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How Long Does Chapter 7 Bankruptcy Take?

When you are in deep financial trouble, one option may be Chapter 7 bankruptcy. Chapter 7 bankruptcy is also called liquidation bankruptcy. It is a type of personal bankruptcy that helps you quickly eliminate most types of debts. This type of bankruptcy is best for those who do not have the ability to consolidate and make regular payments. Instead, you will keep a limited number of assets and some of your property may be sold to repay debt. Once you go through Chapter 7 you will essentially have[...]

How Often Can I File for Bankruptcy?

How Often Can I File for Bankruptcy?

If you have filed for bankruptcy in the past, you know that you can get into debt very easily. Sometimes, there are unforeseen circumstances that might make it best for you to file bankruptcy again. Even though you filed for bankruptcy in the past, it is still possible to file again as long as you follow the rules. There are laws in place that provide details for how long you must wait before you can file again after a prior bankruptcy. A knowledgeable bankruptcy attorney will help you through t[...]

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[...]

How Do I Get Out of Payday Loan Debt?

How Do I Get Out of Payday Loan Debt?

Payday loans are often the loans of last resort for people struggling to pay their debts and for life’s necessities, so if you have one of these loans, you may wonder, how do I get out of payday loan debt? If that’s your situation, other than paying off the debt, there are limited options that may allow you to change when and how much you pay back. If this debt is one of many dragging you down, you should consider filing for bankruptcy protection to give yourself a fresh financial start. [...]

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Florida Chapter 7 Means Test Calculator – Do I Have Too Much Money to Use Chapter 7?

Congress changed our bankruptcy laws in 2005, making it harder for those with higher incomes to file for Chapter 7 bankruptcy. The intent was to force this group into a Chapter 13 bankruptcy, to at least partially pay their debts. The Chapter 7 means test for Florida is a formula determining whether you should get debt relief under Chapter 7. It looks at your income and many other factors to see if you’re able to pay your debts. There’s no shame in declaring bankruptcy. It’s a legitima[...]

Critical Questions to Ask Your Bankruptcy Lawyer Before Filing

Critical Questions to Ask Your Bankruptcy Lawyer Before Filing

Regardless of how much you think you know about the bankruptcy process, it is often still a good idea to speak with a knowledgeable lawyer who can answer any questions you might have. Reviewing the facts with a knowledgeable attorney is also one of the best ways to make sure that you avoid any errors that could end up jeopardizing your bankruptcy case.   To better prepare you for the initial meeting with your bankruptcy attorney, this article reviews some critical questions you should ask[...]

Can You File for Bankruptcy if You Lost Your Job?

  With businesses closed during the coronavirus pandemic, many people in Florida have ended up unemployed. According to the United States Department of Labor, the total number of Americans who have filed for unemployment is approximately 22 million individuals, or 13.5% of the workforce.    With this number anticipated to increase even further, many people have sought options like bankruptcy to take control of their debt. Other people have refrained from filing for bankruptcy out o[...]

How Bankruptcy Impacts Existing Judgments

People in Florida who have existing judgments or liens often hesitate to file for bankruptcy. After all, many of these people believe that these types of legal instruments are final and that it is too late to pursue a good credit report. This is a misconception, however. The following reviews some important information to consider about the impact that filing for bankruptcy can have on existing judgments. Impact of Bankruptcy on Pending Judgments After filing for bankruptcy, an automatic stay is[...]

Four Things to do When You Owe the IRS Money

  As tax season looms, you likely have given some thought to your current financial situation. If you have encountered the problem of not being able to pay your income taxes this year, you might be considering various options, including filing for bankruptcy. While you consider how to respond to this situation, you should review the following five pieces of advice about owing the Internal Revenue Service money.  Promptly File Your Income Taxes Taxpayers who owe the Internal Revenue Service[...]

What to Know Before Filing for Bankruptcy

  Life is hectic. If you find yourself unable to face some of the debts that you owe, remember that you are not alone. For many people, filing for bankruptcy can offer substantial relief and a second opportunity to rebuild credit. While a bankruptcy lawyer can handle the legal issues involved with your case, it can also help to understand some important facts about bankruptcy before you begin the process. Who is Eligible to File for Bankruptcy? Anyone who can demonstrate that he or she is [...]