Debt Repayment Plans

Chapter 13 bankruptcy is often sought by those with an income too high to qualify for Chapter 7. The primary difference between the two chapters is that Chapter 13 consists of a debt repayment plan rather than relying on the liquidation of nonexempt assets to pay back creditors and discharge remaining unsecured debts.

At Nowack & Olson, our attorneys will work closely with you to examine the facts of your situation and determine whether Chapter 13 is in your best interest. If it is, we will be there for you every step of the process, from preparing you for the repayment plan to helping you plan for life after bankruptcy.

How Long Will The Repayment Plan Last?

In a Chapter 13, repayment plans typically last between three and five years. The money from your payments will be distributed to your creditors, with remaining unsecured debts being discharged at the conclusion of the repayment period.

Benefits Of Chapter 13 Debt Repayment Plans

Repayment plans are ideal for people with secured assets, such as homes or vehicles, that they wish to keep. A repayment plan allows for the reorganization of debt, so a person can emerge after bankruptcy with manageable payments and the wherewithal to continue making payments in order to maintain possession of the asset.

Chapter 13 is often the best choice for Florida homeowners who are behind on payments, but wish to avoid foreclosure and stay in a home.

Put Our Lawyers On Your Side

We will prepare you for the process, answer your questions and fight for your rights. Contact our Fort Lauderdale office today to schedule a free, 60-minute consultation.