Chapter 13 Bankruptcy

Our Jacksonville bankruptcy lawyers can help you decide if you are eligible for protection under Chapter13 of the bankruptcy code and how much a chapter 13 will cost you in terms of repayment to your creditors.   Individuals can use Chapter 13 of the bankruptcy code for protection from creditors to give them time to repay some of their debts based upon their ability to pay.  You must have a source of income to be eligible to pay some of your debt to be eligible for Chapter 13 Protection.  A chapter 13 bankruptcy is a form of bankruptcy where you repay some of your debt over a period of 3-5 years.  Currently there are some maximum debt numbers that you must have to be eligible for a chapter 13 bankruptcy.  The maximum secured debt must be less than $1,010,650 and you must have less than $336,900 in unsecured debt.

The amount of your monthly payments will depend on how much you owe, your income, and the amount they would have received under a Chapter 7 Bankruptcy liquidation.

Chapter 13 Bankruptcy can Stop a Foreclosure on your home.

Chapter 13 can help you keep your home. It can stop a foreclosure and allow you you up to five years to make up the past due payments.

The Chapter 13 bankruptcy court will appoint a trustee to manage the your funds according to the Chapter 13 plan which is filed in each plan. An order permitting the Chapter 13 trustee to make regular and extra monthly mortgage payments is made from the funds paid to the trustee per the Chapter 13 Plan.

If keeping your home is a priority, and you have a regular income, Chapter 13 can be a better option than a Chapter 7 but you should discuss you specific circumstances with a Jacksonville Bankruptcy lawyer.

Chapter 13 Bankruptcy can Prevent the Repossession of your car

In a Chapter 13 bankruptcy, you can often prevent repossession and keep the car(motorcycles, boats, furniture, and in some instances, even manufactured homes) by continuing to make regular payments.

You may be able to reduce the amount  you pay the lender if the debtor has owned the vehicle for more than 910 days and reduce the amount owned to the current market value or the amount owed which ever is lower.


There are some kinds of debt that a bankruptcy will not discharge such as child support, alimony, most taxes, and some student loans.  To find out more and see if you qualify for a Chapter 13 Bankruptcy call our Jacksonville Bankruptcy lawyers, contact us by email for a free consultation do discuss Jacksonville Bankruptcy options and alternatives.
Jacksonville Bankruptcy Lawyer Blog - Chapter 13