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Bankruptcy Laws – Title 11 of the U.S. Code – are to designed to allow individuals to get rid of debt, stop harassing phone calls, stop lawsuits and wage garnishments, and even stop foreclosures and evictions. It is your right under Federal Law to file bankruptcy. There are two types of bankruptcy available for individuals: chapter 7 and chapter 13. Chapter 7 bankruptcy dissolves all of your debt while Chapter 13 allows you to repay your debt with a monthly payment you can afford.
A Chapter 7 bankruptcy is a complete or “liquidated” bankruptcy. All of the filer’s debts are dissolved – they are gone. The filer is allowed to keep certain exempt property. The value of the property which the filer may keep is determined by the lists of exempt property under applicable Federal or Florida law. Whether to use the Florida or Federal exemptions depends on the assets the filer has and what his or her goals are.
A Trustee is hired by the Court to examine the filers Bankruptcy Petition in order to ascertain what, if any, property is truly exempt. Any non-exempt property may be taken by the Trustee and sold to pay back Creditors. The Trustee holds a “341 Meeting” with the filer and it is part of our job to be certain our clients are well prepared to answer any questions the Trustee may ask. After the meeting, if all property is deemed exempt, the Court will normally issue the Order which dissolves the debt and finds that no property is being forfeited.
We begin every consult by asking about your debt. Most debt will be deleted in bankruptcy with tax debt being the most noticeable exception. Yes, even student loans can be dissolved in bankruptcy. Next, we ask about collections and legal proceedings. Bankruptcy, or even a suggestion of Bankruptcy, will stop collections and legal proceedings – automatically.
Many of our clients point out that they are not doing well financially and cannot afford thousands of dollars to hire a lawyer. Please know that we understand that and our goal is to help you – whatever your financial abilities. We will work with you.
Finally, you may be wondering how Bankruptcy will effect your future, your credit score. Most clients are surprised by how quickly their credit score improves after filing Bankruptcy. In fact, most are offered credit cards within six months. Sometimes, the worst thing you can do is wait. So call us now, we’d be honored to help you like we’ve helped thousands of others.
