When families struggle financially, one option for ending the struggle and regaining financial control is to file for bankruptcy. However, deciding to file for bankruptcy is only the first step. The type of bankruptcy then has to be determined. For some families in Florida, the debt repayment plan allowed under Chapter 13 bankruptcy is the right choice.
Chapter 13 bankruptcy is an option for some Floridians for a number of reasons. One reason is simply the fact that some people will not qualify for a Chapter 7, leaving them with limited viable options once they realize Chapter 7 is not a possibility. Another reason Chapter 13 is chosen over other types of bankruptcy is that it gives a petitioner the ability to keep some assets that would be lost otherwise.