| CHAPTER 13 BANKRUPTCY INFORMATION |
BANKRUPTCY QUESTIONS?
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| SAGRE LAW FIRM PROFESSIONAL ASSOCIATION |
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Chapter 13 Bankruptcy, also known as an “individual reorganization”, is
appropriate for use in the following three situations.
The first situation is when an individual is facing a foreclosure sale and is going to
lose their home. In this situation, a Chapter 13 bankruptcy may allow you to keep
your home, cancel the foreclosure sale, and repay the past due amount on the
mortgage over a period of sixty months.
The second situation is when you own property that is not exempt, and you want to
keep the property, but do not have the money to pay a lump sum to a Chapter 13
Trustee. In this situation, the Chapter 13 bankruptcy may allow you to pay the value
of the non-exempt asset over a 36-60 month period. As an example, you own an
automobile that is fully paid, and is worth $10,000.00 . You have $85,000.00 in
credit card and medical bills. In a Chapter 7 bankruptcy, you would have to pay the
Chapter 7 Trustee a lump sum of approximately $9,000.00 in order to keep the
car. However, in a Chapter 13 bankruptcy, you may be able to pay the Trustee
$150.00 per month for 60 months and discharge the $75,000.00 in unsecured debt.
The third situation is if your monthly income exceeds the amount allowed under the
means test. In this case, you would not be allowed to file a Chapter 7 bankruptcy
and would have to file a Chapter 13 bankruptcy. Pursuant to the changes in the
bankruptcy laws that became effective in October of 2005, your monthly income
determines the type of bankruptcy you can file if you have primarily consumer debts.
The attorney is available to answer any questions you may have. Contact us at
(305) 266-5999 for your Free Chapter 13 Bankruptcy Evaluation. The Lawyer can
help you file your Chapter 13 Bankruptcy Case in Miami Dade, Broward and Monroe
County.
appropriate for use in the following three situations.
The first situation is when an individual is facing a foreclosure sale and is going to
lose their home. In this situation, a Chapter 13 bankruptcy may allow you to keep
your home, cancel the foreclosure sale, and repay the past due amount on the
mortgage over a period of sixty months.
The second situation is when you own property that is not exempt, and you want to
keep the property, but do not have the money to pay a lump sum to a Chapter 13
Trustee. In this situation, the Chapter 13 bankruptcy may allow you to pay the value
of the non-exempt asset over a 36-60 month period. As an example, you own an
automobile that is fully paid, and is worth $10,000.00 . You have $85,000.00 in
credit card and medical bills. In a Chapter 7 bankruptcy, you would have to pay the
Chapter 7 Trustee a lump sum of approximately $9,000.00 in order to keep the
car. However, in a Chapter 13 bankruptcy, you may be able to pay the Trustee
$150.00 per month for 60 months and discharge the $75,000.00 in unsecured debt.
The third situation is if your monthly income exceeds the amount allowed under the
means test. In this case, you would not be allowed to file a Chapter 7 bankruptcy
and would have to file a Chapter 13 bankruptcy. Pursuant to the changes in the
bankruptcy laws that became effective in October of 2005, your monthly income
determines the type of bankruptcy you can file if you have primarily consumer debts.
The attorney is available to answer any questions you may have. Contact us at
(305) 266-5999 for your Free Chapter 13 Bankruptcy Evaluation. The Lawyer can
help you file your Chapter 13 Bankruptcy Case in Miami Dade, Broward and Monroe
County.