If you’ve becomed overwhelmed with the worry and frustration caused by mounting debt, and it seems to have become impossible to overcome, it could be time for you to consider filing for Bankruptcy. Whether it be mounting medical bills, credit card debt, or other consumer debts we’ve got a solution for you. Bankruptcy can give you a fresh start to your finances. Put an end to harassing phone calls from debt collectors. We handle both Chapter 7 and Chapter 13 Bankruptcies. Filing for Bankruptcy should immediately stop all harassing collection efforts and give you the tools to re-assert control over your financial destiny.
If you pass the state Means test, you can qualify to file a Chapter 7 Bankruptcy. Your income must be below the median income for the State of Florida. There are certain deductions which should be made to your income for certain expenses to see if you qualify. Consult with us today to discuss your situation and if Chapter 7 is right for you. Some debts (taxes, child support, and loans secured to property) are not dischargeable by bankruptcy. However you can keep these secured assets by reaffirming the debt if you choose. Your Homestead property will be exempt, as well as certain allowances for personal property, but all other non-exempt assets will be applied towards your outstanding debt. After that, the remaining debt is permanently discharged. In addition to discharging unsecured debt, bankruptcy also puts an end to: wage garnishments, repossessions, foreclosures, eviction, and creditor harassment.
Under a Chapter 13 plan, your debt will be restructured in such a way that you will continue to make manageable payments based on your income. You will make your monthly payments to a trustee, who will in turn disburse the funds to your creditors. At the end of your payment plan, the remaining unsecured debts will be discharged and you will be current with all secured obligations. There are many reasons to choose a Chapter 13 plan rather than a Chapter 7. You can protect more assets under Chapter 13 that you would otherwise lose under a Chapter 7, Chapter 13 allows someone behind on their mortgage to catch up rather than going into foreclosure, and many do not qualify for the Chapter 7 means test. Chapter 13 Bankruptcy can be a useful financial tool for people experiencing long gaps between good jobs, a divorce, or a period of illness or injury. Consult with us today to see what your options are. We can help you retake control of your financial future