Bankruptcy

Bankruptcy

Florida Chapter 7 Bankruptcy Attorney

Chapter 7 bankruptcy is one of two primary options available to people who need debt relief under the bankruptcy code. If you file this type of bankruptcy, some of your assets will be liquidated to cover as much of your debt as possible. The court will then discharge the remainder of your qualifying debt, and you won't be responsible for paying it anymore. However, chapter 7 bankruptcy isn't available to every person who needs to file bankruptcy. In addition, it isn't always the best option even when it is available. To determine whether chapter 7 bankruptcy is right for you, you need to consult a Florida Chapter 7 Bankruptcy Attorney.

Chapter 7 Bankruptcy Basics

Before you can file Chapter 7 bankruptcy in Florida, you may need to pass the means test. The means test is a test designed to ensure that you don't have enough income to pay your debt. You will need to pass this test only if your income is higher than the median income for households of the same size in Florida. You may be exempt from this test if your debts are not primarily consumer debts, or if you are a disabled veteran who accrued debt while on active duty.

If you decide to file chapter 7 bankruptcy, you must turn over all of your non-exempt assets for liquidation. The court will distribute the proceeds from these assets to your creditors according to their priority, and the remainder of your eligible debts will be discharged. Keep in mind that certain debts cannot be discharged in bankruptcy. These debts include certain taxes, alimony, child support, student loans and fraudulent debts.

Hiring a Chapter 7 Bankruptcy Attorney in Florida

Filing chapter 7 bankruptcy in Florida is complicated, but hiring an attorney can help. A qualified chapter 7 bankruptcy attorney can help you make sure that you are able to keep as many of your assets as possible and that your case is completed quickly. Your attorney can also help you stay informed about your case as it progresses by providing updates and answering any questions you may have.

If you are considering chapter 7 bankruptcy in Florida, please contact RTB LAW & TITLE, P.A. to schedule a consultation or learn more about this debt relief option.

Florida Chapter 13 Bankruptcy Attorney

Chapter 13 bankruptcy is one of the options available to individuals who cannot afford to pay their debts in the state of Florida. With this type of bankruptcy, you are able to keep all of your assets. However, you will also be required to pay all of your debts based on a payment plan approved by the court. To determine whether this type of bankruptcy is right for you, it is important to consult a Florida Chapter 13 Bankruptcy Attorney.

About Chapter 13 Bankruptcy

If you file chapter 13 bankruptcy, you will begin by taking inventory of all of your debts. You will then propose a payment a payment plan that allows you to pay all of these debts over time. After the court approves your plan, you will begin making payments. You will continue making payments until your debts are paid in full and then the court will close your case.

Most debtors will be able to file chapter 13 bankruptcy regardless of their income. Unlike chapter 7 bankruptcy, chapter 13 bankruptcy doesn't require debtors to pass a means test before filing. However, some debtors with limited income and high debt amounts may have trouble establishing an affordable payment plan that can be approved by the court.

Hiring a Chapter 13 Bankruptcy Attorney in Florida

If you are thinking of filing chapter 13 bankruptcy, hiring the right Florida attorney is essential. An experienced chapter 13 bankruptcy attorney will be able to help you make sure chapter 13 is the right option for you, design an appropriate payment plan and complete the bankruptcy process as quickly as possible. Your attorney will also keep you up-to-date throughout the case and answer any questions you may have.

In some cases, you may be eligible for chapter 7 bankruptcy as well, which is a different type of bankruptcy that allows you to discharge some of your debts. Your attorney will help you compare these two options and make the choice that is best for you.

Contact an Attorney

Having the right attorney on your side is important in any bankruptcy case. As an experienced Florida bankruptcy attorney, R. Todd Burbine can help you through every phase of this process. Please contact RTB LAW & TITLE, P.A. today to learn more about chapter 13 bankruptcy or to schedule a consultation.