Category Archives: Chapter 7
Bankruptcy & Foreign Assets
South Florida is truly one of the most cosmopolitan areas in the United States, with visitors and residents from around the globe. We also have thousands of people with dual citizenship or who own assets in foreign countries. But what happens to these assets if you get into financial trouble and need to file… Read More »
Your Pets and Bankruptcy
Although many people consider their pets “family,” the fact is that pets are legally assets, no different really from your kitchen table or your car. Also, pet care is an expense that reduces the amount of money you can pay your creditors. For these reasons, your pets are not immune from bankruptcy, and it… Read More »
Retirement and Bankruptcy
Most Americans envision their retirement as a peaceful time to enjoy family, friends, and hobbies. Unfortunately, for many Americans, retirement is a time of enormous financial stress. Not only does your income typically plunge, but medical expenses can also skyrocket. At this time of life, you might find yourself more financially distressed than at… Read More »
How to Make Bankruptcy Go as Smoothly as Possible
Bankruptcy provides our clients with a way to get out from under mountains of debt so that they can gain some breathing room. The bankruptcy process is relatively straightforward and there is no reason to make the process more difficult than it needs be. Having helped thousands of people successfully complete bankruptcy, we offer… Read More »
Just Moved to Florida. Can I File for Bankruptcy?
People move all the time now for a variety of reasons. Maybe you or your spouse accepted a new job in Florida, or perhaps you are one of the state’s most recent retirees who have moved here to enjoy the sun in your golden years. Whatever your reasons for coming to Florida, you might… Read More »
Buying a Car After Bankruptcy
Bankruptcy provides a fresh financial start for millions of Americans. However, bankruptcy comes with a downside—shredded credit, which makes it very difficult for those who recently filed bankruptcy to get a loan, even for a necessity such as a vehicle. Unfortunately, life does not stand still after bankruptcy. People still need a mode of… Read More »
Converting a Chapter 13 Bankruptcy to a Chapter 7
A Chapter 13 bankruptcy offers some advantages over a Chapter 7, but it is not for everyone. As an example, you don’t need to hand over non-exempt property, such as your car or investment property, to the trustee in a Chapter 13. However, you do have to complete a repayment plan that can last… Read More »
Can I File for Bankruptcy if I am Not Behind on Bills?
Every now and then we hear from someone with a very high credit score and no collection accounts who nevertheless is under financial distress. This person wonders if they can file for bankruptcy to obtain peace of mind or whether they must wait until their accounts go into collections before filing. This is an… Read More »
Will You Lose Your Jewelry in Bankruptcy?
Bankruptcy protection is usually a good deal for most indebted consumers. Filing will immediately halt all collection efforts, such as creditor lawsuits and repossessions. Also, you can typically discharge (wipe out) unsecured debts like credit card debts and medical debt entirely. However, bankruptcy does come with some downsides. One concern we hear from consumers… Read More »
What Income is Included in the Chapter 7 Means Test?
Reforms made to the bankruptcy code in 2005 made it harder for consumers to file for Chapter 7 liquidation. In a Chapter 7, most consumers can completely wipe out (or “discharge”) their unsecured debts like personal loans, medical debt, and credit card debt. This is a terrific benefit for indebted consumers, so the banking… Read More »