Written by: Attorney Robert Stiberman.
Last Updated March 27, 2023
You may have heard of Chapter 13 bankruptcy if you’re considering bankruptcy. It’s a type of bankruptcy that allows individuals with regular income to develop a plan to repay all or part of their debts over a period of time. However, navigating the Chapter 13 bankruptcy process can be difficult, so hiring a Chapter 13 lawyer can be beneficial. In this article, we’ll discuss everything you need to know about Chapter 13 bankruptcy and how a Chapter 13 lawyer can help.
Chapter 13 bankruptcy, also known as a “wage earner’s plan,” is a type of bankruptcy that allows individuals with regular income to develop a plan to repay all or part of their debts over a period of time. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off debts, Chapter 13 bankruptcy involves creating a payment plan that lasts three to five years.
Chapter 13 bankruptcy can be a good option for individuals who want to keep their assets, such as a home or car, and have a steady income that can be used to pay off debts over time. However, only some are eligible for Chapter 13 bankruptcy. To be eligible, you must have a regular income, owe less than $2,700,000, and have completed credit counseling within 180 days of filing.
Navigating the Chapter 13 bankruptcy process can be difficult, so hiring a Chapter 13 lawyer can be beneficial. Here are some ways a Chapter 13 lawyer can help:
Choosing the right one is essential if you’ve decided to hire a Chapter 13 lawyer. Here are some tips for choosing a Chapter 13 lawyer:
The Chapter 13 bankruptcy process can take several months to complete. Here’s what you can expect:
Chapter 13 bankruptcy can be a helpful tool for individuals struggling with overwhelming debt and needing a structured repayment plan. However, not everyone is eligible to file for Chapter 13 bankruptcy. 11 U.S.C Code Chapter 13 outlines the eligibility requirements for individuals to file for bankruptcy under this chapter. Here are some eligibility requirements:
If you meet these eligibility requirements, Chapter 13 bankruptcy can provide a way to manage your debts and get back on track financially. By working with a qualified Chapter 13 lawyer, you can develop a repayment plan that meets your needs and helps you achieve your financial goals.
Chapter 13 bankruptcy allows individuals to reorganize their debts and develop a repayment plan that will enable them to pay off their debts over three to five years. However, not all debts are treated equally in bankruptcy. Here are some debts that can be discharged in Chapter 13 bankruptcy:
It’s important to note that not all debts can be discharged in Chapter 13 bankruptcy. For example, secured debts, such as mortgages and car loans, are not typically eligible for discharge. Additionally, student loan debt is generally only dischargeable in bankruptcy if you demonstrate undue hardship.
Chapter 13 bankruptcy can help you manage your debts and regain control of your financial situation. Here are some advantages of Chapter 13 bankruptcy:
When you file for Chapter 13 bankruptcy, you’ll work closely with a Chapter 13 trustee. The trustee plays a crucial role in bankruptcy, working with you and your creditors to develop and administer your repayment plan. Here’s an overview of the role of a Chapter 13 trustee:
Working with a qualified Chapter 13 lawyer can help you navigate bankruptcy and work effectively with your trustee. If you have questions about the role of a Chapter 13 trustee or need help developing a repayment plan, don’t hesitate to schedule a consultation with a lawyer to discuss your options.
Robert A. Stiberman. An attorney with over 12 years of experience in bankruptcy law.
If you’re considering bankruptcy in Florida, it’s essential to seek the guidance of an experienced attorney. At Stiberman Law, we have helped clients throughout the state, including Miami, Hollywood, Fort Lauderdale, West Palm Beach, and Boca Raton, navigate the Chapter 13 bankruptcy process and achieve financial freedom. Our dedicated attorneys will advocate and help you get out of debt.
To get started, you can schedule a free consultation with a Chapter 13 bankruptcy attorney by calling (954) 932-7804 or filling out the form below. During the appointment, we’ll review your financial situation, discuss your options, and answer any questions you may have. We’re here to help you every step of the way toward a brighter financial future, and we look forward to speaking with you soon.FREE CONSULTATION
If you’re facing foreclosure on your home, Chapter 13 bankruptcy may be able to help. When you file for Chapter 13 bankruptcy, an automatic stay goes into effect, halting all collection actions, including foreclosure proceedings.
During this time, you’ll work with a bankruptcy attorney to create a repayment plan to catch up on missed mortgage payments and other debts over three to five years. This can give you the breathing room to get your finances back on track while keeping your home.
However, it’s important to note that Chapter 13 bankruptcy will not eliminate all your debts, and you’ll need to continue making your mortgage payments in the future. If you’re struggling to keep up with your payments, your bankruptcy attorney may be able to negotiate a loan modification with your lender to make your payments more manageable.
