TAMPA BANKRUPTCY ATTORNEY'S
Chapter 13 Bankruptcy Overview:
.
A Chapter 13 Bankruptcy is a reorganization of debt. The case states with the creation of a plan of
reorganization in which you pay a portion of your debt back. The repayment plan in part is based on a
repurchase of non-exempt assets from the bankruptcy estate (Liquidation Analysis); accordingly you
may keep most, if not all, of your assets.
How Chapter 13 Bankruptcy Works:
A Chapter 13 Bankruptcy typically focuses on either secured assets or an income test known as the
Means Test. Under the Means Test the Debtor will typically pay their creditors the difference between
their income and their allowed expenses. A person with more income than expenses, or discretionary
income, may be required to file under Chapter 13 of the Bankruptcy Code, and may not be allowed to
file under Chapter 7. The Current income levels for the Chapter 13 means test are detailed below.
A debtor may elect to file a Chapter 13 Bankruptcy to deal with specific debt. Certain secured debt may
be revalued to the current value of the asset or restructured or modified to a longer payment plan or
lower interest under Chapter 13. For example, a Chapter 13 can revalue a car loan to the value of the
car, may be able to strip a second mortgage , or may be used to pay back loan payments over time.
Click Here to learn about a Personal Chapter 13 Bankruptcy
Click here to check your Chapter 13 Bankruptcy Payment History
(Upon entering the website the debtor may access their primary case information simply by entering the first seven digits
of their case number (e.g. 03-12345) in the dialog box labeled "User ID" and entering the last four digits of the primary
petitioner's social security number in the dialog box labeled "password".)
Meet Tampa's Chapter 13 Bankruptcy Trustees:
Terry Smith Chapter 13 Bankruptcy Trustee
John Waage, Chapter 13 Bankruptcy Trustee
Chapter 13 Bankruptcy Overview:
.
A Chapter 13 Bankruptcy is a reorganization of debt. The case states with the creation of a plan of
reorganization in which you pay a portion of your debt back. The repayment plan in part is based on a
repurchase of non-exempt assets from the bankruptcy estate (Liquidation Analysis); accordingly you
may keep most, if not all, of your assets.
How Chapter 13 Bankruptcy Works:
A Chapter 13 Bankruptcy typically focuses on either secured assets or an income test known as the
Means Test. Under the Means Test the Debtor will typically pay their creditors the difference between
their income and their allowed expenses. A person with more income than expenses, or discretionary
income, may be required to file under Chapter 13 of the Bankruptcy Code, and may not be allowed to
file under Chapter 7. The Current income levels for the Chapter 13 means test are detailed below.
A debtor may elect to file a Chapter 13 Bankruptcy to deal with specific debt. Certain secured debt may
be revalued to the current value of the asset or restructured or modified to a longer payment plan or
lower interest under Chapter 13. For example, a Chapter 13 can revalue a car loan to the value of the
car, may be able to strip a second mortgage , or may be used to pay back loan payments over time.
Click Here to learn about a Personal Chapter 13 Bankruptcy
Click here to check your Chapter 13 Bankruptcy Payment History
(Upon entering the website the debtor may access their primary case information simply by entering the first seven digits
of their case number (e.g. 03-12345) in the dialog box labeled "User ID" and entering the last four digits of the primary
petitioner's social security number in the dialog box labeled "password".)
Meet Tampa's Chapter 13 Bankruptcy Trustees:
Terry Smith Chapter 13 Bankruptcy Trustee
John Waage, Chapter 13 Bankruptcy Trustee
Tampa's Best Bankruptcy Attorney: 1112 E. Kennedy Blvd. * Tampa, FL 33602 * T 813.222.8210 * F 813.222.8211
www.Galewski.com
www.GalewskiTitle.com
www.Galewski.com
www.GalewskiTitle.com
Free Bankruptcy PDF Packet
Chapter 7
Chapter 13
Chapter 7
Chapter 13
Tampa Bankruptcy Attorney 1112 E. Kennedy Blvd, Tampa Fl 33602, Galewski Law Group, P.A.
Bankruptcy Attorneys at the Galewski Law Group provides Chapter 7, Chapter 11 and Chapter 13 bankruptcy, foreclosure defense and loan modification representation to clients throughout the
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Tampa Bay Area in cities that include Tampa, Clearwater, Tarpon Springs, St. Petersburg, Palm Harbor, Dunedin, Lutz, Holiday, Safety Harbor, Oldsmar, Sarasota, Crystal Beach, Bradenton,
Brandon, Plant City, Trinity, Lakeland, Spring Hill, New Port Richey, Port Richey, Largo, Seminole, Pinellas Park, Ozona and throughout Hillsborough County, Pinellas County, Manatee County,
Pasco County, Polk County, Sarasota County and Hardee County.
Bankruptcy Updates:
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
New Bankruptcy Court Filing Fees start November 1, 2011:
• Chapter 7 $306
• Chapter 13 $281
• Chapter 11 $1,046
RECENT UPDATES:
In order for your Tampa bankruptcy lawyer to correctly advise between filing a Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, we must
administer two tests in bankruptcy. The first test is called liquidation analysis and is discussed in the FAQ section of the web page. The
second test is based on average family income and is a test to determine if the bankruptcy candidate has discretionary income. This is called
the means test.
The income threshold is based on average NET household income and changes regularly. The latest amounts come in to effect on November
15, 2011 and for Florida they are:
Number of People in the home Allowed Net Income
1 $40,766
2 $49,729
3 $52,840
4 $62,742
Add $7,500 for each additional household member.
Note that the net income allows deductions for certain regular expense that will remain after bankruptcy including but not limited to mortgage
payments and car payments. Please contact your Tampa Bankruptcy Attorney for a free consultation in person or over the phone to
determine how your income and expenses fit into the means test.
For each family size other than an individual the amount you may make has decreased. This s a incentive to file sooner rather than later for
most families.
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