Thinking About Chapter 13 Bankruptcy in Florida? Here Are 10 Must-Know Facts for 2025!
For many Floridians dealing with excessive debt, Chapter 13 bankruptcy provides an alternative to Chapter 7. Known as a wage earner's plan, Chapter 13 allows individuals with regular income to reorganize their debts and repay them over time. Before deciding if it's right for you, it's important to understand how it works—especially in Florida. Here are the top 10 facts about Chapter 13 bankruptcy in Florida you should know in 2025: 1. Chapter 13 Helps You Keep Your Assets Unlike Chapter 7, where some assets could be liquidated, Chapter 13 allows you to keep your property, including your home and car, as long as you make regular payments under a court-approved repayment plan. 2. It Involves a 3 to 5-Year Repayment Plan In Chapter 13, your debts are reorganized into a repayment plan that lasts three to five years, depending on your income level. Over this time, you pay creditors using your disposable income. 3. It's Perfect for Stopping Foreclosure Chapter 13 in Florida ...