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Although it is true that your credit report will reflect the fact that you filed for bankruptcy, in many cases those who are filing already have serious credit problems and their credit report may actually improve after a fairly short period of time. The debt that once was overdue and reported to credit agencies is now no longer owed (for discharged debt in Chapter 7). Many don't realize that a foreclosure can be much more difficult than bankruptcy if you hope to purchase a home again in the future. A bankruptcy lawyer from our firm can help you determine if you qualify, or if another option would actually work better for you or your company.

Yes, but most of those that attempt this discover that the process is quite complex, and any errors or failures to correctly fill out forms or show all assets can lead to delays or being denied the option to file, or even legal problems if you failed to correctly answer questions on the Means Test.

The entire process is ordinarily complete within a 4 - 6 month period of time. The first and most beneficial change that our clients notice is how much their lives have changed from the beginning of the process, as an automatic stay on collections takes place. This means that creditors are no longer legally allowed to contact you by phone, letter or any other method. This allows you to move forward with rearranging your life and finances so that you can get a fresh start, without the overwhelming stress of ongoing creditor actions.

Each case is as unique as the individuals involved, and if you choose to keep your property, there are frequently very effective legal actions we can take to help you do so.

Filing for bankruptcy is becoming more and more common. That does not, however, mean that bankruptcy is right for everyone. There are alternatives to bankruptcy and it is important to explore all avenues before making any final decisions. If you feel as though there is no way out of your debt crises and are eager to have a fresh start with your finances, bankruptcy may be right for you. Be sure to seek debt counseling from an attorney as you take this next step forward.

There are a variety of different types of bankruptcy. You should be familiar with Chapter 7, Chapter 11, and Chapter 13. Chapter 7 attempts to pay off as much debt as possible by liquidating your assets and eliminating any remaining debt. Chapter 13 bankruptcy does not liquidate assets but rather establishment payment plans so that you can keep your property and work to pay off your debts over 3 to 5 years. Chapter 11 bankruptcy can become a little more complicated as it splits into two categories: individuals and corporations. This type of bankruptcy is usually employed by businesses as it is a form of reorganization. Individuals can use Chapter 11 when they fail to qualify for Chapter 7 and 13. If you are unsure of what type of bankruptcy is right for you, the best path would be to seek the help of a knowledgeable attorney.

Bankruptcy is neither good nor bad. With today's economic climate, many people are turning to bankruptcy to solve their financial woes. Though there is a stigma against filing for bankruptcy, it might be the most beneficial decision for you. The question you should be asking is, is bankruptcy right for me? There are a number of instant advantages that follow this step, such as relief from debt collector harassment and a boost to your credit score. Find out both the positives and negatives of filing for bankruptcy from an attorney today.

Many people often assume that they do not qualify for bankruptcy. Much of the time this is not the case. In Florida, it is easier than anywhere else to file for bankruptcy as there are no minimum or maximum income requirements. One way to determine if you are qualified for bankruptcy is to take a means test. The test primarily looks at your income over the past six months as well as the size of your family. The main purpose of taking the means test is not to determine if you can or cannot file for bankruptcy, but rather which type of bankruptcy would be more beneficial for your needs.
In order to file bankruptcy in Florida, you must be a resident in one of the three counties: Southern, Middle, and Northern District. If you desire to take this step, you must do so in the county that you are a resident in. The state will look at your property to see what is and is not exempt from the collection processes. It is important to know what property is exempt before deciding to go through with bankruptcy. Most homes and cars are exempt from collection in Florida, however you should seek the help of an attorney to be sure that your property is protected. A bankruptcy attorney can assist you in making sure that you meet all the necessary qualifications.

A bankruptcy petition preparer is responsible for preparing paperwork for filing. Their service doesn’t include advice, which means that you have to know the legal impacts of the provided documents as well as any potential omitted information.

Once you pass the means test, the automatic stay kicks in and your civil judgement and collection actions are stopped. Once the DMV is advised of this, they should reissue your license. Now, if you do not qualify for Chapter 7, then your civil judgement becomes an item in the Chapter 13 bankruptcy plan, and while it will need to be discharged, it may end up being reduced. Read more about Filing Chapter 7 Could Get Revoked License Back.

