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.