Chapter 13 Overview

Chapter 13 is a bankruptcy option that individuals can use which involves adjusting or reorganizing debt. Chapter 13 can be used by someone who has too much income to qualify for a Chapter 7 bankruptcy and under the Chapter 13 rules, you are allowed to keep all of your assets. Chapter 13 involves making a monthly payment to the Chapter 13 Trustee. It is commonly used by a person who needs to catch up on mortgage payments or car payments which are behind.  Chapter 13 is also an excellent way to deal with taxes owed to the IRS or Florida Department of Revenue.  If you are an individual who has regular monthly income and can afford to make monthly payments over a three to five year period, Chapter 13 can be the solution you need to get out of debt. While the process takes longer than Chapter 7 to complete, the risks are lower and eligibility requirements are less restrictive. Contact The Law Offices of Benjamin “Skip” Martin for more information and to find out if this method of debt elimination will work for you.