Chapter 13
Helping you repay your debts over time without losing your hard-earned assets
Chapter 13 Bankruptcy Attorney In Miami, Florida
What Is A Chapter 13 Bankruptcy?
If you’ve fallen behind on your mortgage or car payments, Chapter 13 bankruptcy may provide a way to stop foreclosure, prevent repossession, and give you time to catch up on overdue amounts. Through a court-approved repayment plan, you can spread out past-due payments over several years while continuing to make your regular monthly payments. In some situations, Chapter 13 may also allow you to reduce certain vehicle loan balances or adjust payment terms, depending on your circumstances.
Chapter 13 can consolidate your debts into one manageable monthly payment based on your income and budget. In certain cases, you may repay only a portion of your unsecured debt while keeping your property, including your home and car. For individuals dealing with issues such as suspended driver’s licenses due to unpaid fines or tickets, a Chapter 13 filing may also help create a structured plan to address those obligations.
To fully benefit from a Chapter 13 case, it’s important to have clear guidance throughout the process. Michael J. Brooks works directly with clients in Miami, Florida to review their financial situation, explain available options, and develop a repayment plan designed to protect their assets and move them toward financial stability. If you’re ready to explore whether Chapter 13 is right for you, contact Michael J. Brooks, P.A. today to schedule a consultation.
Call Michael J. Brooks, P.A. at 305-400-4595 to schedule a consultation with a lawyer today.
How Do I Qualify for a Chapter 13 Bankruptcy?
To qualify for Chapter 13 bankruptcy, you must have a regular and reliable source of income sufficient to make monthly payments under a court-approved repayment plan. This income does not have to come from traditional employment. You may qualify if you receive Social Security, disability benefits, unemployment compensation, retirement income, or rental income.
Certain individuals, such as stockbrokers and commodity brokers, are not eligible for Chapter 13 relief. Corporations also cannot file under Chapter 13. However, sole proprietors and self-employed individuals may qualify, provided their secured and unsecured debts fall within the limits established under federal bankruptcy law. Chapter 13 repayment plans typically last three to five years, depending on your income and overall financial situation. Eligibility may also involve a review of your income and debts to ensure the plan is feasible.
Michael J. Brooks works directly with clients in Miami, Florida to carefully evaluate their financial circumstances before filing and determine whether Chapter 13 is the right solution. If you’re considering bankruptcy and want clear guidance about your options, contact Michael J. Brooks, P.A.
to schedule a consultation.
What Happens During a Chapter 13 Proceeding?
To move forward with Chapter 13 bankruptcy, you must first demonstrate that you qualify, which may include completing the required income evaluation. Once your case is filed, the automatic stay goes into effect, immediately stopping foreclosures, wage garnishments, repossessions, lawsuits, and most other collection efforts.
As part of the process, you will propose a repayment plan that outlines how you intend to pay back certain debts over a three- to five-year period. While you create the plan based on your income and expenses, the bankruptcy court must approve it. The court will review whether the plan has been proposed in good faith, whether unsecured creditors will receive at least as much as they would under a Chapter 7 case, and whether you are committing all required disposable income toward repayment.
Chapter 13 involves detailed financial disclosures and strict procedural requirements. Michael J. Brooks works directly with clients in Miami, Florida to prepare the necessary documentation, develop a feasible repayment plan, and guide them through each stage of the process. If you’re ready to take the first step, contact Michael J. Brooks, P.A. today to schedule a consultation and discuss your options.
Frequently Asked Questions
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy, also known as a “wage earner’s plan,” allows individuals with regular income to develop a plan to repay all or part of their debts over three to five years.
How does Chapter 13 bankruptcy work in Miami?
In Miami, as in the rest of the U.S., Chapter 13 involves the reorganization of debts, allowing the debtor to use their income to make payments towards their debt over a certain period, while keeping their property.
How can I qualify for Chapter 13 bankruptcy in Miami?
To qualify for Chapter 13 bankruptcy in Miami, you must have a regular income and your unsecured and secured debts must be below certain limits.
What is the role of a bankruptcy trustee in a Chapter 13 case?
The trustee’s role in a Chapter 13 case is to review the debtor’s proposed repayment plan, make recommendations to the court, and distribute payments to creditors as per the approved plan.
Can I keep my property if I file for Chapter 13 bankruptcy in Miami?
Yes, in Chapter 13 bankruptcy, you can keep all of your property, but you must pay unsecured creditors an amount equal to the value of your nonexempt assets as part of your repayment plan.
What debts are discharged in a Chapter 13 bankruptcy in Miami?
Chapter 13 bankruptcy discharges most debts. However, certain debts like child support, alimony, certain tax debts, and student loans are generally not discharged.
How long does a Chapter 13 bankruptcy stay on my credit report in Miami?
A Chapter 13 bankruptcy can stay on your credit report for up to seven years from the date of filing.
Can I file for Chapter 13 bankruptcy in Miami if I've filed before?
Yes, but there are time limits. You must wait two years from the date of your previous Chapter 13 discharge to file another Chapter 13 case.
Can I run a business while in Chapter 13 bankruptcy in Miami?
Yes, you can continue to operate your business while in Chapter 13 bankruptcy. However, the bankruptcy trustee will have a significant role in overseeing your business finances.
Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
Have Questions About Bankruptcy?
If you’re considering filing for bankruptcy or simply want to understand your options, Michael J. Brooks, P.A. is here to help. Call 305-400-4595 today to speak with Michael J. Brooks and get clear answers about your rights, the bankruptcy process, and the steps you can take toward financial relief.