Curious if you fit in a Chapter 7 or instead a 13 or an 11?

If you have little in assets that are owned free and clear, are not behind on payments for things you want to keep and fall below this chart, (click on Median Family Income Based on State/Territory) you may fit in a Chapter 7.

If you want time to catch up on a house, wish to get rid of a 2nd mortgage, or have assets owned free and clear you are trying to protect from creditors, you may be looking at a Chapter 13.

If you seem to fit in a Chapter 13, but owe more than $1 million total or $750,000.00 for items you are buying, you may be in a Chapter 11 posture.

Will bankruptcy hurt my credit rating?
While Bankruptcy will adversely affect your credit rating, it often represents the first step towards reestablishing your credit. Any information on your credit report concerning unpaid bills will stay on your report until paid in full or until reported as bad debt. Once such items are reported as bad debt they will still remain on your credit history for 7 years. Federal law limits the length of time that a bankruptcy can be reflected on your credit report to 10 years. Thus, bankruptcy draws a proverbial line in the sand and prevents negative information from being carried on your credit report indefinitely.

Will I be able to get another car or house if I declare bankruptcy?
First, it is important to note that many people are able to keep their house and their car(s) while still obtaining the benefits of bankruptcy. However, many people worry that if they file bankruptcy that they will never be able to buy another house or finance another car. However, the truth is that many finance companies see an individual as a better credit risk afterward rather than before when that person had so much outstanding debt. That being said, you still will be regarded as a credit risk and your interest rates will be higher.

Chapter 7 Bankruptcy Information

The purpose of a Chapter 7 bankruptcy is to wipe out your debts, allowing you to get a "Fresh Financial Start".

In a Chapter 7 bankruptcy a trustee will be appointed by the court to liquidate (sell) all assets which do not fall under the bankruptcy exemption guidelines. The net proceeds collected in the liquidation of the non-exempt assets are then distributed to your creditors.

Debts which cannot be included for discharge in a Chapter 7 bankruptcy may include, but not limited to:

• Alimony spousal support

• Child support

• Fraudulent debts

• Certain taxes

• Student loans

• And certain items which have been charged.

The Budgen Law Group has successfully assisted many Florida residents in Chapter 7 bankruptcy proceedings throughout the years. With offices in Orlando, Tampa, and Lake Worth, Florida, we have the resources to provide our professional Chapter 7 bankruptcy attorney (lawyer) legal services in Central Florida, East Florida, and West Florida.

Typically an individual who files for a Chapter 7 bankruptcy has a large credit card debt which may include multiple credit cards, various unsecured bills with may be associated with various assets which the payment status may or may not be delinquent.

In many Chapter 7 bankruptcy situations you may be able to keep specific secured debts such as your car, furniture, or home, as long as you reaffirm  your commitment to continue paying these debts. In order to keep these items in a successful Chapter 7 bankruptcy you must voluntary sign a "reaffirmation agreement", which stipulates that you cannot file bankruptcy to discharge the debt of these items for 6 years.

The purpose of the "Reaffirmation Agreement" is to protect "reaffirmed" debtors, as well as ensuring an individual does not try to abuse the bankruptcy process.

The Budgen Law Group will advise you of how the reaffirmation process works and how it may affect your future. After this information is thoroughly explained, decisions will have to be made regarding whether or not it is in your best interest to reaffirm certain assets which are allowed to be reaffirmed in a Chapter 7 bankruptcy.

There are many other issues which you will have to discuss with your Chapter 7 bankruptcy lawyer (attorney) in order to ensure a smooth Chapter 7 bankruptcy process.

Contact an experienced Chapter 7 Bankruptcy Attorney (lawyer) at the Budgen Law Group today to schedule a free and confidential legal consultation.

Knowing your rights and legal options in Chapter 7 bankruptcy matters is essential in resolving and achieving your desired goals.

Call Us Now 407-481-2888

Common Chapter 7 Bankruptcy Questions:

If I file a Chapter 7 bankruptcy, will I be able to keep my car?
Often the answer to this question is yes. Florida Law partially protects a motor vehicle from the claims of unsecured creditors. It is also often possible to reach agreements with secured creditors where the debtor is allowed to retain the car in return for agreeing to continue payments on the car.

If I file a Chapter 7 will the creditors be able to take the possessions of my friends and my family?
Your creditors can only come after things that you own. Anything that you gave as a gift to your friends, family and children will not be reachable by your creditors. That being said, gifts made to friends or family cannot be made for the purpose of keeping assets from your creditor and attempting to make gifts for this purpose may jeopardize your chances of a successful bankruptcy proceeding

What is exempt property?
Under Florida Law, there are certain types of property that you are able to protect in part or in whole from the claims of unsecured creditors and judgment creditors. The biggest exemption provided for by Florida Law is the homestead exemption which protects your primary residence. Only creditors that you have voluntarily given a security interest to can reach the exempt property.

Call Us Now 407-481-2888