You may have more than one of these issues overlapping in your life and bankruptcy may be the best and most logical way to start your financial life over.
The purpose of a Chapter 7 Bankruptcy is to wipe out your debts, allowing you to get a "Fresh Financial Start".
In a Chapter 7 Bankruptcy a trustee will be appointed by the court to liquidate (sell) all assets which do not fall under the bankruptcy exemption guidelines. The net proceeds collected in the liquidation of the non-exempt assets are then distributed to your creditors.
Debts which cannot be included for discharge in a Chapter 7 Bankruptcy may include, but not limited to:
As a law firm providing experienced Chapter 7 Bankruptcy Attorney & Lawyer legal services, assisting Palm Harbor, Clearwater, New Port Richey and Southwest Florida area residents with Chapter 7 and Chapter 13 Bankruptcy legal issues, we are committed to protecting the legal rights of each and every client, while always striving to provide the highest standard of legal representation.
If you considering filing for a Chapter 7 Bankruptcy, make sure your legal rights are protected by seeking the legal advice of an experienced Palm Harbor Chapter 7 Bankruptcy attorney & lawyer. Contact the Law Offices of Jeffrey A. Herzog, P.A., today by calling by calling Toll Free: (866)-789-4002 or Locally at (727) 789-4000 to schedule a confidential legal consultation.
Typically an individual who files for a Chapter 7 Bankruptcy has a large credit card debt which may include multiple credit cards, various unsecured bills with may be associated with various assets which the payment status may or may not be delinquent.
In many Chapter 7 Bankruptcy situations you may be able to keep specific secured debts such as your car, furniture, or home, as long as you reaffirm your commitment to continue paying these debts. In order to keep these items in a successful Chapter 7 Bankruptcy you must voluntary sign a "reaffirmation agreement", which stipulates that you cannot file bankruptcy to discharge the debt of these items for 6 years.
The purpose of the "Reaffirmation Agreement" is to protect "reaffirmed" debtors, as well as ensuring an individual does not try to abuse the bankruptcy process.
A Bankruptcy will appear on your credit report for 5 to 7 years. This does not mean you cannot get credit after filing for bankruptcy. Most lenders will extend credit within two or three years after filing a bankruptcy case. Generally, the effect of bankruptcy on your credit is not a bankruptcy issue; it is a banking or credit issue.
Law Offices of Jeffrey A. Herzog, P.A., aggressively defends the legal rights of those involved in the Chapter 13 Bankruptcy process, while addressing all related issues that should be taken into consideration when defending your legal rights.
In a Chapter 7 Bankruptcy a trustee will be appointed by the court to liquidate (sell) all assets which do not fall under the bankruptcy exemption guidelines. The net proceeds collected in the liquidation of the non-exempt assets are then distributed to your creditors.
A Chapter 13 Bankruptcy, unlike a Chapter 7 bankruptcy, does not provide a release of debt, but rather a restructuring of the debt in a manner which is considered manageable to repay the dept.
Many times the debt to be paid back may be less that currently owed through negotiation. In a Chapter 13 Bankruptcy, a debtor proposes a repayment plan to the creditors, over a 3 to 5 year period, in a good faith proposal to pay off all or part of the debts from the debtor's future income.
A Chapter 13 Bankruptcy can:
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Prevent the foreclosure of a home;
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Make up delinquent car or mortgage payments
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Pay back taxes;
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Stop interest from accruing on your tax debt (local, Florida state, or federal);
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Keep valuable property which is non-exempt in a bankruptcy;
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And manage other financial situations which may be affected by a Chapter 13 bankruptcy proceeding.
As a law firm providing experienced Chapter 13 Bankruptcy Attorney & Lawyer legal services, assisting Palm Harbor, Clearwater, New Port Richey and Southwest Florida area residents with Chapter 7 and Chapter 13 Bankruptcy legal issues, we are committed to protecting the legal rights of each and every client, while always striving to provide the highest standard of legal representation.
If you considering filing for a Chapter 13 Bankruptcy, make sure your legal rights are protected by seeking the legal advice of an experienced Palm Harbor Chapter 13 Bankruptcy attorney & lawyer. Contact the Law Offices of Jeffrey A. Herzog, P.A., today by calling by calling Toll Free: (866)-789-4002 or Locally at (727) 789-4000 to schedule a confidential legal consultation.
Creditors often will work with debtors in a Chapter 13 Bankruptcy, as Chapter 13 provides the opportunity to recover funds from you, as apposed to a Chapter 7 Bankruptcy where the potential to recover a larger portion of the debt is diminished.
Those who are more likely to file for a Chapter 13 Bankruptcy are individuals who seek to hold on to possessions such as a home, multiple vehicles, or other property or assets.
A Bankruptcy will appear on your credit report for 5 to 7 years. This does not mean you cannot get credit after filing for bankruptcy. Most lenders will extend credit within two or three years after filing a bankruptcy case. Generally, the effect of bankruptcy on your credit is not a bankruptcy issue; it is a banking or credit issue.
Law Offices of Jeffrey A. Herzog, P.A., aggressively defends the legal rights of those involved in the Chapter 13 Bankruptcy process, while addressing all related issues that should be taken into consideration when defending your legal rights.
If you need legal advice and representation in regarding Chapter 13 Bankruptcy issues in Palm Harbor, Clearwater, New Port Richey, or the Southwest Florida area, contact an experienced attorney & lawyer at the Law Offices of Jeffrey A. Herzog, P.A., today by calling Toll Free: (866)-789-4002 / Locally: (727) 789-4000, or email with any questions, comments, or concerns, or to schedule a confidential legal consultation.