Many individuals in Florida and across the U.S. unexpectedly get behind on bills. If you’re in this situation, you might consider filing for bankruptcy. Although there are several options available to you, Chapter 13 may be a viable option to consider if you still have a regular income. This type of bankruptcy allows a person to repay his or her debts over the course of several years, typically three to five. After the end of that period, the majority of the debtor’s remaining debts can be discharged.

There are several things to understand about Chapter 13 bankruptcy. This legal process may help make a person’s debts more manageable. Since the debtor pays the majority of his or her debt, this type of bankruptcy is often referred to as “reorganization.”

To file Chapter 13 bankruptcy, a petitioner will file with a bankruptcy court and present a proposal of how creditors will be repaid over time. If you’re considering this option, you’re not required to consult with an attorney. However, it may be easier to seek the help of an attorney as opposed to navigating the process on your own.

Chapter 13 bankruptcy can be a great choice for many reasons. First, on the day you file, your debts will be frozen, which means that you won’t continue to accrue late fees or interest charges. Second, you may be able to stay in your home if you’ve been behind on mortgage payments. Finally, if you’re a business owner, you can continue to own and operate your business.

Filing for bankruptcy may help you get back on your feet after you’ve faced financial difficulties. If you’re considering this avenue, an attorney with experience in Chapter 13 bankruptcy may answer any questions that you have and help guide you through the process of filing.