Bankruptcy-Debt Relief-Chapter 7 and Chapter 13
Chapter 7
The majority of people seeking Debt
Relief utilize Chapter 7.
Under Chapter 7, a person is allowed to keep
exempt assets and wipe out most, if not all of their unsecured
debt. Examples of unsecured debt are credit card,
repossession and medical bills, as well as, certain income tax obligations.
In Florida, your exempt assets include but are not limited to your homestead,
and most of your personal property, as well as, your car. All of the
exemptions have certain prescribed limitations which need to be analyzed and
discussed during your free Debt Relief consultation.
Chapter 13
The laws under this Chapter are very useful,
for those seeking to keep their residence. If your homestead is worth less than your first mortgage, then under
this Chapter your second and third mortgages may be eliminated. In addition, if you are behind on your
mortgage payments and in a foreclosure, in most cases, the foreclosure can be
stopped and your mortgage reinstated.
Under Chapter 13, an individualized plan is
created based on the client’s income, which lasts between 36 and 60
months. The payments in the plan,
usually include funds for secured assets and in some cases for a percentage of
unsecured debts.
Each individual has a different financial
situation which requires analysis during your free Debt Relief
consultation
Chapter 7
The majority of people seeking Debt Relief utilize Chapter 7.
Under Chapter 7, a person is allowed to keep exempt assets and wipe out most, if not all of their unsecured debt. Examples of unsecured debt are credit card, repossession and medical bills, as well as, certain income tax obligations. In Florida, your exempt assets include but are not limited to your homestead, and most of your personal property, as well as, your car. All of the exemptions have certain prescribed limitations which need to be analyzed and discussed during your free Debt Relief consultation.
Chapter 13
The laws under this Chapter are very useful, for those seeking to keep their residence. If your homestead is worth less than your first mortgage, then under this Chapter your second and third mortgages may be eliminated. In addition, if you are behind on your mortgage payments and in a foreclosure, in most cases, the foreclosure can be stopped and your mortgage reinstated.
Under Chapter 13, an individualized plan is created based on the client’s income, which lasts between 36 and 60 months. The payments in the plan, usually include funds for secured assets and in some cases for a percentage of unsecured debts.
Each individual has a different financial situation which requires analysis during your free Debt Relief consultation