Chapter 7 Vs Chapter 13 Florida

1. Chapter 7 Vs Chapter 13 Florida Chapter 7 And Chapter 13 Are Two Different Types Of Bankruptcy Options Available To Individuals In Florida. Understanding The Critical Differences Between These Chapters Is Crucial In Determining Which Option Suits Your Financial Situation Best. Chapter 7 Bankruptcy, Or Liquidation Bankruptcy, Involves Selling Non-exempt Assets To Pay Off Debts. It Is Typically A Quicker Process Lasting Around Three To Six Months. However, It's Important To Note That Not All Debts Can Be Discharged Through Chapter 7. Specific Obligations, Such As Student Loans And Child Support Payments, May Still Need To Be Paid. On The Other Hand, Chapter 13 Bankruptcy, Or Reorganization Bankruptcy, Allows Individuals With A Steady Income Source To Create A Repayment Plan Over Three To Five Years. The Individual Retains Their Assets But Must Make Regular Payments Towards Their Debt Based On Their Disposable Income. One Significant Advantage Of Filing For Chapter 13 Is Its Ability To Halt Foreclosure Proceedings And Allow Homeowners To Catch Up On Missed Mortgage Payments While Keeping Their Property. Another Difference Lies In Eligibility Requirements. While There Are No Income Limits For Filing Under Chapter 7, Individuals With Higher Incomes May Be Required To File Under Chapter 13 Instead. Choosing Chapter 7 Or Chapter 13 Depends On Various Factors, Such As Your Income Level, Asset Ownership Status, And Specific Debt Obligations. Consulting With A Qualified Bankruptcy Attorney Specializing In Florida Law Will Help Determine Which Chapter Best Aligns With Your Circumstances And Goals. Contact Us: Address: 1401 Manatee Ave West, Suite 1010, Bradenton, FL 34205 Phone Number: (941) 744-5450 Website: https://www.hollandlaw.com/Bankruptcy/Chapter-7-vs-Chapter-13.aspx