CHAPTER 13 BANKRUPTCY

Chapter 13 Bankruptcy  Chapter 13 bankruptcy (often called the "wage earner's plan") allows for the repayment of debts over time. It has limits on the amount of debt to which it can apply. It enables individuals with regular income to develop a 3 to 5 year plan to repay all or part of their debts.

Hagen & Hagen is a Florida Bankruptcy Law Firm that specializes in helping our clients navigate the maze of bankruptcy laws and bankruptcy court when filing. Our team of experienced bankruptcy attorneys are on your side before and after you file to protect your interests if you choose to enter into a Chapter 13 proceeding.

Chapter 13 repayment plans offer individuals a number of advantages over Chapter 7 liquidation - primarily an opportunity to save their homes from foreclosure. By filing Chapter 13 Bankruptcy, individuals can stop foreclosure proceedings and may repay delinquent mortgage monies over time. Regardless of the payment on old debt, individuals must still make all regular mortgage payments that come due during the Chapter 13 plan.

Another advantage of Chapter 13 is that it allows individuals to reschedule other secured debts and extend them over the life of the plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties (co-signers) who are liable with the debtor on consumer debts.

Finally, Chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a trustee who then distributes payments to creditors. As a result, individuals will have no unpleasant experiences from direct contact with creditors while under Chapter 13 protection.

Bankruptcy filings can be difficult. Hagen & Hagen, P.A. has the experience to guide you through all proceedings and protect your rights.. Please give us a call at (954) 987-0515 for a consultation today.