When considering bankruptcy, filing for Chapter 13 in Florida is a viable option for those who are overwhelmed by financial strain. This is for the individual who just wants and needs to get back on track, without losing everything.
Chapter 13 allows people with a steady income to develop a payment plan. The payment plan goes to one location. The usual timeline is three to five years. The person filing will repay all or a portion of their overall debt, based on what it is determined will be manageable without worsening their situation.
The Role of Trustee When Filing for Chapter 13 in Florida
When you are filing for Chapter 13 in Florida, a bankruptcy trustee will be assigned to your case. The Chapter 13 trustee is responsible for administering your case. Your trustee will make sure your repayment plan complies with bankruptcy laws. When you first file, you’ll be filing documents with the court. These documents will cover your income, expenses, and a proposed payment plan for repayment.
After you’ve filed your bankruptcy papers, you need to send your tax returns and other financial documents to the trustee. The trustee will review all of the submitted paperwork, including your filed documents.
The trustee’s goal at this stage is to ensure that your income report is accurate and your expenses are of a reasonable nature. They also want to make sure that the proposed repayment plan will be beneficial and fair to your creditors.
Once the review is finished, the trustee will speak with you about any reservations they have concerning your repayment plan or bankruptcy. Remember, the trustee’s goal is to make sure the creditors receive as much of the debt owed as possible. It is wise for you to be represented by an attorney that has your interests in mind. If the trustee is unable to come to an agreement with you or your attorney, a judge will hear your case.
Once your repayment plan is approved by the court, the trustee will administer the plan. First, you will meet with your creditors and your trustee to make sure you are aware of the details of your bankruptcy agreement. You can ask questions at that time. The repayment process begins after 30 days. This essentially means that all payments go directly to your trustee, who distributes them to your creditors.
If you are filing for bankruptcy, the Law Office of Michael A. Ziegler can help. Contact us today to find out your rights.
Source: US Courts
