Helping Consumers Find Relief Through Chapter 7 and Chapter 13 Bankruptcy
Bankruptcy protection has helped countless people out of financial difficulty, including many of history’s most famous and successful individuals. We take the time to understand your unique situation and present you with a full picture of your best options to find effective relief from debt, including bankruptcy under Chapter 7 or Chapter 13.
Chapter 7 – Also known as liquidation or straight bankruptcy, Chapter 7 involves selling off your non-exempt assets to pay your creditors and then receiving a discharge of any remaining debt. With the proper use of U.S. and Florida bankruptcy exemptions, many people are able to obtain a no-asset bankruptcy, meaning that they receive a complete discharge of debt without having to sell off any of their property.
Most unsecured debts, including credit card bills, medical expenses, and certain tax debt, can be discharged under Chapter 7. While not all debts are dischargeable in Chapter 7, a discharge can oftentimes free up enough disposable income so that individuals can comfortably meet any nondischargeable obligations, such as student loans, child support or alimony. Individuals who cannot qualify for Chapter 7 may still find effective debt relief through Chapter 13.
Chapter 13 – Also known as a debt adjustment or wage earner’s plan, Chapter 13 allows you to negotiate and adjust your debts so that you can comfortably pay them off over a three or five-year period. Chapter 13 has the advantage of bringing all your creditors together in one place and dealing with one payment rather than several. Creditors must submit to an approved plan and cannot continue to harass you for other payment.
Chapter 13 also has the added benefit of stopping a home foreclosure in its tracks. Even if you are in default on your mortgage and foreclosure proceedings have begun, Chapter 13 allows you to catch up any missed payments by rolling them into your three or five-year payment plan. As long as you stay current on your monthly payments, the bank can no longer take your home.
Our Florida bankruptcy representation covers all aspects of the Chapter 7 or Chapter 13 bankruptcy process, including:
- Advising clients on their options
- Preparing and filing all petitions and schedules
- Preparing clients for section 341 Meetings
- Preparing pleadings, orders, and amended and modified plans
- Managing cases, retaining appointments, reviewing documents, and following up with clients