Bankruptcy isn’t a punishment or an admission that you’ve done something wrong, but a legal institution created to give people the chance to overcome financial challenges. Our Fort Lauderdale bankruptcy lawyer can explain the difference between Chapter 7 and Chapter 13. Our knowledgeable attorney could also explain the alternatives to bankruptcy.
As a dedicated bankruptcy lawyer, Marc Brown delivers exceptional advice and advocacy in all types of debt relief matters, such as:
Chapter 7 Debt Discharges
If you qualify for Chapter 7 debt discharge, our firm files the necessary documentation and represents your interests at the creditors’ meeting. You might be required to liquidate some assets to make partial repayment on what you owe. After the bankruptcy is finalized, your nonexempt debts will be eliminated, and you can start to rebuild your credit.
Chapter 13 Repayment Plans
Even when someone earns a steady income, a setback such as a divorce or medical problem might put them into a financial hole that they can’t escape without some assistance. In these situations, a Chapter 13 debt repayment plan could be the right solution. Under this program, collection actions are stopped, income and expenses are assessed, and terms of existing obligations are revised so that debts can be satisfied over a three-to-five- year period.
Alternatives to Bankruptcy
Sometimes, knowledgeable advice and effective communication from an experienced attorney in Fort Lauderdale gives debtors the ability to take control of their finances without filing for bankruptcy. We assist borrowers and lenders on mortgage modification actions to help prevent foreclosures and can work with any type of creditor to make necessary changes that are in everyone’s best interests.
Money problems can affect every aspect of your life, even your health. As a firm who assists both debtors and creditors, we can give you a complete perspective on your rights under the law and the best ways to improve your circumstances through bankruptcy or otherwise.
Eligibility Requirements for Fort Lauderdale Bankruptcy
Chapter 7 bankruptcy is a powerful tool that allows filing parties to move forward without fully paying their existing financial obligations. Accordingly, this debt relief method is reserved for those who truly need it and who have not filed recently. If your total family income is below the state’s median for a household of your size, you can seek Chapter 7 protection. If not, you probably must qualify under the means test, which examines various aspects of your financial health including retirement accounts, income and unemployment benefits and compares what you own to your debt load. As an attorney with many years of experience, Marc Brown could review your case to see if you are eligible to file for bankruptcy.
Exemptions Affecting Bankruptcy Filings in Fort Lauderdale
If you’re considering bankruptcy, it’s crucial to understand what debts remain after discharge and what assets you can keep while still benefiting from bankruptcy protection. Though credit card debt and several other types of obligations are completed after a Chapter 7 proceeding, back child support and student loan debt usually remains. Florida’s Homestead Exemption allows homeowners to keep their residence safe from most creditors regardless of how much it is worth. A residential property sale can be forced if the home was used to secure a mortgage or if taxes are owed to the state. For personal property such as clothes, items worth up to $4,000 can be exempted. You may also retain your vehicle if the equity in it is $1,000 or less.
Our well-versed lawyer could explain what debt is eligible to be discharged in a bankruptcy filing.
Contact a Respected Fort Lauderdale Bankruptcy Attorney to Arrange a Free Consultation
Marc Brown, P.A., a skilled Fort Lauderdale bankruptcy lawyer, handles bankruptcy cases and other debt relief actions for South Florida clients. Please reach out to schedule a free initial consultation at our Fort Lauderdale office. We also assist clients in West Palm Beach by appointment only.