 |
|
Pay Off |
From Only |
|
$15,000.00 |
$55/Month |
|
$20,000.00 |
$75/Month |
|
$30,000.00 |
$105/Month |
|
$50,000.00 |
$185/Month |
*Above examples
represent minimum payment available for typical CH 13 plan filed in Middle
District of Florida. Results may vary depending on your individual
circumstances. |
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What happens when a bankruptcy petition is filed?
The commencement of a bankruptcy case creates an
“estate.” The estate technically becomes the temporary legal owner of
all of the Debtor’s property. The estate consists of all legal or
equitable interests of the Debtor in property as of the date the case is
filed, including property owned or held by another person if the Debtor
has an interest in the property. The “automatic stay” is immediately
invoked at the instant of the filing of the bankruptcy case, and it
prohibits creditors from taking collection action against the Debtor or
the Debtor’s property without Bankruptcy Court approval. The Court
issues a notice of commencement advising all interested parties of the
filing of the bankruptcy case. This notice provides the case number,
trustee, date of the meeting of creditors, deadline to file a proof of
claim (if applicable), and deadline to file an objection to the
discharge (if applicable).
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Chapter 7 is the most common form of
bankruptcy, and is usually used to discharge, or ‘wipe out’, your
unsecured debt such as credit cards; medical bills; most personal
loans; judgments; deficiencies on repossessed property, etc.
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Chapter 13 is usually used if you are seeking to protect property such
as a home, boat or automobile from collections and repossession.
Chapter 13 requires you to have some regular source of income, and
affords you an opportunity to repay any delinquent debt amounts over a
3 to 5 year period, while you are entitled to keep possession of the
property you are seeking to protect.
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