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Is Chapter 13 Bankruptcy the Right Choice for You?


If you’ve been swallowed up by debt due to something like a divorce, job loss, or illness, you may feel stressed every time the phone rings or there’s a knock on the door, fearful it’s yet another debt collector demanding payment.  When you’ve been bled dry and there’s not much else you can pay, what are you supposed to do?  Especially if you’ve always been responsible with your money, this sudden turn of events may seem overwhelming.  If you’ve been backed into a corner, there may be a way a seasoned bankruptcy attorney can help.

Advantage of Chapter 13 

There are a number of ways to file bankruptcy.  Chapter 13 filings are reserved for those who have significant equity built up in a home or vehicle they want to hold on to.  While other types of bankruptcy force debtors to give up these major possessions, Chapter 13 is basically a financial reorganization that allows you to make incremental payments on owed money while retaining your home or other large items.

How Chapter 13 Works 

Other forms of bankruptcy essentially erase your debt in exchange for you surrendering property.  With Chapter 13 filings, you are put on a 3-5 year repayment plan to address your debt, all the while maintaining possession of the majority of your property.  Another big bonus: creditors are kept at bay. If you’re someone who’s typically been good with budgeting and who really doesn’t want to part with property, this could work for you.


To be sure, Chapter 13 Bankruptcy is not without risk.  The fact is, roughly two-thirds of these cases fail in the end.  Why?  Debtors often go into Chapter 13 believing they can muster what it takes to resolve their debt within the time frame allotted and be rewarded with partial loan forgiveness at the end of the time period.  Unfortunately, unexpected expenses during that time, the loss of income, or other unforeseen life events preclude that happy ending, and efforts to make those required payments each month become fragmented. At the end of the payment period, instead of the fresh start individuals were seeking, they find themselves still facing creditors, still dealing with a flag on their credit report, and still fearful of the future.  If you feel strongly that you simply cannot abandon your home or vehicle in order to have your debt erased, you must be very serious about making required payments in a Chapter 13 Bankruptcy filing.

Your Legal Advocate 

Americans across the country are facing financial woes, in many cases due to no fault of their own.  If you find yourself in precarious financial waters, the knowledgeable Miami Chapter 13 bankruptcy attorneys at the office of Julia Kefalinos can help. Contact us to discuss the best options for you.

Miami Bankruptcy & Criminal Defense
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2121 SW 3rd Ave, Suite 600
Miami, Florida 33129

Telephone: 305.676.9545
Fax: 305.856.2715

The Law Office of Julia Kefalinos, Attorney, P.A. is located in Miami, FL and serves clients in and around Miami, Key Biscayne, North Miami Beach, Opa Locka, Hallandale, Hollywood and Broward County.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Required legal notice: We are a Debt Relief Agency as is defined in 18 USC Section 101 of the US Bankruptcy Code. We assist people who file for bankruptcy protection.

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