There are lots of advertisements on TV, radio, and the internet telling people who are severely in debt to “consolidate” their debt rather than file for bankruptcy.  However these companies don’t tell you that filing for chapter 13 bankruptcy in Florida might actually be the BEST means of consolidating your debt.  Here are some of the reasons that filing for  chapter 13 bankruptcy in Florida might be the best bet”

  1. Your payment plan will be limited to 3 to 5 years.  Anything that is not paid after 5 years will be discharged (wiped out)
  2. Your payment plan is INTEREST free.
  3. The only fee that you will have to pay is a small attorney fee and a small fee to the bankruptcy trustee.
  4. You get the benefit of the automatic stay which includes the immediate stoppage of all debt collector phone calls.
  5. Any current legal lawsuits are automatically stopped.
  6. All current wage garnishments are stopped.
  7. If you own a home and you have more than one mortgage then there is a chance that a second mortgage or a home equity line can be wiped out.
  8. If you are making payments on a car you can reduce the interest rate on your payment.
  9. If you are making payments on a car then you can potentially reduce your amount owed to the true value of the vehicle rather than what you owe.
  10. If you owe any money in taxes then you can pay it off over five (5) years.

Shmucher Law, PL is a bankruptcy law firm in South Florida that handles Chapter 7, 11, and 13 bankruptcies for individuals and businesses.  If you would like to contact Shmucher Law to make an appointment in one of our many offices located throughout South Florida (Boca Raton, Fort Lauderdale, Miami, Plantation, Sunrise) then please give our office a call at 954.309.5559.