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Chapter 13

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Chapter 7

Chapter 13

Automatic Stay

Chapter 13 “Reorganization” Bankruptcy

Unlike the liquidation of Chapter 7 bankruptcy, Chapter 13 bankruptcy, also called a “wage earners plan” or “reorganization bankruptcy,” allows a filer the chance to consolidate their debts into manageable payments over a period of three to five years. This method allows the filer to reorganize and make repayments towards a debt so that they can potentially avoid foreclosure and/or repossession.

If you have fallen behind on your mortgage or are receiving foreclosure notices, Chapter 13 bankruptcy may be the best option for you. Once you file, you will benefit from the protection of an automatic stay, which stops foreclosure proceedings as well as debt collection actions against you while your case is pending.

Who is Eligible for Chapter 13 Bankruptcy?

While you are not required to pass a bankruptcy “means test” to be eligible to file for Chapter 13 bankruptcy, you will still need to show the court that you possess the income necessary to fund your repayment plan.

Income from any of the following sources may be used to fund your repayment plan:

  • Job wages
  • Social Security or disability benefits
  • Income from self-employment
  • Workers’ compensation benefits
  • Proceeds from the sale of property
  • Spousal or child support
  • Welfare or unemployment benefits

Under Chapter 13, an individual will end up repaying all or part of their debts. He or she will only have to make one consolidated payment to their trustee each month, which means they will not have any contact with creditors while under Chapter 13 protection.

An individual is eligible to file under Chapter 13 as long as their total unsecured debts are less than $383,175 and their secured debts are less than $1,149,525.

Call Today to Schedule a Free Case Evaluation

If you are struggling to keep up with your debts, the time is now to contact a St. Petersburg bankruptcy lawyer at Boss Law. We are prepared to review your case for free and determine whether bankruptcy or some other debt relief option, including debt settlement, is best for you. With more than a decade of experience helping people regain their financial footing in Central Florida, you can be confident entrusting us with your case. When you choose to work with Boss Law, we will guide you through the bankruptcy process, answer any questions you may have, and protect your best interests.

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