Why choose chapter 13 bankruptcy?
Unlike a chapter 7 bankruptcy, chapter 13 doesn’t liquidate non-exempt assets and is not geared toward immediately wiping away debts. Instead, a chapter 13 bankruptcy is intended to help people gradually pay off their debts over time, keeping their property in the process. A person filing for a chapter 13 bankruptcy is required to present a plan to pay off his or her debts. This is called a repayment plan, and is usually 36 to 60 months long. During that time, the bankruptcy petitioner has to continue making current mortgage payments on the debts, as well as making payments to get caught up on the mortgage. Payments are also made on other debts based upon the petitioners ability to pay them. Once the repayment plan is completed, all remaining debts eligible for discharge will be wiped out. For knowledgeable, experienced chapter 13 lawyers dedicated to providing quality representation in Orlando, Florida, contact Ferderer & Shumard, P.A. to schedule an initial consultation. Ferderer & S
