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chapter 13 Archives

The role of the trustee in your Chapter 13 bankruptcy

If you are considering filing for Chapter 13 bankruptcy in Florida, you may be wondering what role the trustee plays in helping you to repay your debts. At The Law Offices of George Castrataro, P.A., we provide answers and advice to people who want to know more about what is involved in the discharge of your debts through a restructured payment plan.

What if I don’t pass the means test?

Increases in the cost of living in Florida without corresponding increases in your salary can put you in trouble quickly. Using a credit card to keep up could strain your finances further. If at some point you decide to file for Chapter 7 bankruptcy and get relief from your debt, you must first prove that you are eligible through the means test.

When your car is under water

Putting a big down payment on a new vehicle is not an option for many people in Florida, but reliable transportation is essential for most. Car dealerships are often willing to “help” by stretching the loan over a longer period at a high interest rate. Vehicles rarely increase in value, though, and under those conditions, it is likely that the payments will not keep pace with the depreciation. According to U.S. News, car owners may have options when they find themselves with an under water vehicle loan.

Can a hardship discharge give you a fresh start?

In previous posts, we have discussed how Chapter 13 bankruptcy may give you a chance to get caught up on your debt in an affordable way. To recap, the court would work with you to reorganize your debt so you would repay most or all of it within three to five years. Chapter 13 bankruptcy is intended to make it affordable for you and other Fort Lauderdale residents to pay your debt, and also takes into consideration your ability to pay.

What debts may be dischargeable in a Chapter 13 bankruptcy?

As previous posts in this blog have pointed out, Chapter 7 and Chapter 13 are the two main types of personal bankruptcy that you might consider if you are going through difficult financial challenges. As you know, Chapter 7 bankruptcy offers Fort Lauderdale residents a fresh start, as most debts are discharged and they get a clean slate. Chapter 13 allows you to repay your debts over a period of three to five years through a manageable repayment plan.

How long is your right of redemption in Florida? Do you have one?

You've tried everything, but the end is looming. Due to unforseen circumstances, you've fallen behind on your mortgage. You've spoken to the bank on numerous occassions, but there just doesn't seem to be a light at the end of the tunnel. They are speaking of foreclosing on your property.

Three truths and a lie about bankruptcy

Nearly everyone knows something about bankruptcy. Perhaps you had an uncle who filed for Chapter 11 after his small business folded. Maybe your ex-spouse filed for Chapter 13 after your divorce. Perhaps you yourself are considering Chapter 7 as a way to gain a fresh financial start.

What is your trustee’s role in a hardship discharge?

If you have chosen to file Chapter 13 bankruptcy in Fort Lauderdale, Florida, you may be aware that your payments are going to a trustee who distributes the funds to your creditors. When circumstances beyond your control make it impossible for you to make those payments, you may qualify to have your debts discharged through Chapter 7 bankruptcy. According to a U.S. Supreme Court ruling, this immediately changes the relationship you had with your court-appointed trustee.

Can Chapter 13 help me with student loan debt?

Getting a college degree in Florida and across the country has become increasingly expensive. If you took out student loans in order to pay for your tuition, books and fees, the total debt after graduation may seem overwhelming. Private loan companies often charge high interest rates that only add to the burden. The Pittsburgh Post Gazette reports that, even though student loans can rarely be discharged in a chapter 7 bankruptcy, many people are finding relief from high monthly payments by filing for Chapter 13 bankruptcy.

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