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Find Financial Balance With Chapter 13 Bankruptcy

Debt can leave you in a tough position. You want to get your finances in order, but you also don’t want to give up your home or cherished items to pay back creditors. If you are in a position like this, Chapter 13 bankruptcy could provide you with the relief you need while allowing you to keep your cherished belongings.

As Miami bankruptcy attorneys, we understand what your tough financial situation means for you, and we are here to help you find a relief solution that works for you, your family and your situation.

What Is Chapter 13 Bankruptcy?

Chapter 13 is a form of bankruptcy that helps establish an affordable, court-approved payment plan over a three—to five-year period. After the period ends, a bankruptcy court can wipe out the remainder of the debt. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not require people to sell certain assets to pay off debts.

The Benefits And Drawbacks Of Chapter 13 Bankruptcy

One of the primary benefits of Chapter 13 bankruptcy is the ability to keep your assets. This is particularly beneficial if you’re facing foreclosure on your home or repossession of your vehicle. A structured repayment plan can allow you to pay back creditors over time while protecting your property.

At the same time, repayment plans can be lengthy and require strict financial discipline. Additionally, while Chapter 13 can reduce overall debt, it can’t eliminate all debt. Much like Chapter 7, Chapter 13 cannot discharge student loan debt, tax debt or child support debt.

Eligibility Criteria For Chapter 13 Bankruptcy

To qualify for Chapter 13 bankruptcy, you must have a regular income, which can include wages, pensions, Social Security, and other forms of reliable income. Additionally, there are debt limits. As of the latest guidelines, your secured debts must be less than $ $1,395,875, and unsecured debts must be below $465,275. These limits are subject to change and may not be accurate at the time of your review.

How De Armas & Arriete, LLC, Can Help

Honesty, empathy and compassion are at the core of our bankruptcy practice. When we help you file for Chapter 13, we tell you what you need to hear in a way that can help you feel confident about the process. We will always communicate with you before making major decisions regarding your case and always work with your best interests in mind. Not only can we help you with the formal filing process, we can also help you advocate for a workable payment plan with creditors so that you can focus on paying down your debts without stretching yourself thin.

Regain Control Of Your Finances – Reach Out Today.

Chapter 13 bankruptcy can allow you to start over without losing everything. If you want to learn more about the process and how our team at De Armas & Arriete, LLC, can help, schedule an initial consultation with us today. You can do so by calling our Miami-based office at 786-600-4437 or visiting our contact page.