BANKRUPTCY

Filing a bankruptcy puts an immediate end to creditor calls and other collections efforts. Once you file Chapter 7 or Chapter 13 bankruptcy in Florida, an automatic stay stops creditors from calling you, writing you, or making any effort to get you to pay them.

If you’re facing an eviction, filing bankruptcy may help you stay in your apartment. However, you will need to file bankruptcy before the landlord gets a court order. It is important to note that Florida bankruptcy law will not protect you if you have damaged the landlord’s property. Also, filing bankruptcy will only buy you time so that you can eventually pay back rent. Filing bankruptcy doesn’t free you of your responsibility to pay your rent. You cannot stay in the apartment rent free.

If you are at risk of losing your home to Foreclosure Defense foreclosure, filing bankruptcy can help. As soon as you file Chapter 7 bankruptcy, the automatic stay will put a temporary end to the foreclosure process, buying you time to figure out a way to pay your mortgage and any arrears. In Chapter 13 bankruptcy, you can repay your mortgage arrears through your payment plan over a three to five year period or, utilize the federal mediation program in an attempt to force a review of your mortgage for a loan modification.

Having your utilities cut off is inconvenient at best, and at worse, life threatening. If you are facing the shut off of your telephone, gas, electricity, or water services, filing bankruptcy can buy you more time. The bankruptcy automatic stay can stop utilities disconnection for at least 20 days, and if you’re filing Chapter 7 bankruptcy, most utility debts will be discharged completely.

If you are looking for a seasoned bankruptcy law firm in Florida, you can rest assured that we have the experience to file a successful case on your behalf. You will be walked through the process with dignity and professionalism. We have helped many families through Chapter 7 bankruptcy or “liquidation” bankruptcy and can help you understand what the means test is, how to keep your property exempt in bankruptcy, and help you answer the all too common question, “How can I improve my credit score?”

Chapter 13 bankruptcy is a financial reorganization plan that protects the debtor from collection action during the case and discharges nearly all remaining balances at the end. The discharge in Chapter 13 covers some debts that cannot be discharged in Chapter 7. It is a powerful tool for debtors to keep their assets, regain control of their financial lives, and get a meaningful fresh start.

Why Choose Chapter 13? Debtors choose to file a repayment plan under Chapter 13 when they owe debts not dischargeable in Chapter 7 (such as taxes, child support, or marital property settlements), they have liens that are larger than the value of the assets securing the debt, they are behind on car or house payments, their assets are worth more than the available exemptions, or if they are repaying retirement fund loans not permitted in Chapter 7.

The Chapter 13 plan does not have to pay debts in full; it can provide for only fractional payment. How much the plan has to pay to creditors is a function of the confirmation tests.

The Bankruptcy Code does require that priority claims be paid in full. The most frequently found priority claims are recent taxes and family support.

Which debts are wiped out? The Chapter 13 discharge eliminates some debts that cannot be discharged in Chapter 7, like recent tax penalties and non-support debts incurred in the course of a divorce. It permits the debtor time to pay debts that can’t be discharged in either chapter, like recent taxes or back child support; to cure defaults on home mortgages; and the eliminate liens to the extent the lien is greater than the value of the asset.

We feel we are uniquely positioned to harness our extensive knowledge and experience with both federal and Florida bankruptcy laws to truly help distressed consumers. We have helped many people successfully file a Chapter 13 bankruptcy and are waiting to help you too. If you’d like more information regarding filing for bankruptcy, feel free to How to file for Bankruptcy in Florida read our recent post.