Chapter 13 bankruptcy puts an immediate stop to foreclosure and allows you to take up to five years to pay back your missed mortgage payments and other debts. In many cases, you can wipe out some or all of your credit card debt as well.
Chapter 13 can be a good choice if you want to keep your home, cars and personal property, but you need more time and better payment terms. At its core, Chapter 13 is a payment plan.
We will evaluate your income and expenses and calculate a repayment plan that will meet the approval of the Chapter 13 trustee and your bankruptcy judge. Once this plan is in place, you will remain protected from all creditor action while you fund your repayment plan. Chapter 13 plans typically last five years.
Chapter 13 can be a great financial tool to help you stop creditor actions that threaten your family and your way of life. The minute you file Chapter 13, a legal protection called the automatic stay puts a halt to all creditor action.
An automatic stay forces creditors to cease the following actions:
The automatic stay protection remains in force until your case pays out, or otherwise closes.
Of course, your financial circumstances may change while you are in Chapter 13 if you find that you can no longer afford your Chapter 13 plan payment, a Stiberman Law attorney can either modify your plan, or convert your bankruptcy case to Chapter 7 and wipe out debts. Either way, we will stand by you every step of the way while you are in your case.
To see if Chapter 13 is right for you, whether you are in Miami-Dade, Broward, or West Palm Beach, call Stiberman Law today at 954-922-2283 to set up a free consultation.