Florida chapter 13 bankruptcy
Filing chapter 13 bankruptcy in Florida is similar to filing it in any other state except that the exemptions might be different. Chapter 13 bankruptcy filing is one of the most common chapters that consumers file. Under this chapter the debtor has to give a repayment plan of up to 3-5 years that would be dedicated towards paying back the debts.
Chapter 13 bankruptcy can be advantageous in a number of ways. The first being that you can save your house from foreclosure and you can pay your mortgage with time. You can also restructure your secured debts and clear them off gradually. This helps you in keeping the payments towards the debts lower. If you have a co-signer for any of the loans then the co-signer is also protected when filing bankruptcy under chapter 13. The most important thing to be considered is that you are not directly in touch with your creditors and hence this minimizes the chances of getting harassed by creditors. Your payments towards the debts are handled by, the trustee appointed to your case.
Who can file chapter 13 bankruptcy in Florida
Chapter 13 bankruptcy is also called as wage earner bankruptcy. Before you file chapter 13 bankruptcy you are required to receive a credit counseling and after the discharge a financial management course.
A person who has a regular source of income can file bankruptcy under this chapter. For filing this type of bankruptcy your unsecured debts should not be more than $307,675 in total and your secured debts should be less than $922,975.
This type of bankruptcy is used by people who aspire to keep their assets secured, and protect their exemptions.
How does Florida chapter 13 bankruptcy work
In Florida to file chapter 13 bankruptcy you are required to pay a court fee of $185. The process starts by filing of the petition in the court. When you are submitting the petition you are also required to give a repayment plan. This plan should include the amount of debt that you are supposed to pay and what are your monthly expenses.
When setting up the repayment plan it should be kept in mind that priority payments should be paid off first followed by secured and unsecured debts.
Besides this the repayment plan is also required to pass three tests:
The plan should be in good faith
The unsecured creditors should receive at least some amount of money that they would have got under chapter 7
All the disposable income that you get should be paid towards the repayment plan
Once that all your paperwork is over then the court gives an automatic stay order. During this period the creditors cannot come in direct touch with the debtor. Filing bankruptcy under chapter 13 would make the court in charge of all your debts and property except those under the Florida State Exemption.
Within 30 days of filing the bankruptcy a meeting with the creditors is conducted in the presence of the trustee and if the debtor has an attorney then in his or her presence also. Typically the meeting is conducted to know whether the creditors are satisfied with the plan and they can ask the debtor about any doubts that they have.
After this the bankruptcy court would confirm or reject the plan. If the plan gets confirmed then the balance on any dischargeable debt is eliminated at the end of the payment schedule.
Florida chapter 13 exemptions
The exemption limit is applicable to any property that has some equity. Some of the exemptions in Florida include:
Real estate property inclusive of mobile homes the property however should not be spread over ½ acre in municipality or 160 contiguous acres. Any type of annuity contract, death benefits, illness or disability benefits, life insurance cash surrender value.
Besides this alimony, child support, any kind of damages received in hazardous accidents. Also pension and wages of certain occupations like county officers, firefighters, police officers, highway patrol officers etc.
Taking the help of lawyers
Though there is no condition of appointing a lawyer when you file bankruptcy but it is usually advised that you hire one so that it is easy for you to understand the laws and details.
The lawyer can guide you properly on how to proceed on the case and would handle the paperwork on your behalf. In Florida you can find a number of lawyers who would be ready to take up chapter 13 bankruptcy cases. Some of these are mentioned below.
Jonathan Alper, PLC.:
Contact details: phone at 407-444-0404 or fax at 407-333-2040.
Parker & DuFresne:
Contact details: 8777 San Jose Boulevard, Churchill Park, Suite 301, Jacksonville, Florida 32217; Phone: 904.733.7766, Fax: 904.733.2919.
James Schwitalla, P.A.:
Contact details: Park Place II 12954 SW 133rd Court, Miami, ; FL 33186; Phone: 305-278-0811 ¢Â¢ Fax: 305-278-0812.
Weaver & McClendon, PA:
Contact details: 240 East Park Avenue, Post Office Box 466, Lake Wales, FL 33859-0466, Phone: 863-232-5175, Fax: (863) 678-1515.
Buddy D. Ford, P.A.:
Contact details: 115 North MacDill Avenue, Tampa, FL 33609, phone: 813-877-4669, 727-733-8994, 1-866-877-7750.
Daniel J. Herman:
Contact details: 200 Clearwater-Largo, Road South, Largo, FL 33770-1330, Phone: 727-584-8161, Fax: 727-586-5813.
When you take the help of a lawyer he or she would represent you in all the creditors meeting and before the automatic stay is imposed would be responsible for communicating with the creditors on your behalf. The bankruptcy laws are complex and it can be very difficult to understand. Taking the help of a lawyer solves all your problems and helps you in successfully filing all the details on time.
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