Florida Chapter 13 Bankruptcy Lawyers Establish Debt Repayment Plans
Knowledgeable Boca Raton attorneys work to halt collection actions
Even people earning a steady income can find themselves in a position where they just cannot meet their financial obligations. In a time when many rely on each paycheck to cover basic needs, it may only take a medical problem, home repair, divorce or temporary job loss to create a debt burden that can’t be relieved without some help. Shapiro, Blasi, Wasserman & Hermann in Boca Raton gives South Florida clients the chance to resolve their money problems in a manageable way through Chapter 13 bankruptcy. Under this program, you can stop the persistent contacts from creditors and create a fair repayment plan that lets you pay what you owe over a period of three to five years. Don’t be misled into thinking that bankruptcy cannot benefit working people. Our accomplished lawyers can develop a solution that’s right for you.
Effective advocates help wage earners tackle financial challenges
With 50 years of combined experience, our firm’s bankruptcy attorneys can guide you through every step of a Chapter 13 proceeding, starting with a free initial consultation. By taking a personalized approach to each client’s debt problems, we offer practical counsel on:
- Potential advantages — As in Chapter 7 and Chapter 11 bankruptcies, filing under Chapter 13 means that the court will enter an automatic stay that stops collectors from contacting you or seeking further payment until the court issues an order. However, people seeking Chapter 13 protection do not have to liquidate their assets to satisfy their obligations to creditors.
- Secured and unsecured assets — When constructing an appropriate repayment plan for the court’s approval, we’ll look at secured assets, such as mortgages and car loans, where your creditor has the ability to seize property in the event of nonpayment, as well as unsecured assets, including credit card debt. To be eligible for a Chapter 13 repayment plan, the amount of secured and unsecured debt must not exceed certain limits. In 2018, the unsecured debt limit was just under $400,000, and the secured debt was slightly more than $1.18 million.
- Following your repayment plan — After setting aside money for necessities, the payment plan calls for disposable funds to be directed to creditors through payroll deduction or payment to the bankruptcy trustee. In some instances, lowering interest rates or lengthening payment periods might be all the relief that is required. Chapter 13 plans last for three to five years. If the filer satisfies the obligations in the plan for the entire term, remaining debts are discharged. We assist with any concerns that arise and can handle requests for hardship discharges if unforeseen problems prevent you from meeting the plan’s requirements.
From the initial petition through the confirmation and beyond, our firm is committed to securing the legal protection you need to stop collection harassment and regain financial stability.
Contact a thorough South Florida Chapter 13 bankruptcy attorney for a free consultation
Shapiro, Blasi, Wasserman & Hermann assists South Florida clients seeking to relieve their debt burden through Chapter 13 bankruptcy. Please call 561-477-7800 or contact us online to schedule a free consultation at our office in Boca Raton.