Considerations When Filing Chapter 7 Bankruptcy In Florida
To be eligible to file bankruptcy in Florida you must have been domiciled or residing in Florida for at least 180 days immediately prior to filing bankruptcy.
Florida is divided into the Southern, Middle, and Northern Districts of Florida. Each district has its own Bankruptcy court. You must choose the district in which you have lived the longest for the preceding 180-day period.
The Southern District of Florida comprises the counties of Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, and St. Lucie.
The Middle District of Florida comprises the counties of Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, De Soto, Duval, Flagler, Glades, Hamilton, Hardee, Hendry, Hernando, Hillsborough, Lake, Lee, Manatee, Marion, Nassau, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, St. Johns, Sarasota, Seminole, Sumter, Suwannee, Union, and Volusia.
The Northern District of Florida comprises the counties of Alachua, Bay, Calhoun, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Holmes, Jackson, Jefferson, Lafayette, Leon, Levy, Liberty, Madison, Okaloosa, Santa Rosa, Taylor, Wakulla, Walton, and Washington.
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Hiring The Dellutri Law Group Pa For A Chapter 7 Bankruptcy
Have questions about how The Dellutri Law Group, PA will handle your Chapter 7 case? Good! We love being asked that!
At the Dellutri Law Group, we believe your road to financial freedom should be an easy one, which is why our entire staff in the bankruptcy department is dedicated to walking you through the entire Chapter 7 bankruptcy process.
Meet your bankruptcy teamhere!
When you hire The Dellutri Law Group, PA to handle your Chapter 7 bankruptcy, we work hard to ensure the process is as seamless as possible. We arent going to lie to you, the paperwork that comes with filing can be a little overwhelming however, our pre-filing department will explain the process of collecting information and documents to relieve as much stress as possible.
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My Assets And Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is also known as liquidation bankruptcy since the trustee assigned to your case can seize certain assets you own to payoff your creditors. Under Florida bankruptcy law, certain property is exempt such as, your homes equity and up to $1000 of equity in your auto or other personal property, . Our attorneys are skilled at helping clients to retain assets through exemptions.
Who Should Wait To File
If you recently received a bonus that affects your six month average means test income calculation, you may consider waiting a bit before filing bankruptcy to qualify for chapter 7. Also, if you feel that your financial struggles are temporary you may want to consider entering into payment plan with your creditors instead. Some credit card debts can be negotiated.
There other factors that a bankruptcy attorney can discuss with you such not paying or using any credit cards at least four months before submitting your bankruptcy, the effect of transfers or debt repayment, settlements, personal injury claims or lawsuits you may have against someone, and other factors that may affect a successful outcome.
Also, if you are concerned about your credit score, bankruptcy will impact your credit but many clients the their credit score increase when they pull a credit report after bankruptcy.
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Florida Bankruptcy Chapter 7 Exemptions
The exemptions in chapter 7 bankruptcy can help protect some of your property and assets. The Florida exemptions can be found in Florida Statutes sec 222. Exemptions must be properly claimed in Schedule C: The Property You Claim as Exempt Bankruptcy Official Form 106C.
The most common exemptions include a homestead exemption which allows you to protect an unlimited amount of equity in your homestead property so as long as the property isnt larger than half an acre in a municipality or 160 acres elsewhere, and you must have owned the property for at least 1215 before you filed.
There are also exemptions for retirement accounts, vehicles, and other property.
However, you may not be able to use all of the available exemptions, and you may have to choose which ones to use.
A Bankruptcy Trustee Will Be Appointed To Your Case
A bankruptcy trustee will be appointed to your case in order to manage your assets and debts. The trustee will be responsible for overseeing your financial affairs and making sure that your creditors are paid.
The trustee may also sell off some of your property in order to repay your debts. You should cooperate with the trustee and provide any information that they request. Failure to cooperate with the Trustee can result in court sanctions including denial of your discharge.
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Personal Bankruptcy Chapter 7
Also known as a straight or liquidation bankruptcy, a Chapter 7 personal bankruptcy is a kind of bankruptcy that can clear away several different kinds of unsecured debts.
If you are pretty far behind on paying your bills and are financially unable to afford your living expenses and monthly expenses, then filing your Chapter 7 bankruptcy with a Chapter 7 bankruptcy attorney in Florida can be your last resort to help you settle your finances. But you should keep in mind that you might need to give up some belongings, and filing a bankruptcy will probably have a long-lasting negative effect on your credit.
How Long Does A Chapter 7 Bankruptcy Stay On Your Credit Report
A Chapter 7 bankruptcy will be reported on your . This is a long time, but its worth noting that it will eventually fall off. In the meanwhile, you may work to restore your credit so that you can get back on track financially.
