Skip to main content

Orlando Chapter 13 Bankruptcy Lawyer

Chapter 13 Bankruptcy in Florida: Your Path to Financial Reorganization

Are you a Florida resident facing financial challenges but determined to keep your home and other assets? Chapter 13 bankruptcy could be your lifeline. Designed for individuals with regular income who want to repay their debts over time, Chapter 13 offers a structured path to regain control of your finances.

How Chapter 13 Bankruptcy Works in Florida: A Step-by-Step Guide

Chapter 13 bankruptcy in Florida provides a structured and manageable path to financial recovery for individuals who have regular income but are struggling with debt. Here’s a detailed breakdown of the process:

Initial Consultation:

The first step is to consult with an experienced Florida bankruptcy attorney. During this consultation, I will assess your financial situation, discuss your goals, and determine if Chapter 13 is the right option for you.

Gathering Financial Information:

As your lawyer, I will need detailed information about your income, expenses, assets, and debts. This information will be used to create your bankruptcy petition and repayment plan.

Filing the Petition:

I will prepare and file your bankruptcy petition with the bankruptcy court. This petition will initiate the Chapter 13 process and trigger an automatic stay, halting creditor actions against you.

Developing the Repayment Plan:

Working with you, we’ll create a detailed repayment plan that outlines how your disposable income will be distributed to your creditors over three to five years. This plan will be based on your income, expenses, and the types of debts you owe.

341 Meeting of Creditors:

Approximately 30-45 days after filing, you’ll attend a 341 meeting of creditors. This meeting is typically brief and allows your creditors to ask questions about your plan. It is usually a formality, and most creditors do not attend.

Confirmation Hearing:

After the 341 meeting, the court will hold a confirmation hearing to review and approve your repayment plan. I will represent you at this hearing and address any objections raised by your creditors or the bankruptcy trustee.

Making Payments:

Once your plan is confirmed, you’ll begin making monthly payments to the bankruptcy trustee, who will then distribute the funds to your creditors according to the terms of your plan.

Completing Your Plan:

If you successfully complete your repayment plan, making all required payments on time, you’ll receive a discharge of your remaining dischargeable debts. This means you’ll no longer be legally obligated to repay those debts.

Rebuilding Your Credit:

Chapter 13 bankruptcy can provide a fresh start for your finances and an opportunity to rebuild your credit. By making timely payments under your plan, you can demonstrate responsible financial behavior and improve your credit score over time.

Key Considerations for Florida Residents

Florida’s Homestead Exemption:

This powerful exemption can protect your primary residence from creditors, regardless of equity. It’s a significant benefit for Florida homeowners considering Chapter 13.

State Median Income:

Florida’s relatively high median income levels may make it easier for residents to qualify for Chapter 13, as the means test compares your income to the state median.

Experienced Attorney:

Choosing an attorney well-versed in Florida bankruptcy laws is crucial to navigate the process successfully and maximize your benefits.

By understanding the Chapter 13 process and leveraging Florida’s unique advantages, you can create a sustainable path to financial recovery and a brighter future. Remember, guidance from a qualified attorney is essential to ensure the best possible outcome.

Benefits of Chapter 13 Bankruptcy in Florida

Save Your Home:

In Florida, if you’re facing foreclosure due to missed mortgage payments, Chapter 13 bankruptcy can be a powerful tool. By filing for Chapter 13, you can immediately halt the foreclosure process and create a repayment plan that allows you to catch up on those missed payments over a period of three to five years. This plan, approved by the court, incorporates your past-due mortgage payments into manageable monthly installments, effectively saving your home from foreclosure. Additionally, in some cases, you may even be able to reduce your overall mortgage debt through a process called lien stripping.

Protect Your Assets:

Florida’s bankruptcy exemptions are among the most generous in the nation, providing a substantial shield for your valuable assets. These exemptions can safeguard your home under the homestead exemption, regardless of the amount of equity you hold. Your car, personal property like furniture and appliances, retirement accounts, and even some luxury items may be fully or partially exempt, depending on their value. This means you can rebuild your financial life without sacrificing your most valuable possessions.

Stop Creditor Harassment:

Filing for Chapter 13 bankruptcy triggers an automatic stay, which acts as a legal barrier between you and your creditors. This stay immediately halts all collection activities, including phone calls, letters, lawsuits, wage garnishments, and repossessions. With the pressure of creditors lifted, you can focus on regaining control of your finances and creating a sustainable repayment plan.

Reorganize Your Debts:

Chapter 13 allows you to streamline your unsecured debts, such as credit card balances, medical bills, and personal loans, into a single, affordable monthly payment. This consolidated payment is often at a lower interest rate than your original debts, making it easier to manage and repay over time. This reorganization not only simplifies your finances but also helps you save money on interest payments, freeing up resources for other essential needs.

Deal with Non-Dischargeable Debts:

While Chapter 7 bankruptcy provides a fresh start by eliminating most unsecured debts, certain types of debts, such as recent tax debt, child support, alimony, and most student loans, are typically not dischargeable. Chapter 13 offers a solution for addressing these non-dischargeable debts by incorporating them into your repayment plan. While these debts may not be erased, they become manageable through structured payments, helping you avoid legal action and penalties.

Chapter 13 bankruptcy in Florida is a versatile tool that can offer numerous benefits to individuals facing financial hardship. By understanding these benefits and working with an experienced bankruptcy attorney, you can create a personalized plan to overcome your debt, protect your assets, and achieve lasting financial stability.

Is Chapter 13 Right for You?

If you’re a Florida resident with regular income and a desire to protect your assets while addressing your debt, Chapter 13 bankruptcy may be the solution you need. Contact our law firm today for a free consultation to discuss your unique situation and determine if Chapter 13 is the right path for you. We’ll provide you with the information and guidance you need to make an informed decision and achieve a brighter financial future.

Get Help from an Orlando, FL, Bankruptcy Lawyer Today

When you consult with me, I will evaluate your entire financial situation by looking at your income, your debts, and your goals, then we will make sure you know all your options for your financial situation.

Call me today to get started on the right path to a brighter future.

GET HELP NOW (407) 749-0080

Bankruptcy Lawyer Lewis Roberts

Attorney Lewis Roberts

The weight of debts that one cannot pay carries financial stress into every waking moment. It is time for this to end. Lewis Roberts, PA, offers solutions to relieve these worries. With over 20 years of experience in helping individuals overcome the burden of debt, bankruptcy attorney Lewis Roberts presents a range of options tailored to each unique situation. Clients can trust his advice on any matter related to debts, as he identifies appropriate options and explains the paths to debt relief clearly and carefully. This ensures that clients make the best decisions for their future. [ Attorney Bio ]