12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents

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 32044

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32044

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 32044
    Forman Law Offices PA
    334 NE 1st Ave
    Delray Beach, FL 33444
    (561) 266-9998
    Malpractice Law Attorneys, Medical Malpractice Attorneys, Attorneys
    Immigration Visas Services Inc
    6856 W Flagler St
    Miami, FL 33144
    (305) 267-9820
    Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
    Walker Moneques S PA
    8260 W Flagler St Ste 1E
    Miami, FL 33144
    (305) 485-9550
    Immigration Law Attorneys, Attorneys
    Ibertis Edecia
    1221 N Main St
    Kissimmee, FL 34744
    (407) 944-9431
    9 Dotterel Rd
    Delray Beach, FL 33444
    (561) 272-9228
    Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
    O'Farrell Rob
    2006 N Harbour Dr
    Lynn Haven, FL 32444
    (850) 234-9192
    General Practice Attorneys, Attorneys, Legal Service Plans
    1305 New Jersey Ave
    Lynn Haven, FL 32444
    (850) 814-9111
    Traffic Law Attorneys
    John Cullum
    26843 Tanic Dr., Suite 102
    Wesley Chapel, FL 33544
    (813) 997-9025
    Family Law Attorneys, Divorce Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Atto
    Westbay Career School
    27212 Foamflower Blvd
    Wesley Chapel, FL 33544
    (813) 907-8961
    Colleges & Universities, Family Law Attorneys, Business & Vocational Schools, Adult Education
    Gonzalez Mercedes
    26907 Foggy Creek Rd Ste 101
    Wesley Chapel, FL 33544
    (813) 973-8900
    General Practice Attorneys, Attorneys
    Bomnin & Villegas Consultant
    8500 SW 8th St
    Miami, FL 33144
    (305) 262-8722
    Real Estate Attorneys
    Harrison Baya Atty
    310 N Jefferson St
    Monticello, FL 32344
    (850) 997-8469
    Criminal Law Attorneys, Attorneys, General Practice Attorneys
    Barber Michael J
    808 N Main St
    Kissimmee, FL 34744
    (407) 933-8212
    Corporation & Partnership Law Attorneys, Attorneys, Family Law Attorneys, Business Law Attorneys, Re
    The Berlinsky Law Firm
    35 N 6th Street, Suite 7
    Haines City, FL 33844
    (863) 409-7961
    Andrea Mosley Attorney
    1627 E Vine St # 120
    Kissimmee, FL 34744
    (407) 574-7921
    Bankruptcy Law Attorneys, Attorneys
    Felicia Williams Law Office
    2405 Creel Ln # 102
    Wesley Chapel, FL 33544
    (813) 991-7773
    General Practice Attorneys, Attorneys
    Santana Law
    5755 W Flagler St
    Miami, FL 33144
    (305) 269-7727
    Immigration Law Attorneys, Attorneys
    Rodriguez Eduardo
    2558 US Highway 17 92 N 92 N # H
    Haines City, FL 33844
    (863) 419-7700
    Attorneys Referral & Information Service, Attorneys
    Solomon Martin M
    660 Linton Blvd # 216
    Delray Beach, FL 33444
    (561) 274-7581
    General Practice Attorneys, Immigration Law Attorneys, Attorneys
    Pike Therese A
    298 NE 2nd Ave
    Delray Beach, FL 33444
    (561) 274-7500
    General Practice Attorneys, Attorneys
    Cascio Carl A PA
    525 NE 3rd Ave # 102
    Delray Beach, FL 33444
    (561) 274-7473
    Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
    Aponte & Assoc-Abogados
    1920 Verano Dr
    Haines City, FL 33844
    (863) 438-7451
    Immigration Law Attorneys, Attorneys
    Wilbur V Chaney
    75 SW 5th Ave
    Delray Beach, FL 33444
    (561) 276-7447
    Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
    Matthew J. Jowanna, P.A.
    2521 Windguard Cir
    Wesley Chapel, FL 33544
    (813) 929-7300
    General Practice Attorneys, Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US