BANKRUPTCY INFORMATION
We serve the Brevard County from our convenient office location in Melbourne, Florida in Chapter 7 and Chapter 13 matters. Our services include:
- Pre-Bankruptcy Counseling
- Free Initial Bankruptcy Consultations
- Fast, Friendly Service and Results
- Filing of Chapter 7 Bankruptcies
- Filing of Chapter 13 Bankruptcies
In its most basic form, Florida bankruptcy law is a consumer protection law. It is a Federal process, which allows consumers to have their qualifying debts forgiven. The law recognizes that bad things sometimes happen to good people, and consumers sometimes simply do not have the ability to comply with creditors’ repayment demands. Florida bankruptcy law is a unique type of law based on forgiveness rather than punishment. Bankruptcy does not seek to deter or regulate certain behavior as other laws do; it simply recognizes there are sometimes circumstances beyond the consumer’s control, which can only be addressed through the cancellation of debt.
Filing for bankruptcy puts into effect the “automatic stay,” which stops creditors from trying to collect any debt from you. The automatic stay stops creditor phone calls, collection letters, wage garnishments, lawsuits, bank levies, and all other types of harassment, intimidation and scare tactics by creditors. Once a bankruptcy case is successfully completed, the consumer receives discharge information from the Bankruptcy Court. A Discharge is a legal release from listed debts. Creditors are left with no legal cause to contact you or pursue debts listed in the bankruptcy documents.
When filing for bankruptcy, there are two common ways, for the typical consumer, to file -- Chapter 7 and Chapter 13. Chapter 7 is the most common type of bankruptcy, it allows a consumer to discharge debts completely through a relatively short process. Chapter 13 is a federal debt consolidation plan, which allows you to rearrange your financial affairs and repay just a portion of your debts, in most cases, to allow you time to get back on you feet.
What are some of the differences between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?
When filing for bankrupcty, individuals typically file under either Chapter 7 Bankruptcy (often referred to as "liquidation" or "straight" bankruptcy) or Chapter 13 Bankruptcy (often referred to as "wage earner" or "workout" bankruptcy). Although Chapter 7 Bankruptcy and Chapter 13 Bankruptcy share many common features, there are many important differences between these chapters. When filing for bankruptcy, an experienced bankruptcy attorney can assist you in selecting the chapter that best meets your needs. Chapter 7 often does not require debtors to pay money to the Trustee. Debtors who are filing for bankruptcy under Chapter 7 often have property, which does not exceed the allowed exemptions (or does not exceed the exemptions by an amount sufficient to be worth the Trustee's time and expenses in administering the non-exempt property.) These bankruptcies are referred to as "no asset" Bankruptcies. The majority, but not all, of the Chapter 7 Bankruptcies are "no asset" Bankruptcies. All debtors who are filng for bankruptcy under Chapter 13 Bankruptcy are required to make payments to the Trustee each month for a period of up to five years. Chapter 13 Bankruptcy offers advantages, which are often very important to solve many debtors' problems. Chapter 13 Bankruptcy allows debtors to repurchase non-exempt property over a 36-60 month period while a Chapter 7 Trustee will typically allow only 3 to 12 months.
In a Chapter 13 Bankruptcy, debts that are generally consolidated are mortgage arrears, balances on vehicle loans, credit card debts, loans, and other unsecured debts. All debts that you have that are outstanding, must be included in the Chapter 13 Bankruptcy consolidation. Chapter 13 Bankruptcy also allows debtors to cure arrearages in their mortgage payments, possibly strip second mortgages, while Chapter 7 Bankruptcy does not. Chapter 13 Bankruptcy allows debtors to discharge debts which the creditors could object to debtors' discharge under Chapter 7 Bankruptcy including, but not limited to, fraud on credit applications, spending sprees, and other grounds that allow creditors to contest debtor's Chapter 7 Bankruptcy. In a Chapter 13 Bankruptcy, you must be working or have a consistent income for your repayment plan to be approved by the Court.
Although Chapter 7 Bankruptcy allows debtors to discharge taxes in certain situations, Chapter 13 Bankruptcy contains a broader discharge provision, which is often very beneficial to debtors. Chapter 13 Bankruptcy provides many debtors with additional powers, which are not available in Chapter 7 Bankruptcy. Chapter 13 debtors are obligated to pay Chapter 13 Trustee monthly payments in return for enhanced powers provided in Chapter 13 Bankruptcy.
We hope that the information on this site has helped you in your choices ahead if you are contemplating filing for bankruptcy. Do not wait any longer, if you are in need of a Brevard bankruptcy attorney for a Chapter 7 or a Chapter 13, please Contact Us today and start rebuilding your credit for the future. The initial consultation is free.
Contact Our Law Officein Melbourne, Brevard County, Florida, if you are in need information in filing for bankruptcy and wish for the assistance of a Bankruptcy attorney - Chapter 7 or Chapter 13. We proudly serve all of Brevard County including Viera, Suntree, Rockledge, Titusville, Port St. John, Palm Bay, Cocoa, Cocoa Beach, Mims, Melbourne Beach, Indialantic, Satellite Beach, Sebastian, West Melbourne, Port Malabar, and Port Canaveral.
We are a debt relief agency, we help people file for bankruptcy under the U.S. Bankruptcy Code.