The fact that your bankruptcy is on your credit report does not indicate you will be unable to obtain new loans. For example, a waiting period for a mortgage may be much shorter, and many automobile loan lenders do not require you to wait you could get an auto loan the next day, even after filing Chapter 7 Bankruptcy.
For example, The Federal Housing Administration and Veterans Assistance also allow consumers to get a mortgage just two years after receiving their discharge.
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Learn Whether Chapter 7 Is Right For You
Are you sick of the harassing phone calls and letters from your creditors? Chapter 7 bankruptcy is a way to stop those calls and documents in their tracks. Chapter 7 bankruptcy is made to give you a fresh starta second chance at redeeming your financial freedom. During a Chapter 7 bankruptcy you dont have to worry about paying off you unsecured creditors however, it is important to remember that if you want to keep your property, such as your house or your car, you want to remain current on all of your monthly payments.
Did you know, filing for Chapter 7 bankruptcy:
- Will stop almost all lawsuits in their tracks
- Will stop your wages from being garnished
- Will stop creditor harassment
- May wipe out all of your unsecured debts
At The Dellutri Law Group, PA, we believe our clients deserve a second chance when life throws them financial curve balls. That is why, in some cases, we help our clients file for Chapter 7 bankruptcy.
Have your finances spun out of control? Have you found yourself drowning in credit card bills? Or, maybe your medical bills are weighing heavily on your mind? Chapter 7 bankruptcy protection is made for individuals who may be answering yes to these questions. Does this sound like you? If so, Chapter 7 bankruptcy might be the best option for you.
If you have questions for our Florida Chapter 7 bankruptcy attorneys or would like to set up a complimentary strategy session, give us a call at today.
Can You Inherit Property During Your Chapter 7 Bankruptcy Case
I If you plan to go for Chapter 7 bankruptcy, you may wonder if its possible to inherit property during your bankruptcy case. The answer is yes. Inheriting property during a Chapter 7 bankruptcy is possible and comes with certain stipulations depending on the type of asset inherited. Since inheritance is a complicated process, you should consult a chapter 7 bankruptcy lawyer in Annapolis, MD. f you plan to go for Chapter 7 bankruptcy, you may wonder if its possible to inherit property during your bankruptcy case. The answer is yes. Inheriting property during a Chapter 7 bankruptcy is possible and comes with certain stipulations depending on the type of asset inherited. Since inheritance is a complicated process, you should consult a chapter 7 bankruptcy lawyer in Annapolis, MD.
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Chapter 7 Vs Chapter 13 Bankruptcy
Unlike chapter seven bankruptcy, Chapter 13 bankruptcy is a reorganization bankruptcy where your disposable income is applied to repay your debts. There are certain things you can do in a Chapter 13 with secured debts that you cannot due when you file for chapter 7 such as:
- In chapter 13 you can catch up on missed mortgage payments over a 3 to 5 year period. Same applies for property taxes, HOA dues, car payments, and child support.
- Reducing the interest rate on financed vehicles. See Chapter 7 vs Chapter 13 bankruptcy: Which is right for you?for a detailed discussion of the difference between chapter 7 and 13.
- Unlike in a 7, Chapter 13 requires regular income to fund the plan.
What Debts Are Discharged In A Chapter 7 Bankruptcy
A Chapter 7 bankruptcy will typically discharge your unsecured debts, including unsecured personal loans, medical bills, and . The bankruptcy court will discharge these debts at the end of the bankruptcy process, typically about four to six months after you begin.
There are some kinds of unsecured debts that arent discharged through a Chapter 7 bankruptcy, including alimony, student loans, child support, some tax debts, court fees and penalties, homeowners association fees, unsecured debts that you intentionally left off your filing, and personal injury debts you owe because of an accident while you were intoxicated. Your credit can also keep specific debts from being discharged.
Also, a Chapter 7 bankruptcy can discharge the debt that you owe on secured loans. Secured loans are loans that are backed by collateral, including your home for a mortgage. But if the debt is discharged, the creditor has the right to repossess or foreclose on your property.
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What Do You Lose And What Can You Keep In A Chapter 7 Bankruptcy
If you file for a Chapter 7 bankruptcy, you might lose your nonexempt property, property that has a lien on it, and property that you provided as collateral for a loan.
Some examples of exempt property based on the current individual federal limits include up to $4,000 on a car, up to $1,700 in jewelry, up to $13,400 in personal property, like clothing, books, and household items, a homestead exemption of $25,150, up to $2,525 in books and tools of trade, specific insurance benefits, alimony and child support, public benefits like Social Security, unemployment, and veterans benefits, and funds in tax-exempt retirement accounts like 401 or 403 accounts and up to $1,362,800 in combined savings in IRAs and Roth IRAs.
