Category Archives: Chapter 7
How Long will a Bankruptcy Hurt Your Credit Score?
One of the prime reasons people do not file for bankruptcy is that they want to avoid hurting their credit score. As we often remind clients, these concerns are misplaced. Chances are, if you already have accounts in collections or if you have missed multiple payments already, your credit score is probably much lower… Read More »
What is the Wildcard Exemption in Florida?
Losing property is probably the worst part of a Chapter 7 liquidation. This is part of the trade-off at the heart of a Chapter 7—you get to wipe out unsecured debts (like credit card debts), but you have to give up property in exchange. Helpfully, Florida exempts certain property from bankruptcy, such as your… Read More »
Plus-Size Retailer Breaks Record for Fastest Business Reorganization
Chapter 11 reorganizations tend to take much longer than the Chapter 7 liquidations that most consumers are familiar with. The duration of a Chapter 11 is easily explained, since businesses hope to continue to stay in operation while reorganizing their debt. It takes time to come up with a debt reorganization plan and to… Read More »
Bankruptcy & Foreign Assets
South Florida is truly one of the most cosmopolitan areas in the United States, with visitors and residents from around the globe. We also have thousands of people with dual citizenship or who own assets in foreign countries. But what happens to these assets if you get into financial trouble and need to file… Read More »
Your Pets and Bankruptcy
Although many people consider their pets “family,” the fact is that pets are legally assets, no different really from your kitchen table or your car. Also, pet care is an expense that reduces the amount of money you can pay your creditors. For these reasons, your pets are not immune from bankruptcy, and it… Read More »
Retirement and Bankruptcy
Most Americans envision their retirement as a peaceful time to enjoy family, friends, and hobbies. Unfortunately, for many Americans, retirement is a time of enormous financial stress. Not only does your income typically plunge, but medical expenses can also skyrocket. At this time of life, you might find yourself more financially distressed than at… Read More »
How to Make Bankruptcy Go as Smoothly as Possible
Bankruptcy provides our clients with a way to get out from under mountains of debt so that they can gain some breathing room. The bankruptcy process is relatively straightforward and there is no reason to make the process more difficult than it needs be. Having helped thousands of people successfully complete bankruptcy, we offer… Read More »
Just Moved to Florida. Can I File for Bankruptcy?
People move all the time now for a variety of reasons. Maybe you or your spouse accepted a new job in Florida, or perhaps you are one of the state’s most recent retirees who have moved here to enjoy the sun in your golden years. Whatever your reasons for coming to Florida, you might… Read More »
Buying a Car After Bankruptcy
Bankruptcy provides a fresh financial start for millions of Americans. However, bankruptcy comes with a downside—shredded credit, which makes it very difficult for those who recently filed bankruptcy to get a loan, even for a necessity such as a vehicle. Unfortunately, life does not stand still after bankruptcy. People still need a mode of… Read More »
Converting a Chapter 13 Bankruptcy to a Chapter 7
A Chapter 13 bankruptcy offers some advantages over a Chapter 7, but it is not for everyone. As an example, you don’t need to hand over non-exempt property, such as your car or investment property, to the trustee in a Chapter 13. However, you do have to complete a repayment plan that can last… Read More »