Basically, Chapter 13 Bankruptcy is a repayment of all or part of the debts of an individual with regular income. Filing for Bankruptcy under Chapter 13 allows a debtor to “restructure” debt under the supervision of the bankruptcy court.

 

During a Chapter 13 bankruptcy the debtor provides creditors with a proposed repayment plan. This plan sets forth in detail how the debtor intends to pay off his or her debts. In practice the debtor is generally allowed three to five years to pay off the debt. If the creditors (and the bankruptcy court) approve the debtors proposed plan, the debtor will then make regular payments to the bankruptcy trustee who in turn will pay the creditors as set forth in the plan.

Basic Information:

                                                       

a.    Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.

b.   Under chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect.

c.    After completing the payments under your plan, your debts are generally discharged except for domestic support obligations; most student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations.

d.   Fees: $235 filing fee, $39 administrative fee (Total fee $274)

Prior to Filing Chapter 13

 

Before filing for Chapter 13 bankruptcy protection, we need to gather a number of documents from you to effectively put together a case, including:

• Tax returns (previous 4 years)
• Paystubs (7 months)
• Bank statements (12 months)
• Check register(s) (12 months)
• Life insurance policies
• 401K, Pension, Retirement, IRA statements (most recent)
• Lawsuits
• Bluebook value of your vehicle(s) (can be found at www.kbb.com)

Consult With an Experienced Central Florida Bankruptcy Attorney

                                                                                               

If you find yourself in financial trouble now is the time to take action. We will conduct a thorough review of your financial situation to determine whether Bankruptcy is right for you. Contact Central Florida Bankruptcy attorney Will Corzo or Sam Kohrs toll free 877-99CK-LAW for a free consultation and explanation of your rights. 

When visiting our office for an initial consultation, it is important that you bring the following documents and information:

• Recent Paystub
• Recent creditor statements (including mortgage, vehicles, student loans)
• List of monthly expenses
• Real estate market value of your property

The Central Florida law firm of Corzo and Kohrs practices in Consumer and Individual Bankruptcy throughout central Florida, including clients from Orange County, Osceola County, Seminole County, Polk County, and Pinellas County and in cities such as Orlando, Kissimmee, St. Cloud, Poinciana, Celebration, Hunter’s Creek, Ocoee, Oviedo, Avalon Park, Windermere, Altamonte Springs, Baldwin Park, Clermont, Winter Park, St. Petersburg, Seminole, Clearwater, including clients from schools such as University of Central Florida UCF, University of South Florida USF, Valencia Community College, Full Sail, and other Central Florida schools. Attorneys are available 24 hours a day and on weekends and holidays.