Clermont
(352) 394-2103
The Villages
(352) 775-4739
Consultationarrow_right_alt
Clermont
(352) 394-2103
The Villages
(352) 775-4739
Consultationarrow_right_alt

Chapter 13 Bankruptcy

A Path to Debt Relief and Financial Stability

Chapter 13 bankruptcy is a court-supervised payment plan designed to help individuals with a steady income reorganize their debt and pay back creditors over time. Unlike Chapter 7, which focuses on liquidation, Chapter 13 allows debtors to retain their assets while paying off their debts in manageable installments based on their income and budget.

At BCN Law Firm, our experienced bankruptcy attorneys will guide you through the Chapter 13 process, helping you understand your options and develop a plan to regain control of your financial future.

Central Florida Chapter 13 Bankruptcy Attorneys

If you are considering filing for Chapter 13 bankruptcy, our experienced attorneys at BCN Law Firm are here to help. We offer a free consultation to review your financial situation and determine if Chapter 13 is the right option for you. Whether you want to reorganize your debt or protect your assets, we’ll guide you through the repayment process and help you regain financial stability.

phone352-394-2103

Free Consultation*

"*" indicates required fields

Name*

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is commonly referred to as a “wage earner’s plan” because it enables individuals with regular income to develop a plan to repay all or part of their debts. Under this plan, debtors make monthly payments to a trustee, who then distributes the funds to creditors according to the terms of the plan. The payment plan typically lasts between 36 and 60 months, depending on the debtor’s income and the amount of debt.

Key Benefits of Chapter 13:

  • Retain Your Property: Unlike Chapter 7, Chapter 13 allows you to keep your home, car, and other assets while you catch up on missed payments.
  • Debt Restructuring: Chapter 13 consolidates your debts into a single monthly payment, which can make it easier to manage your finances.
  • Automatic Stay: Once you file for Chapter 13, an automatic stay goes into effect, halting collection efforts, lawsuits, and foreclosures.

Chapter 13 Bankruptcy Plan Payments

One of the critical components of Chapter 13 bankruptcy is the repayment plan. The plan details how you will repay your unsecured and secured creditors based on your disposable income and the value of your non-exempt assets. Your plan must meet certain criteria, including:

  • Payments Begin Promptly: Your first plan payment is due within 30 days of filing your case, even if you haven’t attended your meeting of creditors.
  • Plan Duration: The length of the plan is determined by your income and can last either 36 months or 60 months, but no plan can extend beyond 60 months.
  • Unsecured Creditors: You must pay unsecured creditors at least as much as they would receive if your non-exempt assets were liquidated in a Chapter 7 bankruptcy.

Failure to make timely payments can result in the dismissal of your case, so it’s crucial to follow your repayment plan carefully.

How Chapter 13 Works

  1. Filing the Petition and Plan:
    You will file a Chapter 13 bankruptcy petition along with a repayment plan outlining how your debts will be managed. The plan will detail the treatment of secured and unsecured debts, including any liens.
  2. Court Approval:
    The court must approve your repayment plan after ensuring it meets legal requirements. Creditors may object to the plan, but our attorneys will represent your interests to ensure a fair resolution.
  3. Trustee Management:
    A trustee is appointed to collect your monthly payments and distribute them to creditors according to the terms of the plan. The trustee oversees the process to ensure compliance.
  4. Completion of Plan:
    Once you’ve completed the payment plan (either 36 or 60 months), any remaining qualifying unsecured debt is discharged, and you emerge from bankruptcy with a fresh financial start.

How BCN Law Firm Can Help

request_quote

Personalized Guidance

We help you determine if Chapter 7 is the right option for your situation.

file_copy

File Your Case

Our team will handle all necessary paperwork, filings, and court appearances.

forum

Negotiate with Creditors

We negotiate on your behalf to ensure your repayment plan is fair and manageable.

Ensure Compliance

We will help you stay on track with payments and provide support throughout the duration of your plan.

