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Orlando Attorney Melody Pullen Bio

Attorney Pullen currently defends numerous foreclosure cases for homeowners throughout Central Florida.
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FLORIDA BANKRUPTCY CHAPTER 13

Bankruptcy Chapter 13 in Foreclosure Defense

A chapter 13 bankruptcy enables individuals with regular income to develop a repayment plan on all or part of their debts. In a chapter 13, debtors propose a repayment plan to make installments to creditors over three to five years. The length of the plan depends upon the debtor's current income and if there are any reasons to have the lengthier plan. If the debtor's current monthly income is more than the applicable state median, the plan generally must be for the five year period, but no longer than this. During this time the law forbids creditors from starting or continuing collection efforts.

Advantages of Chapter 13

Chapter 13 offers advantages over a chapter 7 filing. One of the most significantly advantages in filing a chapter 13 is the chance to save a home from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and have an opportunity to cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time or risk failing out of the program. If this occurs, all the debts remain in tact and debtor must start from square one when dealing with all of his debts.

Chapter 13 is like a consolidation loan where the debtor makes the planned payments to a trustee who will distribute these payments to creditors. Individuals will have no direct contact with creditors while under the chapter 13 protection.

Consultation or general questions:

Call (407)966-3456 or fill out our contact form to set up a consultation with an experienced Orlando Bankruptcy attorney or to ask general questions.