Two types of bankruptcy are available for consumers who are struggling under crushing debts. The first is Chapter 7 liquidation bankruptcy and the second is Chapter 13 reorganization bankruptcy. Individuals who are unable to repay their debt in full but still have sufficient income to make some kind of monthly payments may be eligible for the latter. Chapter 13 allows you to “reorganize” your debts and repay as much as you can over the next few years before the rest is discharged and you are finally free.

Chapter 13 of the U.S. Bankruptcy Code allows consumers to negotiate a repayment plan with their lender that lasts for the following 3 – 5 years. During that time, the consumer will continue to make monthly payments as agreed. At the conclusion of the repayment period, the remaining amount of the consumer’s debt will be discharged. Chapter 13 bankruptcy is generally considered to be a better option than Chapter 7, since no property or assets will be liquidated. You can keep your home and your car when you file under Chapter 13. You must still pass the means test, however, in order to qualify for bankruptcy at all. Speak with an Orlando bankruptcy lawyer to find out what options are available for you to eliminate your debts.


The legal team at Fisher Legal Group can provide the counsel and representation that you need in order to find financial freedom. From bankruptcy to debt settlement and short sales, we can help you decide which debt elimination option is best for you. Our lawyers truly care for clients and approach each case individually. Our ultimate goal is to bring you comfort and peace of mind as you pursue bankruptcy or an alternative to bankruptcy. Contact us today to learn more through a free case evaluation!