• Chapter 13 bankruptcy in Florida reorganizes a consumer's debt so that he may repay it.house blueprint and house model studio isolated image by dinostock from Fotolia.com
  
  Chapter 13 bankruptcy is very different from other forms of bankruptcy in that debtors are permitted to keep assets such as homes and businesses while in repayment. This is the most attractive option for Florida homeowners who have fallen behind on mortgage payments and are at risk of losing a home to foreclosure.
  
  

Requirements to File

• In order to file for Chapter 13 bankruptcy in Florida, you need to have a steady income. This is so the court can safely assume that you'll be able to repay your debts and meet your family obligations without having to choose one or the other. The Florida bankruptcy court will independently review your finances and apply IRS living standards based on your family size to determine if you have the disposable income to qualify for Chapter 13 bankruptcy. A fee of $299 is required to file bankruptcy of any kind in the State of Florida.
  
  

Repayment Plan

• Your Chapter 13 bankruptcy approval hinges on the feasibility of your proposed repayment plan. This plan must outline how you plan to meet your family obligations, pay taxes and pay the money that is owed to your creditors over a three-to-five-year span. The court will also review your tax returns for the previous four years to verify the authenticity of your financial claims, so if you've missed filing any tax returns or owe the government money, you should get that taken care of before attempting to file for Chapter 13 bankruptcy.
  
  

Bankruptcy Trustee

• Once the plan is approved, you get to keep property such as your business and home while the making payments. Those payments are sent directly to a court-appointed bankruptcy trustee who distributes these payments to your creditors. All communication between creditors and you must go through the trustee. Creditors are not allowed to contact you directly once your bankruptcy status has been approved by the court. Once you make all the payments as indicated in your repayment plan, the remaining debt is discharged.