South Florida Chapter 13 Bankruptcy Attorneys
Protecting Your Pack from Overwhelming Debt
If you need to resolve outstanding debt issues but want to avoid liquidating your assets, consider Chapter 13 bankruptcy. Instead of selling your belongings and starting over, Chapter 13 allows individuals to develop a manageable payment plan to resolve insupportable accumulated debts. For those facing mounting debt, our compassionate attorneys at Pazos Law Group are available to help you determine which option could work for you.
Who Could Benefit from Chapter 13 Bankruptcy?
For individuals capable of making monthly payments towards their debts, Chapter 13 bankruptcy is likely the best choice for debt relief. Also called reorganization bankruptcy, Chapter 13 can help protect your assets while still allowing you the ability to reconcile any financial obligations.
Filing Chapter 13 bankruptcy can be beneficial for the following reasons:
- Individuals can retain nonexempt property
- Pay off non-dischargeable debt
- Avoid home foreclosure
- Pay off debt through a monthly payment plan
- Self-employed business owners can still retain business property
- Regain financial stability without losing possessions
How and When to File
Unlike with Chapter 7 bankruptcy, those wishing to file Chapter 13 bankruptcy need not pass the means test. In fact, individuals who do not qualify for Chapter 7 because of income often resort to Chapter 13 instead. In order to qualify, you must either file as an individual or a sole practitioner, in addition to being capable of paying the minimum payments outlined in the plan. The repayment period may vary between 3-5 years, depending on the amount of debt and household income.
Struggling with Debt? Contact Pazos Law Group Today!
Our firm is dedicated to protecting you and your family, whether you need protection from the threat of foreclosure or aggressive debt collectors. We will apply our years of legal experience and knowledge of bankruptcy law to help you achieve the financial results you want.
Contact Pazos Law Group to discover if Chapter 13 bankruptcy is right for you.