All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

An introduction to Chapter 13 bankruptcy

Many Florida residents understand that they need help to address serious financial challenges, but they may not always know what kind of assistance for legal options they are entitled to. Filing for bankruptcy is one option that has proven to be very successful for countless Americans throughout the years, but different forms of bankruptcy can be more helpful to people under specific circumstances.

Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in several ways, one of them being that a trust fund is established in order to pay off creditors. A person known as a trustee is charged with managing the trust, and enforces the terms of the bankruptcy plan by distributing trust funds to the appropriate parties. People that file for Chapter 13 agree to pay into the trust fund and follow the terms of the bankruptcy agreement, while being released of some of their liability as debtors.

While Chapter 7 bankruptcy is the recommended choice for some people, Chapter 13 is often preferred by people that own property. Property can be protected against Chapter 13 proceedings because filers agree to repay creditors through the trust fund. And in the event that a creditor is unwilling to accept the terms of the bankruptcy plan that is offered to them, they have the right to object. Each Chapter 13 bankruptcy is different, but most are finalized within a five-year period.

Chapter 13 bankruptcy can be the best option for people that own property and are willing to commit to a long-term plan for repaying their debts. Of course, however, learning about all of one’s debt relief options is recommended before committing to anything. People that are interested in exploring their options and understanding how Chapter 13 may benefit them can speak with an experienced attorney today.

Source: Michigan State University, “Should you file bankruptcy? Part 4,” William Hendrian, July 15, 2014

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.