Chapter 13 Repayment Plan: What Is It and How Does It Work?

One of the distinguishing characteristics of chapter 13 bankruptcy is the requirement of a repayment plan. Many debtors looking to begin the chapter 13 bankruptcy process often have questions about the repayment plan process. We have created a guide to the repayment plan with everything that you should know.

Chapter 13 Repayment Plan: What Is It and How Does It Work?What is a Chapter 13 Repayment Plan?

Whereas chapter 7 bankruptcy requires no repayment of debts, chapter 13 bankruptcy requires monthly payments to be made over the course of a three to five-year period. You and […]

September 10th, 2019|

What Paperwork Do You Need to File Bankruptcy?

A big part of the bankruptcy paperwork process involves gathering the proper documents. This process can seem painstaking and overwhelming at times, as you’ll need to gather and produce all documents relevant to your income and expenses, assets, debt, and property transfers. To help guide you through the process of bankruptcy paperwork, we’ve put together a short guide on the types of documents you should be prepared to produce to file for bankruptcy.

What Paperwork Do You Need to File Bankruptcy?Income Documentation

You’ll need to produce bankruptcy paperwork that serves as proof of income. For most people, this […]

August 21st, 2019|

What Is a 341 Meeting in Bankruptcy?

Also referred to as the meeting of creditors, a bankruptcy 341 meeting is a mandatory meeting required by the 341 section of the bankruptcy code. A 341 meeting is an important part of the bankruptcy process and is primarily designed as an opportunity for your bankruptcy trustee (or any creditors) to ask a series of questions pertaining to your case. Most people have never attended a 341 meeting of creditors and aren’t sure what to expect from the proceedings. We’ll outline what you should know and expect before attending below.

What Is a 341 Meeting in Bankruptcy?Telling the […]

August 14th, 2019|

Questions to Ask Your Bankruptcy Attorney

The journey to finding a reputable bankruptcy attorney is often a lengthy and challenging part of the bankruptcy process. As you try to determine if bankruptcy is the right solution for you, you may wonder what you should be looking for in a bankruptcy attorney, and what you should be expecting from your consultation.

Questions to Ask Your Bankruptcy Attorney.

Are You A Lawyer?

This first question might seem ridiculous at first glance; however, it’s important to ask. Many legal firms send legal support staff or even salespersons to consult with potential new clients, rather than actual attorneys. While […]

August 7th, 2019|

Can I Keep My Personal Injury Settlement in Bankruptcy?

Can I Keep My Personal Injury Settlement in Bankruptcy?Across North Florida, there are people from every walk of life, making a living for themselves. Financial struggles throw a wrench in the plan of any individual but adding in a personal injury claim only adds to the difficulty. For most people in this situation, their biggest concern is whether they will be able to keep their personal injury settlement in the bankruptcy. The answer lies in understanding whether your arrangement is eligible for a personal injury settlement exemption.

Personal Injury Settlement Exemption

State and federal exemptions exist to help debtors […]

July 24th, 2019|

Can I Convert Chapter 13 to Chapter 7?

Can I Convert Chapter 13 to Chapter 7?When debtors file for chapter 13 bankruptcy, they must create a repayment plan to pay off some or all debts over the course of a five-year period. Some individuals find that their situation remains unchanged, and they are able to successfully complete their repayment plan. However, others may find themselves in a difficult position where financial circumstances have changed, and they are no longer able to make payments according to their original repayment plan. Unexpected job loss, unforeseen emergencies, or even disability can leave them wondering if they have the […]

July 17th, 2019|

What Is a Bankruptcy Homestead Exemption?

What Is a Bankruptcy Homestead Exemption?Many homeowners facing bankruptcy wonder if they can protect their home’s equity, which is the value of their property minus the balance of their mortgage. Fortunately, Florida’s homestead exemption exists to protect the equity in your home, and by taking advantage of this exemption, it is possible to protect your nest egg. Below, we’ll discuss more about the importance of the Florida’s homestead exemption in bankruptcy and outline the details homeowners should know.

How Does the Bankruptcy Homestead Exemption Work?

If your home is worth more than the balance of your mortgage, then you […]

July 10th, 2019|

Bankruptcy Due to Personal Injury

Bankruptcy Due to Personal Injury.The path from personal injury to bankruptcy can be a difficult one. Often injuries sustained can render an individual unable to work or earn as much income as they previously did, and personal injury settlements can be insufficient to cover mounting medical expenses.

Many clients may find it surprising to know that they are not alone in these difficult circumstances, and often wonder what options they have for personal injury and bankruptcy.

The Wide Prevalence of Personal Injury

In today’s modern workplace, accidental injury is a common occurrence. So much so that 3,007,300 occupational illnesses and […]

June 26th, 2019|

What Is the Difference Between Secured and Unsecured Debt in Bankruptcy?

What Is the Difference Between Secured and Unsecured Debt in Bankruptcy?In bankruptcy, it is essential to understand secured versus unsecured debts. Secured debts generally involve property whereby the creditor has a lien on that property such as car loans and mortgages. Whereas unsecured debts, by contrast, are not secured by any collateral like credit card debt, medical bills, student loans, alimony, and personal loans.

Understanding Secured vs Unsecured Debt

Secured Debts

While bankruptcy eliminates your liability for unsecured debts, it doesn’t eliminate the creditor’s vested interest in the property. Consequentially, lenders can still enforce their lien and repossess the property.

Secured […]

June 19th, 2019|

What Can You Keep in Bankruptcy?

What Can You Keep in Bankruptcy?One of the most popular questions asked by bankruptcy filers is, “Will I lose any of my assets in bankruptcy?” The short answer is, “No,” but keep reading anyway.

Your assets come into play more in a Chapter 7 bankruptcy than a Chapter 13 because the Chapter 7 trustee’s focus is on the value of your non-exempt assets, whereas the Chapter 13 trustee’s focus is on your household disposable income.

What are your “non-exempt assets?” Under Florida law, certain of your property is protected from creditors and, by extension, the bankruptcy trustee. For instance, […]

June 12th, 2019|