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What is Secured Debt in Bankruptcy?

The decision to file bankruptcy is one of the most important choices you can make in your life. Bankruptcy can be extremely helpful and may help you get out of a serious financial problem. However, you should understand how debt is taken care of with bankruptcy to ensure that you will benefit from it. When you file Chapter 7 bankruptcy, you will need to liquidate your assets in order to repay most or all of your debt and start anew. There are two types of debt you need to be aware of - secured d[...]

How Should I Prepare for Bankruptcy?

When you are considering bankruptcy, it is helpful to understand how you can best prepare for filing. You do not need to be hasty, and in fact, you will want to ensure that you follow some steps that will help make the process easier and less stressful. An experienced bankruptcy attorney will assist you through the process. Review Your Budget One of the first things you need to do before you decide to file bankruptcy is to become completely aware of your budget. You need to see what your [...]

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[...]

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[...]

What is a Proof of Claim in Bankruptcy?

Filing for bankruptcy allows you to eliminate your debts or set up a reasonable schedule to pay back creditors. As a result, creditors are prevented from threatening you or demanding payment. However, they are also provided with notice that they are eligible to have the debt owed paid back to them. Once they have received this notice, creditors file what is called a proof of claim with the bankruptcy court by the required deadline, which, along with other documents, proves that they are owed[...]

When is the Right Time to Declare Bankruptcy?

The right time to declare bankruptcy typically occurs once you have used all possible sources to settle your debts, but are still unable to do so. If you have significant unpaid debts, are falling behind on your mortgage and possibly risk foreclosure, and/or are receiving collection calls, it is time to speak with a local Florida bankruptcy attorney. While bankruptcy can have serious repercussions on your credit rating, it also has the ability to wipe out your debts and help ensure that you do n[...]

Filing Multiple Times for Bankruptcy: Explained

If you have previously declared bankruptcy and are now in a position where you may need to file again, the good news is that there is no limit on how many times you can file for bankruptcy. However, there are a number of rules and restrictions that apply, warranting that you work with an experienced bankruptcy attorney. Chapter 7 and Chapter 13 Bankruptcy Explained In a nutshell, when filed correctly, bankruptcy is permanent and wipes out debts so that creditors cannot collect on them.[...]

Holding Onto Your Property in Chapter 7 Bankruptcy

While the bankruptcy process can be daunting, by working with the right bankruptcy attorney and having a basic understanding of how the process works, it is possible for the process to provide relief from debt while allowing you to hold onto your assets While Florida opts out of federal bankruptcy exemptions, the state has its own exemptions that need to be claimed when Chapter 7 bankruptcy is filed. As a result, it is critical that you work with an experienced Florida bankruptcy attorney i[...]

Purchasing a Vehicle During or After Bankruptcy

Your ease in obtaining a car loan after bankruptcy can depend upon whether you filed for Chapter 7 or 13 bankruptcy. It can be more difficult to find a lender, and the interest rate might be higher. Below, we discuss some of the ramifications of purchasing a vehicle under Chapter 13 bankruptcy: Chapter 13 Bankruptcy and Credit Chapter 13 bankruptcy - also known as repayment bankruptcy - allows you to keep all of your assets while repaying your debts and creditors over a period of th[...]