right for you.

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