12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32024

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32024


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free FL Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free FL Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Zip Code 32024
    Kelley Kronenberg Gilmartin Fichtel & Wander PA
    8201 Peters Rd Ste 4000
    Plantation, FL 33324
    (954) 370-9970
    Attorneys, Legal Service Plans, Employee Benefits & Worker Compensation Attorneys, Labor & Employmen
    Rosenbloom Randy
    950 S Pine Island Rd Ste 150A
    Plantation, FL 33324
    (954) 524-9944
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Schmidt Ron
    235 N University Dr
    Pembroke Pines, FL 33024
    (954) 961-9892
    Environment & Natural Resources Law Attorneys, Attorneys
    Smith Leanna J P A
    211 E Rich Ave
    Deland, FL 32724
    (386) 943-9797
    Criminal Law Attorneys,  Attorneys,  General Practice Attorneys,  Drug Charges Attorneys,  Juvenile
    We Spy Investigations Agency
    7371 Hollywood st
    Hollywood, FL 33024
    (305) 360-9706
    Security Guard & Patrol Service, Private Investigators & Detectives, Child Custody Attorneys, Survei
    OMAR FAROOQ, PLLC
    3546 Saint John's Bluff Road S., Ste 116
    Jacksonville, FL 32224
    (904) 396-9669
    Criminal Law Attorneys,  Landlord & Tenant Attorneys,  Construction Law Attorneys,  Personal Injury
    James & Zimmerman
    431 E New York Ave
    Deland, FL 32724
    (386) 490-9635
    Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,
    Leifert & Leifert
    1200 S Pine Island Rd
    Plantation, FL 33324
    (954) 523-9600
    Civil Litigation & Trial Law Attorneys, Attorneys, Criminal Law Attorneys
    Liefert, Douglas I Liefert & Liefert Attorneys
    1200 S Pine Island Rd Ste 220
    Plantation, FL 33324
    (954) 523-9600
    Criminal Law Attorneys, Attorneys
    Williams North Law Firm Pa
    8751 W Broward Blvd # 305
    Plantation, FL 33324
    (954) 474-9577
    Personal Injury Law Attorneys, Attorneys, Real Estate Attorneys
    Immigration Denise Mendez
    6600 Taft St Ste 301
    Hollywood, FL 33024
    (954) 963-9392
    Immigration Law Attorneys, Attorneys, General Practice Attorneys
    Liberty Institutional Review Board Inc
    2024 Larchmont Dr
    Deland, FL 32724
    (386) 740-9278
    Insurance Attorneys, Attorneys
    The Pines Foreclosure Attorney Services
    9000 Sheridan St Suite 412
    Pembroke Pines, FL 33024
    (954) 585-9277
    Construction Law Attorneys,  Landlord & Tenant Attorneys,  Bankruptcy Law Attorneys,  Business Bankr
    CyberScribe Virtual Assistants, Inc.
    4118 Summerdale Drive
    Tampa, FL 33624
    (813) 360-9267
    Billing Service, Paralegals, Secretarial Services, Transcription Services, Notaries Public
    Law Offices Cohn & Smith, P.A.
    1152 N University Dr
    Pembroke Pines, FL 33024
    (305) 624-9186
    Insurance Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage Attorne
    O'Connor Ailish PA
    11555 Central Pkwy # 1001
    Jacksonville, FL 32224
    (904) 998-9050
    Elder Law Attorneys, Attorneys
    DiTocco Law Group, P
    8201 Peters Rd Ste 1000
    Plantation, FL 33324
    (954) 566-9000
    Business Bankruptcy Law Attorneys,  Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
    Geer Law Firm
    3837 Northdale Blvd # 350
    Tampa, FL 33624
    (813) 961-8912
    General Practice Attorneys, Attorneys, Legal Service Plans
    Law and Business Center
    6732 Stirling Rd
    Hollywood, FL 33024
    (954) 894-8904
    Paralegals
    Gutter, Steven J
    8211 W Broward Blvd
    Plantation, FL 33324
    (954) 475-8880
    Collection Law Attorneys
    Kahn, Robert M
    8211 W Broward Blvd
    Plantation, FL 33324
    (954) 475-8880
    Collection Law Attorneys, Attorneys
    James Jean Francois Law Office
    6100 Hollywood Blvd # 211
    Hollywood, FL 33024
    (954) 987-8832
    Civil Litigation & Trial Law Attorneys, Attorneys, General Practice Attorneys
    Cotler Craig B
    10141 W Broward Blvd
    Plantation, FL 33324
    (954) 475-8822
    Real Estate Attorneys, Attorneys
    Cohn & Smith Personal Injury Attorney Law Firm
    1152 N University Dr
    Pembroke Pines, FL 33024
    (954) 505-8760
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US