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.
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.
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.
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.
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.
It may be possible for Florida homeowners in distress to use bankruptcy strategically to stop foreclosure. Chapter 13 bankruptcy could be of particular use to those seeking a fresh financial start as it may allow them to stay in their homes.
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.
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.
If you are like others in Florida who are looking to regain control of their finances, then you may have considered a number of debt relief options. One such option is filing for bankruptcy. However, it can be difficult to know which type of filing is best for your situation. At The Law Offices of George Castrataro, P.A., we are often asked how to know if Chapter 13 is the right option for your needs. In this post, we will discuss the advantages of seeking Chapter 13 bankruptcy protection.
The loss of a job, unexpected expenses and any other number of factors may result in financial challenges for people in Florida, and throughout the U.S. Those facing these types of issues may choose to file for bankruptcy in order to help them regain control of their finances. However, there are a number of bankruptcy options available, some of which may be better suited for certain situations than others. As such, it can be difficult for people to understand which option right for them. At The Law Offices of George Castrataro, P.A., we often consult with people who are unsure whether Chapter 13 bankruptcy is for them. In this post, we will provide an overview of Chapter 13 bankruptcy.