Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a court supervised payment plan where you pay your unsecured creditors what you can afford to pay based upon your family income and what your budget allows . Chapter 13 bankruptcy has two basic requirements: first, you must pay through your Chapter 13 bankruptcy plan to your unsecured creditors all of your disposable family income until your creditors are paid in full or for five years, whichever comes first, and second, you must pay your unsecured creditors at least as much as they would receive from your non-exempt property if you filed a Chapter 7 bankruptcy. A Chapter 13 plan is a document filed with or shortly after a debtor’s Chapter 13 bankruptcy petition.
The plan details the treatment of debts, liens and the secured status of assets and liabilities owned or owed by the debtor in regard to the bankruptcy petition. In order for a plan to take effect, it must meet a number of requirements. If you need to talk to our Chapter 13 Bankruptcy Attorneys about this topic call 855-529-2020 for a free consultation.
Chapter 13 Bankruptcy Plan Payments
Have you filed a Chapter 13 in Florida? Your Plan payment is due within 30 days of filing your case. It does not matter whether or not you have attended your meeting of creditors; the trustees have to be paid.
If your payment isn’t there on time, you may have problems with your Chapter 13 case. Most Florida consumers are either in a 36 month or 60 months Plan depending on their household income. Plans cannot extend for more than 60 months after your bankruptcy is filed, so once you hit that limit it’s over.
Florida chapter 13 Bankruptcy Attorney
It does not cost you anything to sit down and talk with an experienced Lake County Florida Bankruptcy Attorney. At Boyette, Cummins & Nailos Law Firm, we will sit down with you and go over your options, even the ones that don’t include bankruptcy, and put together a plan of action to help make your future a little brighter. If you are outside of Lake County than call our Central Florida offices at 855-529-2020 and set up your consultation.