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Category: Bankruptcy

What Debts are Discharged in Chapter 7 Bankruptcy?

If you are drowning in debt and unable to catch up, you may be considering filing bankruptcy. Chapter 7 bankruptcy is also sometimes called a liquidation bankruptcy. This type of bankruptcy can provide you with a clean slate, and it may allow the discharge of some of your debts. It is helpful to understand what debts are discharged in a Chapter 7 bankruptcy. What Does Debt Discharge Mean? You likely have a number of debts, such as loans, credit cards, mortgages, medical bills, and more. D[...]

What is Credit Counseling?

Many people get into financial difficulties that might make it necessary to file for bankruptcy. Bankruptcy is somewhat common. Last year, there were 248,680 Chapter 7 bankruptcy filings and 178,214 Chapter 13 bankruptcy filings in the United States. Bankruptcy is an option that allows you to get out from under excessive debt and gives you a fresh start. In order to file bankruptcy, you must meet the requirements set forth by law, including credit counseling. What is Credit Counseling? Cre[...]

How to Avoid the Most Common Bankruptcy Mistakes

How to Avoid the Most Common Bankruptcy Mistakes

It is helpful to understand the most common bankruptcy mistakes people make so you can avoid making those errors. Every situation is different, so you will want to consult with a knowledgeable bankruptcy attorney to discuss the specific details of your case. Your attorney will assist you through the process and help you get through it without making mistakes. File the Right Type of Bankruptcy Before you file bankruptcy, you will want to be certain of the type that is best for your situati[...]

What Do I Need to Disclose When Filing Bankruptcy?

What Do I Need to Disclose When Filing Bankruptcy?

Bankruptcy is a way that individuals can resolve debt and get on the path to financial improvement. Once you have made the decision to file bankruptcy, you must follow the process to make sure that you provide accurate information. There are two main types of bankruptcy for individuals including Chapter 7 and Chapter 13. Chapter 7 will provide repayment of debts through liquidation while Chapter 13 allows restructure of debts. For both types, you will need to provide information about your inc[...]

Frequently Asked Questions About Bankruptcy

The decision to file bankruptcy is deeply personal and one that comes with many questions. It is best to learn as much as you can about bankruptcy so you have a full understanding of it before you make a decision. An experienced bankruptcy attorney will help guide you through the process. What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy? Chapter 7 and Chapter 13 are two types of individual bankruptcy filings. Chapter 7 requires a liquidation of non-exempt assets for repa[...]

What is a 341 Hearing for Chapter 7 Bankruptcy?

What is a 341 Hearing for Chapter 7 Bankruptcy?

When you file Chapter 7 bankruptcy, the legal process begins. You must disclose all of your debts as part of your bankruptcy filing. The court will assign a trustee to oversee the process. The court will contact your creditors and set a date for a meeting. The meeting is technically called a 341 hearing. If you have filed Chapter 7, you will want to discuss the details of the upcoming hearing with your bankruptcy attorney to prepare for the meeting. What is the Purpose of a 341 Hearing? T[...]

Can I Keep My House If I File for Bankruptcy?

Bankruptcy is a common occurrence. In fact, there were almost 400,000 bankruptcies filed nationally last year. If you are behind in your bills and are not able to meet your financial obligations, you may be considering bankruptcy. Bankruptcy can provide you with a fresh start that will allow you to reset your finances and get out of debt. Many people wonder whether they will be able to keep their homes if they file for bankruptcy. A knowledgeable Florida bankruptcy attorney will answer your ques[...]

Bankruptcy and Student Loans

If you have a student loan, you are not alone. With the costs of college doubling over the last four decades, millions of people have student loan debt well after they graduate. The average student loan debt for a 2020 graduate in Florida is $24,454. The majority of student loans are through the federal government, while a small portion are through private lenders. If you are having financial difficulties and are considering bankruptcy, you will want to know whether your student loans will be di[...]

Switching to a Different Type of Bankruptcy

The type of bankruptcy you choose to file has a significant impact on your case - it affects not only what kind of property you will be able to hold onto but also how many payments you will be making and for how long. One question that we, as Jacksonville, Florida bankruptcy attorneys, will sometimes receive is: Is it possible to switch between the different types of bankruptcies if your circumstances change? While the process of switching between types of bankruptcies can be complicated, it[...]

Addressing A Default Judgment Through Bankruptcy

If you are in debt, creditors can take legal action against you to recover what you owe. If they file a lawsuit and obtain a judgment against you, they can then take action to enforce that judgment and seize any non-exempt property. In this capacity, if you fail to respond to the lawsuit(s) filed against you by the creditor(s), the court can enter into a default judgment or a money judgment for the amount owed plus other costs, and this can absolutely affect your credit score. If this occurs,[...]