South Florida Bankruptcy: Chapter 13 vs. Chapter 7

Understanding your debt relief options can be an important first step in eliminating financial distress for yourself or your family. Exploring all of your options, however, can be a confusing task. Fortunately, with the assistance of an experienced attorney, you may be able to understand the many options available to you and the different benefits you can hope to gain through each avenue.

At the DiTocco Law Group, PLLC, we provide detailed debt relief guidance to clients throughout Broward County and Palm Beach County in Florida. Highly knowledgeable of the many debt relief processes and the various issues related to them, we work to help you understand your options and make the best choice in your unique situation.

Chapter 7 Versus Chapter 13

In many cases, you may have the option to choose between a Chapter 7 and a Chapter 13 filing. Making this choice comes down to your comfort level and your goals, and is a decision that should be made only after weighing all of the factors of your situation.

The Chapter 7 process allows for the elimination of your unsecured debts following the liquidation of nonexempt assets. In many cases, you may be able to find relief from your debt in as little as four months and may be able to maintain possession of your most valued assets.

The Chapter 13 process involves the creation of a repayment plan that is designed to help you catch up on past debts. This plan, lasting three to five years, should fit comfortably into your budget and involves one convenient payment spread among your creditors. Upon successful completion of your payments, your remaining debts are discharged. The Chapter 13 process involves no liquidation of assets.

Chapter 13 is also a viable option for individuals and families that do not qualify for a Chapter 7 filing.

Which Process Should I Choose? Our Bankruptcy Law Firm Can Help

Both Chapter 7 and Chapter 13 filings provide immediate benefits, including ending foreclosure proceedings, wage garnishment, repossessions and creditor harassment. These similarities can make choosing between the processes difficult.

When making this choice, you should ask yourself many questions, including:

  • How quickly do I want my debts erased?
  • Can I afford a repayment plan?
  • Can I live without my property?

You should also contact one of our experienced Chapter 13 bankruptcy lawyers for advice. Call 954-566-9000 or contact us online to schedule a free consultation to learn more. We have satellite offices located throughout Miami-Dade (Coral Gables and Aventura), Broward (Fort Lauderdale, Plantation, Miramar) and Palm Beach (Boca Raton, West Palm Beach) counties, so you can take comfort in knowing that there is a DiTocco Law Group, PLLC, office near you. Translation services are available for our Spanish-speaking clients. Se habla español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.