Another important aspect to all of this: No matter how bad your previous or current situation is, you can still rebuild your credit after a Chapter 7.
Florida Chapter 7 Basics
Filing Chapter 7 bankruptcy allows those in serious debt in Florida to have their eligible debt discharged in exchange for giving up ownership of nearly all of their physical assets, barring a few exemptions.
Discharged debt is not erased nor forgiven, but instead the debtor is freed of all legal obligations to pay back the debt. Creditors of discharged debts also have no legal means of pursuing you for repayment in most situations. Not all debts can be discharged, however.
When you file Chapter 7 in Florida, you volunteer to give up most of your assets to form an estate or legal trust. An appointed trustee will then liquidate all of this property to raise funds. These funds are then distributed proportionately to all eligible petitioning creditors.
Once this process is complete, your applicable debt will be considered discharged by the bankruptcy court.
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Is Credit Card Debt Included In Chapter 7
Generally, is considered unsecured debt and is therefore dischargeable in Chapter 7 bankruptcy. This means that if you file for bankruptcy and have credit card debt, the court will wipe the slate clean and you will no longer be responsible for paying it back.
However, there are some exceptions to this rule. For example, if you have been abusing your credit cards and running up large balances in anticipation of filing for bankruptcy, the court may decide not to discharge the debt.
Filing A Petition With The Bankruptcy Court
If you are thinking of filing for Chapter 7 bankruptcy, it is important to understand the process and what to expect. The act of filing for Chapter 7 bankruptcy means that you have filed the initial bankruptcy forms together with the court filing fee with the bankruptcy court.
You can download all of Chapter 7 official forms by clicking the official Chapter 7 bankruptcy forms pdf.
The petition is a formal document that asks the court to declare you bankrupt and it is accompanied by a list of schedules and forms where you will list your information about your assets, liabilities, and income. You will also need to disclose any recent financial transactions, such as selling property, transfers of property, gifts, loan repayments, taking out loans, and closed businesses.
Under federal law, once your petition is filed, an automatic stay is put in place which will prevent creditors from trying to collect debts from you.
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Attending The 341 Meeting Of Creditors
The 341 Meeting of Creditors is a mandatory meeting for people once they have filed for bankruptcy. The trustee will ask you questions about your financial situation and your bankruptcy petition during this meeting.
You will also have a chance to ask any questions that you may have about the bankruptcy process. All creditors are invited to attend this meeting, but most do not. If a creditor does attend, they will be able to ask you questions about your finances as well.
It is important to remember that although this meeting is not a trial and that you will not be put on the stand, you must provide your answers under oath. Your bankruptcy attorney can advise you on what to expect and the types of questions you will generally be asked. This meeting is an opportunity for the trustee, creditors, and yourself to ask and answer questions.
After you have completed the steps above, your case will be reviewed by the trustee to determine if there are any assets to distribute to repay your creditors and if any additional information is needed.
If the Trustee determines that there are no nonexempt assets to distribute, the Trustee will file a Report of No Distribution within a few days after the meeting of creditors.
A Trustees Report of Not Distribution is filed with the bankruptcy court and will contain language such as:
How Chapter 7 Bankruptcy Works
If you are considering bankruptcy, it is important to understand the process. Chapter 7 bankruptcy can be a daunting task, but by following the steps listed below, you can make the process as smooth as possible.
First and foremost, you need to decide if Chapter 7 bankruptcy is the right option for you. Once you have made that decision, gather all of your financial information and meet with an attorney who specializes in this type of bankruptcy.
This will give you a better understanding of how the process works and what to expect.
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Starting Fresh With A Clean Slate
Once your qualifying debts have been discharged, you will be given a clean slate and you can start fresh. This means that you will no longer have to worry about creditors trying to collect debts from you.
You can also begin to rebuild your credit by making on-time payments and using credit responsibly.
Hire A Florida Chapter 7 Bankruptcy Attorney If Youre Planning To File Chapter 7 Bankruptcy In Florida
Hiring a Florida Bankruptcy Relief Lawyer can help you navigate the complex process, explain your options and what you can expect, and, most importantly, advocate on your behalf. We understand that most people are likely scared and overwhelmed about the bankruptcy process, which is why you need the expertise of our bankruptcy lawyer.
Heres how bankruptcy lawyers can help you:
- They are always available to answer your questions and concerns about your situation.
- They will inform you of the necessary information and documentation before your court date.
- They will help you set reasonable expectations and inform you what to expect for the outcome of your filing.
- They will protect as many of your assets/properties as possible.
- They will be present in court to advocate for you against your debtors.
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