17 Things You Should Know Before You File for Chapter 7 and 13 Bankruptcy

Miami Bankruptcy Attorney Jordan E. Bublick Chapter 7 and 13 Bankruptcy Lawyer

Jordan E. Bublick – Bankruptcy Attorney

1.  Only file for bankruptcy if appropriate for your own personal situation.

2. Learn as much as you can about bankruptcy before you meet with a bankruptcy attorney.

3. Saving Home from Foreclosure – chapter 13 stays most foreclosure case and generally provides an opportunity to reinstate, modify, or avoid wholly underwater mortgages.

4. Chapter 7 – do not file if you really need to or are required to file under chapter 13.

5. “Abusive” Chapter 7 – may be dismissed.  A case with mostly consumer debt is presumed to be “abusive” if the “means test” is not “passed”.  A case is

6.  Stay of Creditors – immediately upon the filing for bankruptcy, most creditors are automatically stayed from proceeding against you.

7. Income Taxes – some IRS taxes are dischargeable in bankruptcy

8. Mortgage Modification –  you may be able to expedite a modification of your mortgage under the Bankruptcy Court’s new Mortgage Modification Mediation Program

9. Assets – you must fully list and disclose all of your property  in your bankruptcy schedules under the penalty of perjury.  This includes property of every type – and located anywhere in the world.

10. Wholly “Underwater Mortgages” – may be avoidable in a chapter 13 plan

11. Chapter 13 Plan – offers an opportunity to restructure most secured debt, including mortgages, association liens, and property taxes.

12. Transfers of Property made  before a bankruptcy filing may be required to be reversed.

13. Bankruptcy schedules require a full and complete disclosure of your assets, creditors, income, and expenses and are required to be signed under the penalty of perjury.

14. Florida offers a very generous homestead exemption.

15. You are required to list all of your creditors in your bankruptcy schedules.

16. You may file a joint case together with your spouse.

17. Spouse’s Income – is taken into consideration in your bankruptcy budget even though the spouse does not file bankruptcy with you

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.