25 Years of Bankruptcy Law Experience
For over 25 years, Miami Bankruptcy Attorney Jordan E. Bublick’s has been practicing chapter 7 and chapter 7 bankruptcy law in the Bankruptcy Court in Miami. With the complexity of today’s world, even the “simplest” of bankruptcy cases can present a broad range of issues that need to be reviewed properly. Theses issues include nature of property owned and valuation, extent of exemptions, completing listing and categorization of creditors, dischargeabiity of income taxes, income and expense disclosure, disclosure of any transfers, etc. The areas of law that may apply include issues includes aspects of real estate law, family law, litigation, tax law, probate law, etc. Although the Bankruptcy Code is federal law, the state laws of Florida play a part in their application in Florida.
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.
Chapter 13 Bankruptcy
Chapter 13 is usually used by those with a significant amount of non-exempt property and above-median incomes. Chapter 13 plan can be used to reinstate mortgages, avoid under-water second mortgages, avoid under-water association arrearages, payoff or discharge IRS claims, and pay a portion of general unsecured debt.
Exempt property in Florida generally includes a homestead, a limited amount of personal property, retirement benefits, aspects of life insurance and annuities, and worker’s compensation claims. Although the homestead exemption is generally unlimited amount (with certain exceptions), the exemption for personal property is only in the range of $1,000 to $5,000. If you have the benefit of a homestead exemption, the exemption for personal property is only $2,000.