Call Today!  727-824-7709
HomeCriminal DefenseBankruptcyTax ServicesCivil LawDownloadsEducationCase StudiesAboutContact

DeCailly Law Group

Serving Pinellas & Tampa Bay

CONTACT US TODAY

Chapter 13 Bankruptcy

We have helped thousands of people - we can help you too!

Under a chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtor’s future income. You can use Chapter 13 to prevent a house foreclosure; make up missed car or mortgage payments; pay back taxes; stop interest from accruing on your tax debt (local, Michigan state, or federal); keep valuable non-exempt property  and more. If you can stick to the terms of your repayment agreement, all your remaining dischargeable debt will be released at the end of the plan (typically three to five years).

The amount to be repaid is determined by several factors including the debtor’s disposable income as is usually determined as part of the Means Test. In addition, the total amount paid to creditors under the Chapter 13 plan must also be at least as much as creditors would have received if the debtor filed a Chapter 7 bankruptcy. To file Chapter 13 bankruptcy you must have a “regular source of income” and have some disposable income to apply towards your Chapter 13 payment plan.

Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Michigan bankruptcy exemptions. Chapter 13 bankruptcy is a reorganization whereas Chapter 7 bankruptcy is a liquidation.

A chapter 13 bankruptcy allows them to make up their overdue payments over time and to reinstate the original agreement. Where a debtor has valuable nonexempt property and wants to keep it, a chapter 13 may be a better option. However, for the vast majority of individuals who simply want to eliminate their heavy debt burden without paying any of it back, Chapter 7 provides the most attractive choice.

Website Link:

Video


HAVE QUESTIONS?  WE HAVE ANSWERS!

We are dedicated to serving our clients in a highly professional and ethical manner. We understand that our clients' place their faith in us to bring about a just and fair result in their case. Contact us today to speak with our lawyers about your legal issue.

HAVE QUESTIONS? CONTACT US TODAY

HAVE QUESTIONS?
WE HAVE ANSWERS!


We are the Experts
Let us help!

727-824-7709

CLICK HERE TO CONTACT US
 
Criminal Defense Cases
 
Bankruptcy Cases
 
DUI Defense Cases

NEWS & Updates

DeCailly Law Group Adds a new Satellite Office

12-Jul-2015

Announcing the addition of our new Satellite office located at 3030 N. Rocky Point Drive W, #150 Tampa, FL 33607. This location was added to help..

NEW Website Launched!!

01-Apr-2014

We are proud to announce the launch of our new website! We have added many new features and improvements to enhance your experience. We welcome any ..

View All News »
Copyright 2014 - Decailly Law Group - All Rights Reserved | Policies Management