A Chapter 7 Bankruptcy is merely a liquidation of a debtor’s non-exempt assets to pay unsecured creditors. Read More ...

Once a Discharge Order is entered by the Bankruptcy Court, a permanent injunction becomes effective acting to prohibit pre-petition creditors from taking further collection efforts with respect to the discharged debt.  There are serious penalties that may be imposed on creditors who violate the discharge injunction, as the injunction is a fundamental benefit of attaining bankruptcy relief. Read More ...

This is a fact finding meeting conducted by the Trustee where the debtor provides sworn testimony concerning his or her bankruptcy schedules, assets and debt obligations.  There is not a Judge at this meeting, and the typical meeting lasts less than five minutes. Read More ...

When is the “Meeting of the Creditors” held: Between 20 and 40 days after the bankruptcy petition is filed. Read More ...

A debt secured by some collateral.  The creditor has a security interest in whatever property secures the debt obligation. Read More ...

A debtor in bankruptcy will have the option of redeeming property securing a loan by paying the present market value of the property.  This can be advantageous when the loan balance exceeds the present market value of the secured property. Read More ...

Yes.  The co-signor is still entirely liable for the debt and the creditor will seek payment in full from the co-signor. Read More ...

A debtor who has received a bankruptcy discharge must wait at least eight years before filing another Chapter 7 case. Read More ...

The bankruptcy will be reported in the public records section of your credit report for up to ten years. Read More ...

Yes, and whether or not filing jointly or individually is more advantageous will depend on the facts and circumstances of each particular case. Read More ...

You will have the option of entering into a reaffirmation agreement with the lender to keep the vehicle.  If you no longer owe on the vehicle, you may be eligible for exemptions that may be used to enable you to keep the vehicle. Read More ...

Most likely not.  In the typical Chapter 7 case, you will only be required to appear for a brief “Meeting of the Creditors.” This meeting is presided over by the Trustee and is merely a fact-finding discussion between the Trustee, the debtor, and any present creditors. Read More ...

No, an employer is prohibited from discriminating against an employee solely because the employee was/is a debtor in a bankruptcy. Read More ...

Typically not more than four months. Read More ...

No.  First a landlord attempting to evict a bankruptcy debtor would be in violation of the automatic stay and be subject to serious penalty.  Also, you will have the ability to assume the apartment lease and remain in the apartment. Read More ...

The Trustee’s job is to recover any non-exempt assets, if any, of the debtor’s and liquidate those assets to distribute to unsecured creditors. Read More ...

A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the debtor from taking any form of collection action on discharged debts, including legal action and communications with the debtor, such as telephone calls, letters, and personal contacts. Read More ...

Generally student loans are non-dischargeable in bankruptcy unless the debtor can demonstrate undue hardship exists with respect to repaying the student loans. Read More ...

No, such funds are exempt under Florida law. Read More ...

Yes, once the bankruptcy petition is filed an “Automatic Stay” takes effect thereafter prohibiting creditors holding pre-petition claims from any continued collection efforts.  Violating the Automatic Stay can lead to severe penalties for the creditor.  This provides a significant advantage for those receiving communication from creditors and collection agents, as well as for those facing repossession, foreclosure and wage garnishment. Read More ...

Yes, the debtor will likely be required to attend the plan confirmation hearing before the Judge. Read More ...

The Means Test is a device created by the Bankruptcy Abuse Prevention and Consumer Protection Act, enacted in October 2005, used to limit or eliminate abusive Chapter 7 bankruptcy cases.  If your family income is determined to be above the Florida median income level figure, then the Means Test is applied to determine whether or not you are eligible to proceed in Chapter 7. Read More ...

Yes it is possible, however the bankruptcy code can be extremely complicated and acquiring a bankruptcy discharge without the assistance of an experienced bankruptcy attorney would likely be exceedingly difficult. Read More ...

A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan, and in so doing, may lower the monthly payments. Chapter 13 also has a special provision that protects co-debtors who are jointly liable with the debtor on a debt.

Individuals may use a chapter 13 proceeding to save their home from foreclosure. The automatic stay stops the foreclosure proceeding as soon as the individual files the chapter 13 petition. The individual may then bring the past-due payments current over a reasonable period of time. Nevertheless, the debtor may still lose the home if the mortgage company completes the foreclosure sale under state law before the debtor files the petition.11 U.S.C. § 1322(c). The debtor may also lose the home if he or she fails to make the regular mortgage payments that come due after the chapter 13 filing.

The plan need not pay unsecured claims, like credit card balances, in full as long it provides that the debtor will pay all projected "disposable income" over an "applicable commitment period," and as long as unsecured creditors receive at least as much under the plan as they would receive if the debtor's assets were liquidated under chapter 7.

Within 30 days after filing the bankruptcy case, even if the plan has not yet been approved by the court, the debtor must start making plan payments to the trustee.

The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period.

No, spouses can file either individually or jointly, and the decision of whether to file a joint petition depends on several factors that should be discussed with an experienced attorney.

Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than 6,900 and secured debts are less than ,010,650.