Frequently Asked Questions About Chapter 7 Bankruptcy

  • Filing the Petition and Plan:
    You will file a Chapter 13 bankruptcy petition along with a repayment plan outlining how your debts will be managed. The plan will detail the treatment of secured and unsecured debts, including any liens.
  • Court Approval:
    The court must approve your repayment plan after ensuring it meets legal requirements. Creditors may object to the plan, but our attorneys will represent your interests to ensure a fair resolution.
  • Trustee Management:
    A trustee is appointed to collect your monthly payments and distribute them to creditors according to the terms of the plan. The trustee oversees the process to ensure compliance.
  • Completion of Plan:
    Once you’ve completed the payment plan (either 36 or 60 months), any remaining qualifying unsecured debt is discharged, and you emerge from bankruptcy with a fresh financial start.

A Chapter 13 repayment plan typically lasts between 36 to 60 months (3 to 5 years), depending on your income and the amount of debt you owe. The length of the plan is determined by your household income and other factors.

Chapter 13 bankruptcy allows you to reorganize secured debts (like mortgages and car loans), unsecured debts (such as credit cards and medical bills), and priority debts (like tax obligations and child support). Certain debts, such as student loans, generally cannot be discharged.

Contact BCN Law Firm

Clermont

Phone: 352.394.2103
Fax: 352.394.2105

Address:
1635 E. Hwy 50, Suite 300
Clermont, FL 34711

Office Hours:
Monday – Friday 8:30 am to 5:00 pm

The Villages

Phone: 352.775.4739
Fax: 352.775.4749

Address:
8564 CR 466, Suite 306
The Villages, Fl 32162

Office Hours:
Monday – Friday 8:30 am to 5:00 pm

Like Us On Facebook

BCN Law Firm

Speak To An Attorney

If you’re considering filing for Chapter 13 bankruptcy, let BCN Law Firm help you make an informed decision. Contact us today for a free consultation, and we’ll review your financial situation and guide you through the process to find the best solution for your needs.

phone352-394-2103

Meet Our Dedicated Attorneys

Legal Team Ready to Fight for Your Rights

Meet All Attorneys

5-Star Reviews from Satisfied Clients

Our Clients Appreciate Our Dedication and Expertise

Lois Carr
Polite, knowledgeable and thorough. Our attorney was prepared for our visit. We were treated with respect.
Robert Miner
I was referred to Wade Boyette by my investment advisor, Jean Dorrell, after moving to Florida and needing to set up a Trust and update my Will. Before deciding to work with Wade, I did my due diligence — reviewing his Better Business Bureau rating and reading online reviews — all of which were overwhelmingly positive, and now I see why.

From our first meeting, I was very impressed with Wade’s knowledge, professionalism, and ability to clearly explain the legal process. He answered all my questions thoroughly and offered thoughtful advice tailored to my situation. He handled the setup of my Trust and the update to my Will efficiently and in a timely manner.

I highly recommend Wade Boyette to anyone in need of reliable and experienced legal services.
Shannon Bass
Office ataff was extremely friendly! Wade was fantastic and explained everything to us! I highly recommend them.
Troy Ford
I had the misfortune of having to file for bankruptcy last year. I hired BCN Law firm to handle my case and dealt mostly with Ken Costello and his assistant Carol. They did an outstanding job on my case which was not the average case. They analyzed my situation and found the best path for me to move forward. It did take a long time to go through (such is the case with bankruptcy) but Carol kept my wife and me updated and assured us that our worst fears were not something that was going to happen. I would recommend the firm to anyone who needs one of the services they provide.
Sonja Gore
I had a great professional experience with the staff at BCN Law Firm and wholeheartedly recommend to any future clients in need of organizing their final affairs.
Lynn Willis
Everyone was very friendly, concerned about us. They explained everything to us. Thank you for your kindness.
Jeff Milroy
My experience with Heath and the staff was great. This was something new for me, and they explained everything very well. It was easy to get my questions answered and the whole process seemed to go very smoothly. Heath's paralegal Lynnette was very helpful and kept me updated and informed along the way. Thank you all so much and I will definitely use and recommend you in the future.
Lula Patrick
Very professional. Very happy with the services. I would highly suggest anyone to use his services.
Jude Hamilton
Excellent service, knowledgeable and reasonable. I feel that I’m in good hands with Wade and team.
Craig Poorbaugh
BCN and Wade Boyette were very professional in every way in support of our needs for our final documents. They go the extra few miles to insure satisfaction of service. They spoke plainly and clearly about the final issues and easily walked us through difficult decisions. Their services are reasonably priced. A good choice
All Testimonials

Latest Bankruptcy Law News & Updates

View All Bankruptcy Law News