If people struggle to pay their debts, they have the option of filing for bankruptcy. Many individuals choose Chapter 7 because it discharges debts faster than Chapter 13. However, a person in Fort Lauderdale, Florida, must pass a means test to be able to file for...
Can you keep a home in bankruptcy?
When a consumer in Fort Lauderdale, Florida, sees no way out of debt, bankruptcy gives them a legal option. However, they may hesitate to file from fear of losing their home. While it is possible to keep a home in bankruptcy, it depends on various factors. Mortgage...
Debts that won’t go away in bankruptcy
Filing for bankruptcy may make it possible to eliminate credit card, medical or other debt balances. In some cases, it may be possible to do so without losing assets such as your Florida home. However, there are some debts that you cannot eliminate regardless of...
Understanding bankruptcy discharge
Florida individuals who are thinking of filing for bankruptcy likely have a lot of questions. By taking the time to research the bankruptcy process, you can help to put your nerves at ease about how to get your debts discharged. What is bankruptcy discharge? A...
The responsibilities of a bankruptcy trustee
If a debtor in Florida feels they can not manage their debts anymore, they commonly consider bankruptcy. Bankruptcy helps debtors remove certain debts legally by a liquation process in Chapter 7 and debt repayment under Chapter 13. Each bankruptcy type commonly...
Qualifications for Chapter 7 bankruptcy
When debt gets too much of a burden for an individual, they have the option of filing for Chapter 7 bankruptcy. Chapter 7 allows them to erase unsecured debts by selling non-exempt assets. However, it isn't as simple as just filing a petition to start the case because...
The role of a bankruptcy trustee
When Florida residents file a Chapter 7 personal bankruptcy petition, the court appoints a trustee to act as an administrator and liquidate any assets owned by the petitioner that are unencumbered by liens and not covered by bankruptcy exemptions. Before any assets...
What to know about bankruptcy and liquidation
Generally speaking, if a company is going through a bankruptcy or a liquidation, it means that the organization is in financial peril. In some cases, these moves are made in an attempt to pay creditors before going out of business. However, it is important to note...
What constitutes a legitimate bankruptcy
When an individual in Florida files for Chapter 7 bankruptcy, they'll need to be able to prove that their reasons for filing are legitimate. If not, they might be charged with bankruptcy fraud. A person might be charged with fraud if they file for bankruptcy despite...
Can you apply for a loan after filing Chapter 7 bankruptcy?
Hard financial times can hit anyone. In Florida, many people find themselves so buried in debt that they file for bankruptcy. While bankruptcy can address problems with creditors, there are complex legal requirements filers must follow. The bankruptcy court may set...
