Chapter 13 allows you to keep your property
In Florida, many people have some degree of debt, even if it is in the form of their mortgage, or a small amount on their credit card. Whatever the case, if you fall behind on payments, that sum can quickly grow. The more debt you have, the faster the situation can worsen and the greater the problem becomes. What was once a manageable debt suddenly seems like an insurmountable obstacle and you may find yourself wondering what to do or where to turn.
Fortunately, there is a way out and one option you might consider is filing for bankruptcy. However, there are a few different forms of bankruptcy to choose from, each of which has different implications and restrictions. One popular choice is Chapter 13, as unlike some debt relief options, it does not require you to sell your property.
As this article on bankruptcy filings explains, Chapter 13 involves the creation of a repayment plan spanning three or five years. This plan then needs to be approved by the bankruptcy court. There are a few restrictions on choosing this form of bankruptcy, such as your total amount of debt, but if you meet the criteria, it could be the best way to remove the stress of your financial situation.
If you are feeling overwhelmed by debt or you would like to know which form of bankruptcy might be best for you, do not be discouraged. An lawyer can advise you about your options and may be able to help you choose the best course of action to take. With the right guidance, you can plan your way out of debt and work toward a more financially stable future.