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Subscribe to this list via RSS Blog posts tagged in Chapter 7 bankruptcy

Sunrise bankruptcy attorney

While it is true that bankruptcy may not be for everyone, the two types of consumer bankruptcy do allow for plenty of options within them. People who cannot afford a payment plan for a Chapter 13 bankruptcy are usually afraid to file a Chapter 7 bankruptcy because they worry that foreclosure might result if they own a house. However, depending on your circumstances, you might be able to get the clean slate of a Chapter 7 bankruptcy without losing your home to foreclosure. In Florida, it is possible to keep your house even if you file for a Chapter 7 discharge of all consumer debts. 

Chapter 7 Versus Chapter 13: Keeping Your House

Most bankruptcy attorneys will advise you to file for Chapter 13 bankruptcy if you meet the following criteria:

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Surfside bankruptcy attorney

The thought of filing for bankruptcy typically only comes to mind when it is your only option. Rarely do people fully understand what filing for bankruptcy entails and what this financial decision can actually do for you. Filing for bankruptcy is much more common than you think, and contrary to popular belief, it does not leave you financially destitute. Before you make a decision regarding your financial situation, it is important to have a true understanding of what this legal process will do for you and be aware of the common misconceptions associated with bankruptcy.

The Types of Bankruptcy

You have two different options when filing for bankruptcy, known as Chapter 7 and Chapter 13, and depending on your financial situation, you will qualify for one or the other. Chapter 7 bankruptcy is also known as “liquidation bankruptcy” because some of the filer’s assets can be sold to repay their outstanding debts. Once this is complete, the remaining debts will be discharged. This form of bankruptcy is reserved for those who earn less than the median income for the state of Florida. Those above this financial level will file for Chapter 13 bankruptcy. In Chapter 13 bankruptcy, the filer will propose a repayment plan to pay off their debts within a three- to five-year period. It is always advisable to turn to a bankruptcy attorney before beginning the filing process to ensure that you do indeed qualify for that particular chapter.

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Posted on in Bankruptcy

Surfside bankruptcy attorney

Finding yourself drowning in debt is never the place that anyone expects to see themselves a few years down the road. Unfortunately, life can serve you with unforeseen circumstances—an ongoing illness that requires regular treatment or the loss of a job and regular income—and you can quickly see your debts piling up. Filing for bankruptcy is often people’s last resort; however, you may come to the realization that you actually do not qualify for bankruptcy. Depending on a number of factors, you may or may not be able to take this route when trying to get your finances under control. While it is always best to consult a bankruptcy attorney to know for sure, you may conduct your own financial analysis first to determine whether or not filing for bankruptcy is an option for you.

Passing the Means Test

There are two common ways to file for bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves the liquidation of your assets, then using these liquidated funds to pay off your debts. Not all assets are eligible, allowing you to keep a number of your assets in the process. Chapter 7 bankruptcy provides you with a financial fresh start once the legal process is complete. Sounds like a great option, right? While this type of bankruptcy is helpful for many families, not everyone qualifies to use its benefits. In 2005, a means test was created in order to make it more difficult for wealthy consumers to file for Chapter 7 bankruptcy. The test uses Florida’s median family income for your household size as an indicator of your eligibility. In 2018, this income threshold totaled to $53,267 per household. In other words, if your household makes less than this amount, you automatically qualify for Chapter 7 bankruptcy. If, however, your household has a combined income that is higher than this amount, you will need to follow additional steps to determine your eligibility. 

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Sunrise bankruptcy attorney

Filing for bankruptcy is often the last thing that a person wants to do, which is why many people only consider bankruptcy if they feel they have no other options. Many people may falsely believe that filing for bankruptcy means handing over everything they have. Luckily, there are two types of bankruptcy which allow individuals to choose which one works best for them and avoid losing all of their assets to pay off their debts. Since filing for bankruptcy is often a last resort, you may not be educated on the topic. If you find yourself facing financial difficulty, it is important to understand which type of bankruptcy fits your unique situation.

Chapter 7 Bankruptcy

This type of bankruptcy is the more well-known of the two options. Also known as liquidation bankruptcy, Chapter 7 bankruptcy allows individuals to discharge or eliminate their outstanding debts after their bankruptcy trustee sells their property or assets to pay off as much of their debts as possible. Chapter 7 bankruptcy is typically only used by those who have little to no disposable income. In other words, if you do not have enough income left over after paying ongoing expenses to repay some or all of your debts, you should consider filing for Chapter 7 bankruptcy. The court will use a Chapter 7 means test to see if you are eligible to file for this form of bankruptcy, and if you qualify, you can report the income you earn and the assets you own. Non-exempt assets will be turned over to the bankruptcy trustee to be liquidated, but there are a variety of exemptions that will allow you to keep certain property, and once the bankruptcy process is complete, you will no longer be required to pay your debts. Filing for Chapter 7 bankruptcy should be done with the help of an experienced bankruptcy lawyer who can ensure that you report all income and assets properly and that your debts are fully discharged.

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