Chapter 7 bankruptcy of a business involves its liquidation and should be viewed as a last resort when all other reasonable and realistic alternatives to chapter 7 have been explored and exhausted. Alternatives to chapter 7 for a business may include obtaining new sources of debt financing or capital investment, sale of assets or sale of the business in whole or in part, an out-of-court workout with creditors, or a restructuring under chapter 11. If none of these alternatives are viable, management or owners of a business may want to file a chapter 7 liquidation for a financially troubled business that is unable to pay its debts or has debts greater than assets (i.e., insolvent). If a business is insolvent or in the zone of insolvency, there is a developing body of case law that holds that management no longer has a duty to the owners (i.e., shareholders or other equity holders) of the business, but rather to its creditors. By filing a chapter 7 bankruptcy, management can ensure that creditors' claims are dealt with in a single unified proceeding and that the debtor's assets are not stripped apart by different creditors pursuing their individual legal remedies, such as by judgment enforcement. The decision whether a chapter 7 is appropriate for a particular business must be made based on the facts applicable to that business.

The filing of bankruptcy creates an automatic stay which is comprehensive and bars virtually all creditor collection activity, including commencement and continuation of lawsuits and enforcement of judgments against the debtor's assets. When a business files chapter 7 bankruptcy an interim trustee is appointed by the U.S. Trustee's office to marshal and liquidate the debtor's assets and distribute them to creditors. The interim trustee becomes the permanent trustee unless a different trustee is elected by creditors. The trustee has the ability to collect and pursue the receivables and claims (including legal claims and causes of action) of the debtor. In order to promote equality of treatment of similarly situated creditors, the Bankruptcy Code gives the trustee the ability to recover certain pre-bankruptcy transfers of the debtor as preferential or fraudulent transfers.

Unlike chapter 7, when a business files for chapter 11, a trustee will usually not be appointed and the debtor will remain a "debtor in possession" (DIP) with the same management in place unless the bankruptcy court orders a trustee appointed for "cause" (including fraud, dishonesty, incompetence or gross mismanagement of the affairs of the debtor by its current management), or if the court determines that appointment of a trustee is in the best interest of creditors.

A branch of the Department of Justice tasked with overseeing the administration of bankruptcy cases. The U.S. Trustee plays an oversight role, particularly in chapter 11 cases. It does this primarily through reviewing operating reports the debtor is required to file and tracking the progress of the case against benchmarks set in the early stage of the case.

The main goal of a chapter 11 bankruptcy case is for a plan of reorganization regarding the debtor to be approved by its creditors. The Bankruptcy Code gives the debtor the exclusive right to file a plan for the first 120 days of the case (which can be extended not more than 20 months from the date the case was filed). A creditors committee, or even individual creditors, can file a plan of reorganization once the debtor's exclusive filing period has lapsed (or been lifted by the Court). Debtors in chapter 11 must be represented by attorneys. Creditors committees typically also hire attorneys.

Yes, but it is much more difficult than discharging other types of unsecured debt like credit cards. You have to prove “undue hardship.”

William D. Ford Direct loans are made directly from the Department of Education to students, without the involvement of a private lender. Prior to July 2010, there was also a federal Family Education Loan Program (FFEL), also known as the guaranteed loan program. These loans were made by private lenders and guaranteed by the government. Many of the terms and conditions for the FFEL and Direct loan programs are the same. However there are some differences in repayment options. There are still many FFEL loans in the system, but as of July 2010, no new FFEL loans are being made.

Consolidation is used to reduce and simplify monthly payments by rolling multiple loans into one. However, it can also lengthen the period of repayment and therefore increase the total amount you will pay in interest over the life of the loan.

If you're searching for a lawyer, you need a law firm that stands out from the crowd. Our team has earned a variety of awards and achievements that signify the quality of our work. For example, our managing partner is AV® Rated by Martindale-Hubbell®. This distinction is a reflection of Mr. Van Horn's commitment to excellence and our dedication to bankruptcy law as a firm. Additionally, our team members are well-versed in virtually all areas of bankruptcy law and debt relief.

A deficiency balance is a result of a sale of property, such as a car, boat, or home that was repossessed or foreclosed upon, but the amount of money from the sale was insufficient to cover the amount owed. Your creditor may then go to court in order to obtain a deficiency judgment against you in order to collect the remaining balance. If you have been notified that you have a deficiency balance, you could be looking at several actions that the holder of the judgement could take against you in order to collect. Learn more about what to do.

Yes. There are many possible foreclosure alternatives you can explore. You want to consult with a South Florida attorney before you fall into default and are served a foreclosure complaint. The quicker you obtain legal help, the more likely you will be able to save your home and credit score.

If you’re considering filing a lawsuit, you may want to consult with a litigation lawyer. As legal professionals, litigation lawyers know which cases have a good chance of being successful. They’re familiar with all of the procedures, steps, and necessary paperwork that needs to be done. Some cases are better handled using alternative dispute resolution, and a litigation attorney will be able to advise on your options.


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