Traditionally, individuals utilized Chapter 13 of the Bankruptcy Code to retain property while paying outstanding past due debts secured by real or personal property, pursuant to a plan approved by the bankruptcy court. Chapter 13 cases were intended to be filed by individuals with "regular income." Plans filed in Chapter 13 cases were commonly referred to as "wage earner plans."
Chapter 13 Bankruptcy Lawyers in Palm Beach
The changes to the Bankruptcy Code in 2005 ("BAPCPA") created limitations on the amount of income that an individual or family can have and still utilize Chapter 7 of the Bankruptcy Code. These income limitations created an increase in the number of people who need relief under Chapter 13 of the Bankruptcy Code. Chapter 13 cases have become more complex due to BAPCPA-created issues regarding the ability to properly determine "disposable income" necessary to fund a payment plan, an increase in multiple mortgages against primary residences, a larger percentage of the population that receives compensation from their employment on a partial or total commission basis, and increased complexity of people's financial affairs in general. The United States Supreme Court has recently issued two decisions addressing issues relating to the method of calculating income used to fund a Chapter 13 plan.
We stay aware of the emerging body of case law that is resulting in the continued refinement of issues created in Chapter 13 cases by BAPCPA. We have the legal knowledge and the practical experience necessary to enable people to utilize Chapter 13 with a minimum of stress and disruption in their lives. While we will advocate on a client's behalf whenever necessary in the context of these cases — usually when larger unsecured creditors take issue with disposable income calculations — we know what is required to have Chapter 13 plans approved.
Contact Palm Beach Chapter 13 Bankruptcy Attorneys at Rosen & Winig, P.A.
For efficient and effective solutions to even the most complex legal challenges, turn to Rosen & Winig, P.A. Our attorneys offer exceptional representation to businesses and individuals. Call 561-459-2613, toll free at 877-268-2933 or simply contact us online to schedule an initial consultation.
