Some of your options if you don’t qualify for a Chapter 7 bankruptcy is a Chapter 13 bankruptcy. Most people do not qualify for a Chapter 7 is because they either have too much money in assets or they make too much money on basically a monthly basis. So, if you have too much money in assets the Chapter 7, when you liquidate, you’re going to lose substantially most, or all of, your assets over and above your allowable exceptions.
So, a Chapter 13 you don’t necessarily lose your assets, you get to pay back or reorganize your debt and make monthly payments to the U.S. Trustees Office to pay your creditors on a pro rata basis. You can also participate in debt consolidation in one form or another whereby we negotiate with your creditors a lower monthly amount and pay off your creditors in that manner.
Law Office of Ray Garcia, P.A.
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Law Office of Ray Garcia, P.A.
Latest posts by Law Office of Ray Garcia, P.A. (see all)
- How a Federal Ban on Non-Compete Clauses Would Impact Florida Businesses - September 6, 2023
