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 32326

Frequently Asked Questions about Personal Bankruptcy in Zip Code 32326

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 32326
    Injury Brian D. Guralnick
    2500 Quantum Lakes Dr, Ste 203
    Boynton Beach, FL 33426
    (561) 616-9977
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Larraz Jose J
    7270 NW 12th St Ph 4
    Miami, FL 33126
    (305) 477-9900
    Corporation & Partnership Law Attorneys, Attorneys, Employee Benefits & Worker Compensation Attorney
    Larraz Jose J
    7270 NW 12th St
    Miami, FL 33126
    (305) 477-9900
    Employee Benefits & Worker Compensation Attorneys, Attorneys, Corporation & Partnership Law Attorney
    Campos Mario
    782 NW 42nd Ave # 632
    Miami, FL 33126
    (305) 648-9800
    Real Estate Attorneys, Attorneys
    Lanshe & Casas PA
    5201 Blue Lagoon Dr Penthouse
    Miami, FL 33126
    (305) 281-9768
    Real Estate Attorneys
    Total Attorneys - DUI
    274132 NW 228th St
    Raiford, FL 32026
    (386) 244-9696
    Attorneys, Legal Service Plans
    Tupper Law, P.A.
    P.O. Box 77279
    Jacksonville, FL 32226
    (904) 270-9684
    Civil Litigation & Trial Law Attorneys, Family Law Attorneys, Juvenile Law Attorneys, Malpractice La
    Moore, Vencil W PA
    2210 King St
    Cocoa, FL 32926
    (321) 735-9677
    Attorneys, Family Law Attorneys, Criminal Law Attorneys
    Fornaris Mark L
    8337 NW 12th St
    Doral, FL 33126
    (305) 463-9446
    Immigration Law Attorneys, Attorneys
    Rosenthal Law Group
    2115 N. Commerce Parkway
    Weston, FL 33326
    (954) 384-9200
    Corporation & Partnership Law Attorneys, Litigation & Tort Attorneys, Attorneys
    Jesus Uriarte Law Office
    10 NW 42nd Ave
    Miami, FL 33126
    (305) 445-9127
    Administrative & Governmental Law Attorneys, Attorneys, General Practice Attorneys
    Kalidindi Manju
    15726 SW 17th St
    Weston, FL 33326
    (954) 723-9105
    Immigration Law Attorneys, Attorneys
    Dell Steven
    1903 S Congress Ave # 450
    Boynton Beach, FL 33426
    (561) 832-9033
    Social Security & Disability Law Attorneys, Attorneys, Criminal Law Attorneys, Labor & Employment La
    Glassman Lee D
    2200 N Commerce Pkwy # 105
    Weston, FL 33326
    (954) 349-9016
    Real Estate Attorneys, Attorneys
    Global Dispute Resolutions
    135 Weston Rd Suite 201
    Weston, FL 33326
    (954) 292-8907
    Attorneys Referral & Information Service
    Suarez Gus PA
    5201 Blue Lagoon Dr Ste 270
    Miami, FL 33126
    (305) 443-8900
    7270 NW 12th St Ste 380
    Miami, FL 33126
    (305) 591-8844
    Real Estate Attorneys, Attorneys
    Florez Leslie
    782 NW 42nd Ave # 350
    Miami, FL 33126
    (305) 448-8838
    Real Estate Attorneys, Attorneys
    Lori Palmieri
    13055 W Linebaugh Ave Ste 102
    Tampa, FL 33626
    (813) 402-8702
    General Practice Attorneys, Attorneys
    Wynn Pamela S
    1500 Gateway Blvd # 220
    Boynton Beach, FL 33426
    (561) 588-8611
    Family Law Attorneys, Attorneys
    Pelaez Cristina
    5201 Blue Lagoon Dr # 8
    Miami, FL 33126
    (305) 752-8600
    General Practice Attorneys, Attorneys, Legal Service Plans
    Santos Carlos A
    815 NW 57th Ave
    Miami, FL 33126
    (305) 266-8251
    Attorneys,  Foreclosure Services,  General Practice Attorneys,  Bankruptcy Law Attorneys
    Martin H. Cohen, P.A.
    1500 Gateway Blvd., Suite 220
    Boynton Beach, FL 33426
    (561) 880-8223
    Estate Planning, Probate, & Living Trusts, Elder Law Attorneys, Estate Planning Attorneys, Wills, Tr
    Weinstein & Cohen PA
    1835 Main St
    Weston, FL 33326
    (954) 389-8150
    Attorneys,  Personal Injury Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Pla
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US