Florida Chapter 13 Bankruptcy Lawyer
Reduce Your Debts With A Chapter 13 Reorganization
Do you have a good income, but find yourself struggling to keep on top of tax payments, child support or alimony? Are you currently underwater on your mortgage or struggling to make payments on a second mortgage? Chapter 13 bankruptcy may be able to provide you with the relief and protection you need.
At the Florida law firm of Nowack & Olson, PLLC, our Florida Chapter 13 bankruptcy lawyers know what you are facing. We have been handling bankruptcy and debt consolidation issues for clients in Florida for more than 20 years. We will help you put an end to creditor harassment and the other stresses caused by debt.
How Does Chapter 13 Reorganization Work?
Filing for Chapter 13 bankruptcy allows you to create a three- to five-year debt repayment plan. This plan allows you to stabilize your financial situation, eliminate your debts and keep your assets, including your home and car. It may be your best option if you are behind on a mortgage and want to keep your home.
How Is A Reorganization Different Than Chapter 7 Bankruptcy?
Chapter 7 bankruptcy erases certain debts. Chapter 13 bankruptcy is a great option for those who have too much income to qualify for Chapter 7. Chapter 13 allows you to:
- Reduce and pay off outstanding debts
- Reduce the amount you owe on your property and vehicles
- Create a more manageable monthly payment
- Start your life anew at the end of the repayment period
Filing for either form of bankruptcy will put a stop to calls from collections agencies and bar attempts to garnish your wages. Each also provides options for discharging unsecured debt such as credit card debt.
Automatic Stay
One of the most powerful consumer protection features of a bankruptcy filing is the automatic stay. Learn more about the automatic stay below, and contact an experienced Florida bankruptcy lawyer for more information or immediate assistance. For help in south Florida from Doral to Boca Raton and Jupiter, contact Nowack & Olson for a free consultation with a team of knowledgeable and dedicated Plantation bankruptcy lawyers.
About the Automatic Stay in Bankruptcy
Whether you file Chapter 7, Chapter 13 or Chapter 11, the court institutes what is known as an automatic stay. What this does is put your creditors on notice that you have filed for bankruptcy, and they are not to engage in any type of collection activity while your bankruptcy is pending. The bankruptcy court will determine what order your creditors get paid as well as if any of the debts should be adjusted or discharged outright, so that you will not be obligated to repay them. Collection activity that is not allowed while the automatic stay is in place includes the following actions, among others:
- Foreclosure
- Repossession
- Wage Garnishment
- Bank Levies
- Execution of Judgments
- Lawsuits on Dischargeable Debts
Many people fighting overwhelming debt are so constantly harassed by bill collectors that they don’t have a minute to come up for air and figure out a plan to get out of debt. The automatic stay in a Chapter 7 or Chapter 13 bankruptcy gives you that breathing room to relax, take a step back, and formulate the best strategy to become debt-free.
Relief from Stay
Sometimes creditors may go to court and file a motion requesting that they be relieved of the automatic stay. If granted, these creditors can legally move forward in their collection efforts, even during your bankruptcy. Additionally, a few limited categories of debt are not protected from collection by the automatic stay. These categories include:
- Child Support
- Tax Assessments
- Tax Audits
- Lawsuits Outside of the Bankruptcy Estate
After analyzing the types of bills you owe, your bankruptcy lawyer will be able to advise you on which debts are and are not included in the automatic stay. At Nowack & Olson, our Plantation bankruptcy lawyers will also represent you in the event one or more creditors files for relief from the stay.
Time Your Plantation Bankruptcy Filing to Make the Most of the Automatic Stay
The automatic stay is a very powerful protection for bankruptcy filers. If you wait too long to file for bankruptcy, however, you may not get the full benefit the automatic stay has to offer. For instance, the automatic stay can prevent a lawsuit from being filed or keep it from being pursued. But if your case has already gone to judgment and the creditor has secured a lien against your property, that creditor may be able to get relief from the stay unless you can provide adequate protection of their property interest. Also, while the automatic stay can stop a wage garnishment from continuing, you may never be able to recoup the portion of your wages which were lost while the garnishment was in effect. In these situations, filing for bankruptcy sooner rather than later will help you protect your valuable property and keep you from losing more money than you need to.
What Are My Debt Repayment Options?
Are you hoping to keep your house (and other assets) despite your desperate financial situation? Do you have too much income to qualify for a Chapter 7 bankruptcy? If you want to repay your debts and keep some of your hard-earned assets, Chapter 13 bankruptcy can be a good option for you.
Benefits Of Chapter 13 Debt Repayment Plans
Repayment plans are ideal for people with secured assets, such as homes or vehicles, that they wish to keep. A repayment plan can allow you to reorganize your debt. Chapter 13 bankruptcy can help you emerge after bankruptcy with manageable payments and the wherewithal to continue making payments in order to keep your home, your car or other valuable assets.
How Is Chapter 13 Different From Chapter 7?
The primary difference between the two chapters is that Chapter 13 is a debt repayment plan and Chapter 7 discharges debt. Chapter 7 bankruptcy liquidates nonexempt assets in order to pay back creditors and discharge remaining unsecured debts.
At Nowack & Olson, our lawyers will work closely with you to examine the facts of your situation and determine which option is best for you. We promise to:
- Fully explain your debt relief options
- Help you choose which is best for your situation
- Prepare the paperwork for your debt discharge or repayment plan
- Walk beside you through every step of the process
- Help you plan for life after bankruptcy
How Long Will The Repayment Plan Last?
In a Chapter 13, repayment plans typically last for three or five years. The money from your payments will be distributed to your creditors, with remaining unsecured debts being discharged at the conclusion of the repayment period.
Find Out Today If Chapter 13 Is Right For You
As your lawyer, we will make sure you understand all of the pros and cons of filing for Chapter 13. Our goal is to provide you with all of the information you need to make an informed decision that is right for you and your family. With office locations in Fort Lauderdale, Miami, Boca Raton and Jupiter, you are never far from an experienced debt reduction lawyer.
The road to your more stable financial future can begin today. Contact our Florida Chapter 13 bankruptcy lawyers online or call us at 305-698-2265 or 866-907-2970 toll free for a free, 60-minute consultation with a Chapter 13 lawyer.
