Chapter 13 bankruptcy is a court supervised payment plan where the debtors’ pays their unsecured creditors what they (debtors) can afford to pay based upon their family income and their reasonable family expenses. Chapter 13 bankruptcy have two basic elements in them the first being that the concerned debtors must pay through their Chapter 13 bankruptcy plan to their unsecured creditors all of their (debtors) disposable family income until their creditors are paid in full or for five years, whichever comes first. Secondly, the debtors’ must pay their unsecured creditors’ at least as much as they would receive from their (debtors’) non-exempt property if the concerned debtors’ have filed a Chapter 7 bankruptcy. Chapter 13 has certain merits over Chapter 7 bankruptcy. For instance, Chapter 13 bankruptcy permits debtors to modify or eliminate some secured debts. Chapter 13 will stop foreclosure so that debtors can catch up with past due mortgage payments. Any unsecured mortgage liens can be eliminated through a successful Chapter 13 and in addition, Chapter 13 permits discharge of some unsecured debts not dischargeable under Chapter 7. A debtor can file Chapter 13 in Florida through Chapter 13 bankruptcy lawyer FL bankruptcy court if the concerned debtor is qualified to file for bankruptcy in Florida. To be continued ……… Hire for bankruptcy under Chapter 13 Bankruptcy Lawyer FL
Chapter 13 has initiated debt limits of $360,475 for unsecured debts and $1,081,400 for secured debts. Some of the unsecured debts include the following ones: ---Personal loans, medical bills, credit cards issued by the banks (such as Visa, American Express, Discover, or Master Card). ---Credit cards used to purchase consumable items such as food, clothing’s, vacations etc. Secured debts on the other hand are those debts where the creditor has a security interest in the concerned debtor’s property to guarantee payment and these include mortgages, car loans, and loans from finance companies, (that is secured by household items), furniture, computers, or any other electronic items. To be continued ……… Hire for bankruptcy under Chapter 13 Bankruptcy Lawyer FL
Hire for bankruptcy under Chapter 13 Bankruptcy Lawyer FL • The concerned debtor can approach a competent Chapter 13 bankruptcy lawyer, FL for filing of the Chapter 13 bankruptcy petition so that an automatic stay commences immediately upon filing of the Chapter 13 bankruptcy. The stay prohibits the commencement or continuation of creditors’ judicial proceeding against their debtors as well as all their (creditors) collection efforts. The stay under Chapter 13 acts like a shield between the debtors’ and their creditors during the Chapter 13 bankruptcy. The court will not lift the stay if the concerned debtor is a defendant in a foreclosure and is making mortgage payments through his/her Chapter 13 plan.