Chapter 7 and Chapter 13 in Orlando

The most common terms heard in relation to Orlando, Florida bankruptcy issues are Chapter 7 and Chapter 13. For the uninitiated that pretty much means nothing. Most people unless they have been through a bankruptcy in Florida have no idea what the difference is and which one they should pick if they were to ever find themselves in that type of position. There are several resources available to explain the Florida bankruptcy laws and how to apply them for your needs. You can explore the government websites and literature dealing with this issue; you can also schedule a consultation with a bankruptcy attorney to make things clearer. The different chapters of Orlando bankruptcy law are easiest to figure out if you take them one at a time. So for convenience sake, here is a look at Chapter 13 and what it can do for you.

• who is eligible for Chapter 13
• the benefits of Chapter 13
• life after bankruptcy

The Florida state and federal bankruptcy laws state that anyone who does not have a pending bankruptcy case can file a Chapter 13 claim. Even if you have been through a Chapter 7 or Chapter 13 bankruptcy before, as long as the case isn't pending, you are eligible to file bankruptcy again. In addition to that rule, the Orlando bankruptcy policies also state that any applicant must have an income. It doesn't matter if it is from their job, rental properties they may own, or social security benefits. You just have to be able to prove an income of some kind.

More established people with homes and other large assets are more likely to go for a Chapter 13 bankruptcy under Florida law than with a Chapter 7. The advantages of the Chapter 13 bankruptcy include a stay in harassing calls. That's right, your creditors won't be allowed to call you anymore. They will be receiving their money from the court appointed trustee, not you, so they have no reason to call. You can also keep many of your assets in a Chapter 13 bankruptcy case. Lots of people choose this option to protect their homes from foreclosure.

Another advantage to using a Chapter 13 bankruptcy claim in Orlando, Florida is that it is easier to rebuild your financial reputation after this type of bankruptcy. Since you are left with some of your preexisting accounts in place, you make a fresh start with credit you already had.