1. You should only file for bankruptcy if necessary.
2. Filing for chapter 7 bankruptcy – when you should have filed for chapter 13 or not at all – may lead to very unfortunate consequences which could have been avoided. Once you are in a chapter 7 case, it may be difficult to dismiss the case or convert the case to chapter 13.
3. Filing for bankruptcy is a serious matter and requires a full and complete disclosure of all of your assets and property.
4. Chapter 13 bankruptcy offers an opportunity to restructure most secured debt, including mortgages, association liens, and property taxes.
5. Mortgage Modification Mediation is now offered by the Bankruptcy Court to expedite a mortgage modification application.
6. You must disclose all of your property in your bankruptcy schedules. This includes property of every nature, including potential personal injury claims.
7. Some IRS taxes are dischargeable in bankruptcy.
8. Transfers of property made before a bankruptcy filing may be required to be reversed.
9. Bankruptcy schedules are required to be signed under the penalty of perjury.
10. Florida offers a very generous homestead exemption.
Free Initial Consultation
Miami Bankruptcy Attorney Jordan E. Bublick’s has been practicing chapter 7 and chapter 7 bankruptcy law in the Bankruptcy Court in Miami for over 25 years. In today’s world, even the “simplest” of bankruptcy cases can present a broad range of issues that need to be reviewed properly, including valuation, exemptions, budget, “means test ” and “lien stipping” of mortgages.
Chapter 13 Bankruptcy
Chapter 13 gives a person the opportunity to reorganize their debt, including mortgages, association liens, property taxes, income taxes, and credit card debt under a 3 to 5 year chapter 13 plan of reorganization. Also, chapter 13 is used by those for whom chapter 7 is not appropriate, usually those with a significant amount of non-exempt property or those who do not “pass” the chapter 7 “means test.”
Chapter 7 Bankruptcy
Chapter 7 is usually used by individuals with little non-exempt property and lower incomes. But sometime persons who qualify for chapter 7 need to file a chapter 13 case as it offers the person the have needs that chapter 7 cannot provide – such as the need to modify their their mortgage or can loan or payoff IRS debt over time.
Are you considering filing for chapter 7 or chapter 13 bankruptcy ?