A Bankruptcy Law Firm With Proven Success
The attorneys at Carolyn Secor, P.A. are adept at assisting individuals in personal bankruptcy actions. You can provide us with the preliminary information we need to assess whether bankruptcy is the right approach for relieving your financial stress, and if so, which bankruptcy approach will be right for you.
There are several bankruptcy chapters available for personal bankruptcy. Each chapter serves a different purpose and is available only under certain circumstances. Once the documents are initially filed, all actions to collect on your debt must cease ~ creditors can no longer telephone you to demand payments. Keep in mind that the bankruptcy filing will most likely be reported on your credit record for up to ten years.
The most common reasons for filing bankruptcy are unemployment, large medical expenses, overextended credit, marital problems, and other large unexpected expenses.
Chapter 7 Bankruptcy
Bankruptcy under Chapter 7 is a straight liquidation proceeding. Under Florida law the debtor, the person who files for bankruptcy, is allowed to keep certain exempt property. People who meet statutory residency requirements may be able to keep their home in addition to other personal property. A trustee who is appointed to the case will take over any non-exempt property. The non-exempt property that has any value will be sold and proceeds will be repaid to the creditors. A typical Chapter 7 case takes on average four months to complete, after which time the debtor receives a discharge of all dischargeable debts.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is called a reorganization bankruptcy. In this chapter you can keep your non-exempt property, unlike in Chapter 7 where you have to surrender it to the trustee. This chapter is available to people with a regular monthly income who agree to pay part of their income to the creditors over a period of three to five years.