Throughout the Florida Keys and Key West, an individual debtor who has a regular source of income may file a Chapter 13 enabling them to keep a valuable asset, such as a house. It allows the debtor to propose a “plan” to repay creditors over time, usually three to five years. A Chapter 13 is also used by consumer debtors who do not qualify for chapter 7 relief. The court either approves or disapproves the debtor’s repayment plan, depending on whether it meets the Bankruptcy Code’s requirements for confirmation. The Chapter 13 debtor usually remains in possession of the property of the estate and makes payments to creditors, through the trustee, based on the debtor’s anticipated income over the life of the plan. The debtor must complete the payments required under the plan before the discharge is received, however, they’re protected from lawsuits, garnishments, and other creditor actions while the plan is in effect. Consult our law firm at 305.451.0013 for a confidential consultation. We will review your situation and provide you information on your legal rights, options and responsibilities.