Will All My Debts Be Forgiven if I File for Bankruptcy?

Bankruptcy is generally a last financial resort when other options, like negotiating with creditors, have fallen short. However, bankruptcy shouldn't be stigmatized but rather viewed as a legal resource for those overwhelmed by debt in Florida. In reality, bankruptcy provides a vital lifeline for individuals to reset their financial standing and get another chance at financial stability and success. According to the Read More

Why Bankruptcy Might Not Be Your Best Option Even if You Qualify

Debt is crushing Americans. In the second quarter of 2023, the Federal Reserve Bank reported over $17 trillion in debt for U.S. households including over $1 trillion in credit card debt. Families are often torn apart and forced to live well below their means just to manage incredibly high debt payments. Many are forced to turn to bankruptcy. This legal avenue to debt relief appeals as a tool to get out from under Read More

What is a ‘Cramdown’ in Bankruptcy, and How Can it Help?

The public has been conditioned to view “bankruptcy” as a frightening event. It destroys finances, destroys your credit, and causes families to lose everything they own. Bankruptcy is a big decision that should not be taken without a significant amount of thought and consideration, but it helps countless people get a fresh financial start.  Businesses have several types of bankruptcies to choose from, but Read More

Bankruptcy Filers: What is the Automatic Stay?

Filing for bankruptcy is quite useful for many honest, hard-working people who need some help catching up with their finances. Although many (rightly) regard bankruptcy as a last resort to get out of financial trouble, it is not the doomsday scenario you’ve heard about. One of the most attractive features of a bankruptcy filing is the automatic stay.  The automatic stay is an injunction that immediately goes into Read More

6 Tips For Life After Bankruptcy

Bankruptcy can be a long, difficult process. Like all things, there is an eventual end to it. From there, it can be a long journey back to living life like you knew it before. That can be a good thing, in some cases. A change of pace, while frustrating, can be helpful to people after surviving a process like bankruptcy. Here are six tips we can offer to help improve your life after bankruptcy: Check Your Credit Read More

What is the Difference Between Secured and Unsecured Debt?

Bankruptcy, for all its negative connotations and scary images its conjures, is a useful tool for many individuals who simply need a fresh start when it comes to their finances. Filing for bankruptcy does have some substantive effects on your credit score, but it’s the right choice for many people.  When you file for bankruptcy, you must take an inventory of your debts and classify them as either secured or Read More

Sued by a Creditor or Debt Collector

A debt collection lawsuit can be quite intimidating for some, as this may be their first experience with the legal system. A person may receive a lawsuit for debt collection on an old or unpaid medical bill, credit card, or other consumer debt that they may have accrued. The creditor that is suing you, is more often than not, unlikely the original creditor. Debt is usually sold, several times over, and may now be Read More

Keeping a Vehicle within a Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy filing, most of the debts are discharged. However, one thing most consumers worry about is that they’ll lose everything, such as personal property, but that is not the case. Although a Trustee may have the debtor give up their nonexempt property to use the proceeds to pay unsecured creditors – there is various exemption laws that allow a debtor to protect certain property in a bankruptcy, Read More

341 Meeting of Creditors

After filing bankruptcy, one of the requirements is for the debtor to attend a Meeting of Creditors. The meeting usually takes place within 20 to 40 days after submitting your petition to the court and it provides an opportunity for the Trustee and creditors to ask questions about your bankruptcy filing and finances disclosed within your petition. The purpose of this meeting is to ensure that the debtor properly Read More

How Does a Bankruptcy Affect Inheritances?

If a Debtor inherits money or property during their bankruptcy process, it can, and often does, affect the inheritance.  When someone files for bankruptcy, a bankruptcy estate is created. The estate consists of the Debtor’s property or assets owned. A bankruptcy estate is administered through a bankruptcy trustee, where the estate is temporarily considered a legal owner of the Debtor’s property and assets claimed. Read More

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