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The Chapter 13 filing process in Florida

The goal of Chapter 13 bankruptcy is to allow someone to get out of debt by creating a repayment plan that will help him or her pay off what is owed. After filing bankruptcy, some debt may be written off, and people may additionally benefit from lower monthly payments. Since paying off debt is at the heart of this type of filing, individuals are required to submit a repayment plan within 15 days of filing for Chapter 13.

Once someone's repayment plan has been accepted by the court, they will be responsible for providing their payments to a court-appointed trustee on a monthly or biweekly basis. The trustee will then distribute the payments to the individual's creditors.

There are three types of debts: priority, secured and unsecured. Priority debts are those that are granted the most importance, so they must be paid off first, and they usually include things like tax payments. Secured debts are those where a lender can take back property if something isn't paid off.

When someone is considering filing for bankruptcy, it's important that they understand the process and what types of debts they can expect to deal with during their bankruptcy. For example, Chapter 7 bankruptcy normally deals with unsecured debt, and it is normally not able to discharge child support or student loan debt. People may also have to give up certain assets when they file to help pay back creditors. A lawyer could explain to a person the difference between Chapter 7 and Chapter 13 bankruptcy and assist them with their filing.

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