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Regulating the Regulators
The “Great Recession” that started three years [...]
The Bench is a Boundary
At a recent Social Security Disability hearing, I was [...]
Dan Smith's Blog
The Bench is a Boundary
At a recent Social Security Disability hearing, I was [...]
Insurance Companies Protecting Themselves: Florida’s Non-joinder Statute
During a recent case, I had to explain to a client why we [...]
Social Networks as a Legal Tool
People use social networks every day. Their activities, [...]
Wade Coye's Blog
Regulating the Regulators
The “Great Recession” that started three years [...]
Emerging Technologies within Traditional Systems: Video Conferences
It is so easy to communicate in today’s world. [...]
Building the New Orlando Location
In July 2009, the Coye Law Firm temporarily relocated [...]
Chapter 13 Bankruptcy
Bankruptcy Overview ♦ Chapter 7 ♦ Chapter 13 ♦ Chapter 11 ♦ FAQs ♦ Support and Prevention ♦ Foreclosure
Chapter 13 Bankruptcy
Filing bankruptcy under Chapter 13 allows the debtor to personally organize a repayment plan for their debts. The plans typically span three to five years for individuals with a regular income. A debtor who earns less than a median wage for the state they live in will have three years to pay back the loan, while those earning over the state median will have five years. Creditors cannot start or continue collection efforts if Chapter 13 bankruptcy is filed.
To be eligible to file for Chapter 13 bankruptcy, the person must:
- be employed, including self-employment, or operate an unincorporated business
- have unsecured debt less than $307,675
- have secured debt less than $922,975
These amounts may change to reflect economic factors, so you may need an attorney to see if you meet current eligibility requirements. A lot of the paperwork involved in a Chapter 13 case is identical to that of the Chapter 7 cases. However, a debtor has to additionally file:
- evidence of payment from employers received 60 days before they filed (if applicable)
- a list of all creditors, including the amount and nature of their claims
- the source, amount, and frequency of income
- a list of monthly living expenses
- a comprehensive list of their property
The individual's repayment plan must be submitted within 15 days of filing. Meeting with an attorney to discuss how you can realistically pay of debts under Chapter 13 bankruptcy can ensure that you are satisfying all requirements. If a plan is drawn up too hastily, it could omit important information regarding your responsibilities. The Coye Law Firm will handle these documents with consideration and be thorough in the expression of your rights. An attorney can also walk you through every step of the confirmation hearing where your plan is approved.
Foreclosure & Chapter 13 Bankruptcy
When a homeowner is unable to pay their mortgage for an extended period of time, their home may go into foreclosure. These claims are on the rise due to the current economy, but some people may be able to save their homes through Chapter 13 bankruptcy filing. The debt management plans provide a way for homeowners to schedule and cure missed mortgage payments over time. The payments that are due while the individual is in Chapter 13 bankruptcy, however, are still due on time.
Foreclosures are complex legal matters. The federal government is exploring ways to alleviate struggling homeowners of certain burdens under Chapter 13. The mortgage attorneys at the Coye Law Firm are up to date on these laws and can explain to you what options you have when considering bankruptcy. Contact our bankruptcy and foreclosure lawyers today.