Chapter 13 bankruptcy may be right for you if you:
If you’re considering filing for Chapter 13 bankruptcy, exploring your options and understanding this process’s potential benefits and drawbacks is essential. Working with an experienced bankruptcy lawyer can help you make informed decisions and navigate the complex legal system.
We offer a free consultation to see if Chapter 13 bankruptcy is right for you. Our team of dedicated attorneys has helped countless individuals and families throughout Florida find relief from debt and get a fresh start.
We’ll review your finances and discuss your options for getting back on track. We’ll answer any questions and help you make the best decision.
Be sure to get the help you need. Please get in touch with us today to schedule your free consultation with a Chapter 13 bankruptcy lawyer.FREE CONSULTATION
While Chapter 13 bankruptcy can be a helpful tool for managing debt, some horror stories are also associated with this type of bankruptcy. Here are some examples of what can go wrong:
While Chapter 13 bankruptcy can be a helpful tool for managing debt, it’s essential to understand the risks and potential downsides. By working with a qualified Chapter 13 lawyer, you can make an informed decision about whether Chapter 13 bankruptcy is the right choice for you and avoid the horror stories associated with this type of bankruptcy.
If you’re considering filing for Chapter 13 bankruptcy, you may have questions about the process. Here are some common questions and answers about Chapter 13 bankruptcy:
A: You must have the income to fund your chapter 13 plan. Regular income may include W2 wages, self-employment income, social security or disability benefits, and family support.
Effective June 21, 2022, individuals with debts less than $2,750,000 may file for Chapter 13. See Bankruptcy Threshold Adjustment and Technical Corrections Act.
A: It takes three to four months to confirm your chapter 13 plan from when you file your case. Chapter 13 bankruptcy typically lasts between three and five years. During this time, you’ll make monthly payments to the bankruptcy trustee and work to pay off your debts. Once you’ve completed your repayment plan and complied with all requirements, you will receive a discharge of eligible debts.
A: Yes, you can file a Notice of Voluntary Dismissal to dismiss your case, but any action paused by the bankruptcy will continue after dismissal.
A: One of the benefits of Chapter 13 bankruptcy is that you can keep your assets, such as your home and car, as long as you continue to make payments on them according to the terms of your repayment plan.
A: Chapter 13 stays on your credit for seven years, but with sound financial decisions, your score will improve, even if it’s still there.
A: Federal student loans are not, but they can be included in your payment plan to help you catch up.
A: While it is not required by law to have a lawyer when filing for Chapter 13 bankruptcy in Florida, it is highly recommended that you work with an experienced bankruptcy attorney. Chapter 13 bankruptcy is a complex legal process that involves creating a repayment plan and navigating the court system. A knowledgeable attorney can help ensure that your rights are protected, your plan is fair and feasible, and your case runs smoothly.
A: Filing Chapter 13 costs a minimum of $310 for case filing and administrative fees. These fees can be paid to the court in installments if necessary. The average cost to file a bankruptcy petition with an attorney is between $900 to $1500, depending on complexity. Your attorney may be able to include any balance of attorney’s fees in your court repayment plan. Sometimes, we offer $0 down options and affordable payment plans to help you get the legal assistance you need.
A: There is no limit on how often you can file chapter 13 in Florida. However, if you wish to receive a new discharge, one of the main reasons individuals file for bankruptcy, you will have to wait two years from when you filed a previous chapter 13 in which you received a discharge. For more information, please visit our blog on how often you can file for bankruptcy.
Explore the following topics to continue learning about chapter 13 bankruptcy:
Chapter 7 vs. Chapter 13 Bankruptcy
2023 Guide To File Chapter 13 Bankruptcy In Florida
How long does Chapter 13 take?
Pros And Cons Of Chapter 13 Bankruptcy
Ch 13 Bankruptcy And Reverse Mortgage Issues
Choosing a law firm to represent you is an important decision. Robert Stiberman is a licensed Florida attorney and has been a member in good standing of the Florida bar since 1998. He is admitted to practice in the United States District Court for the Southern, Middle, and Northern Districts of Florida. Having represented more than 1700 Florida bankruptcy clients, Robert is an experienced bankruptcy attorney with over 13 years of experience in consumer Chapter 7 and Chapter 13 cases. He regularly practices in the Miami, Fort Lauderdale, and West Palm Beach Divisions of the Bankruptcy Court.
He began his career as a volunteer attorney in the Miami Dade Public Defender’s Office, and in 2007 he founded Stiberman Law, P.A. Robert earned his Juris Doctorate Degree from the University of Miami School of Law in 1996. He is passionate about helping consumers obtain debt relief and actively handles all bankruptcy matters from filing to discharge.
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