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Chapter 13 Bankruptcy Attorney in Hollywood, FL

Are you struggling to make ends meet? Do you need relief from high-interest credit card debt or unexpected medical debt? Filing for Chapter 13 bankruptcy in Hollywood might be the right solution for your financial challenges.

Chapter 13 bankruptcy is designed to help people in debt create a realistic payment plan to satisfy their obligations within five years. Your repayment terms will be based on your disposable income. To find the best solution for your specific circumstances, contact a Hollywood Chapter 13 bankruptcy lawyer at Stiberman Law.

The bankruptcy consultation is completely free. We’re not here to judge. We’re here to help you solve problems and take back control of your financial future.

Filing for Chapter 13 Bankruptcy in Hollywood

By filing for Chapter 13 bankruptcy you are given the opportunity to create a repayment plan that fits your income and your living expenses. You might not be able to splurge on a big vacation for the next few years, but you’ll halt the vicious cycle of struggling to pay your bills each month, only finding yourself in more debt the next month.

This powerful tool can help you stop the collection calls and overdue notices. It’s important to understand how Chapter 13 bankruptcy works. There may also be other options available to you. To find the best solution, you should talk to a Hollywood Chapter 13 bankruptcy lawyer.

How does Chapter 13 work?

The bankruptcy court will review your income and your basic living expenses. They will use this information to determine your disposable income. Your Hollywood bankruptcy attorney will play a crucial role in helping to gather this information and then presenting it to the bankruptcy court.

All of your debts (both secured and unsecured) will need to be accounted for. Your assets will also need to be accounted for. In Florida bankruptcies, some of your property is exempt from liquidation during a bankruptcy proceeding.

Chapter 13 bankruptcies do not necessarily involve the liquidation of property. The focus is restructuring your debts so that you can pay them down and eliminate them within five years. This income-driven repayment plan may be preferable to other types of bankruptcies that require you to surrender personal property.

If your disposable income is not enough to satisfy all of your debts within five years, the remaining debt can be written off.

Hollywood Chapter 13 Bankruptcy Filing Limits

In other types of bankruptcies you are required to liquidate your non-exempt personal assets. To be eligible to file for Chapter 13 bankruptcy in Hollywood, you must prove that you have enough disposable income over the next five years to equal or exceed the amount you would pay back today if you were to liquidate your non-exempt assets.

Put more simply, the bankruptcy courts prefer that you file a Chapter 7 bankruptcy if liquidating your non-exempt assets would provide a higher total repayment to your unsecured creditors.

Chapter 13 bankruptcy in Florida requires you to put all of your family’s disposable income towards the debts that are included in the bankruptcy for up to five years. If the debts are satisfied before the five year mark, you regain control of your disposable income.

You may be eligible to file for Chapter 13 bankruptcy in Hollywood if you have less than $383,175 in unsecured debts, and less than $1,149,525 in secured debts. Unsecured debts are things like credit cards and personal loans. Secured debts may include mortgages, car loans and other types of loans where a piece of property was put up as collateral.

There are other important factors to consider when filing for Chapter 13 bankruptcy in Florida. If you think you need to file for bankruptcy, talk to an experienced Hollywood Chapter 13 bankruptcy lawyer. Your unique circumstances require a personalized solution.

Stop Foreclosures and Other Collection Activity

When you file for Chapter 13 bankruptcy in Hollywood, all collection activity stops. This is referred to in Florida as an “automatic stay”. If your home is in foreclosure, the process will come to a halt. Your phone should stop receiving calls from creditors. Your mailbox will no longer be a source of anxiety in your daily routine.

Once you’ve initiated a Chapter 13 bankruptcy, the automatic stay will remain in effect for five years, or until the debts are paid in full, whichever comes first. The only way that the stay can be lifted is if you fail to make your agreed payments.

A 341 notice will be mailed to the creditors you name in your Chapter 13 bankruptcy filing. This serves to notify them that you have entered the bankruptcy process and they should await the outcome of your filing.

Schedule a Free Hollywood Chapter 13 Bankruptcy Consultation

There are many complex pieces to filing for bankruptcy. You need an expert to look at the specifics of your financial situation. Contact a Hollywood Chapter 13 bankruptcy attorney today to start getting answers. The consultation is free. We’ll provide answers, not judgement. We’ve helped individuals just like you create a better financial future.

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