What is bankruptcy? How does it work in the Palm Beaches? Should I file for Bankruptcy? Will I lose my house? Who is eligible for Bankruptcy? WhatÂ´s a Chapter 7 or 13? How bankrupt am I? Get bankruptcy answers from Walker Law Firm, a West Palm Beach Attorney.
WHAT IS A CHAPTER 13
Many people elect to petition for Chapter 13 when foreclosure threatens in order to save their home. It is much easier to qualify for a Chapter 13 bankruptcy if in taking the means test you determined that you are not eligible to file under Chapter 7 due to a number of reasons including too high of an income. To file under Chapter 13 your unsecured debts must not exceed $337,000, and your secured debts must not exceed $1,010,000.
Another major difference is in Chapter 7 your debt is discharged within a few months, whereas Chapter 13 takes 3 to 5 years before your debt is discharged. Working with a West Palm Beach bankruptcy lawyer at the Walker Law Firm, P.A. will give you the advice and guidance necessary to smooth your way through the process.See all question