28 09, 2020

What is Bankruptcy?

By |2020-09-27T14:14:27-04:00Sep 28, 2020 |Bankruptcy|0 Comments

What is Bankruptcy?
Bankruptcy is a legal option available to help individuals who have more debt than they can handle. The debt may be credit card, medical bills, IRS tax debt or any other monetary amount that someone says you owe. Through the bankruptcy code, Congress recognized that sometimes good people go through bad times and just need a fresh start. Bankruptcy provides that financial fresh start.

Bankruptcy is also widely used to stop wage garnishments, mortgage foreclosure, car repossession and to either eliminate IRS debt or pay IRS debt off without the continuing accumulation of penalties and interest.

The two chapters most commonly used [read more]

26 09, 2020

Chapter 7 Bankruptcy

By |2020-09-26T17:02:28-04:00Sep 26, 2020 |Chapter 7|0 Comments

Without a doubt, Chapter 7 is the most widely known and popular bankruptcy chapter.  Everyone has heard of Chapter 7 and the ability to get rid of your debt within a 3 to 4 month period.  In a Chapter 7 bankruptcy, you must disclose all of your debt and all of your assets to the bankruptcy court.  You must also disclose any financial transactions such as a transfer of real property, transfer of a car, gifts of money, or repayment of a debt to relatives or friends within the past several years before filing bankruptcy.  The bankruptcy court appoints a trustee to [read more]

17 09, 2020

The Three “C’s” of Choosing a Bankruptcy Lawyer

By |2020-09-18T14:12:44-04:00Sep 17, 2020 |Bankruptcy|0 Comments

It is difficult to know how to choose a Fort Lauderdale bankruptcy attorney. After all, you are only going to use them once in your lifetime (or so you hope) and it’s not really something that you want to broadcast to your circle of family and friends, so asking for referrals is sometimes difficult. A simple guideline is to find someone that encompasses the three “C’s”: Competence, Cost, and Compassion.

Here’s why they are important:

Your first consideration should be the competence of the bankruptcy lawyer. I am a firm believer that “someone had to graduate at the bottom of their class” and doctors [read more]

17 09, 2020

The Difference Between Filing Chapter 13 and Debt Settlement

By |2020-09-18T17:19:05-04:00Sep 17, 2020 |Chapter 13|0 Comments

You’re starting to see the debt settlement commercials everywhere again. Did you know that the main funders of those companies are the creditors themselves? The truth is that credit card companies do not want you to file bankruptcy because the bankruptcy laws are fair but offer them no leverage. The bankruptcy code decides what they get, if anything, and givers you power over what they get. In a debt settlement, they get to decide if they will participate and they get to decide how much they want to settle the debt. Take it or leave it. In Chapter 13, the bankruptcy code [read more]

17 09, 2020

What Does It Mean to be Judgement Proof

By |2020-09-18T17:19:15-04:00Sep 17, 2020 |IRS Debt|0 Comments

You’ve probably heard the term “judgment proof” at some point or another and wondered what it meant. Judgment proof is a legal term for someone whose income and assets are exempt from garnishment or seizure by a creditor. Usually, this is by operation of law that an asset or income is declared to be free from the collection by a creditor. The best example of this is seniors who only receive social security or people with disabilities who receive SSI.

If you are judgment proof and a creditor gets a monetary judgment against you, the judgment is not worth the paper it’s printed [read more]

17 09, 2020

Is Chapter 13 Right for You?

By |2020-09-18T17:18:26-04:00Sep 17, 2020 |Chapter 13|0 Comments

Most people know something about Chapter 7 bankruptcy as it’s usually the chapter they go to talk to an attorney about. After meeting with a Fort Lauderdale bankruptcy attorney, however, they are usually surprised to hear that Chapter 13 is the better chapter to file under for their particular situation. Several considerations could ultimately determine whether Chapter 13 is the best solution for your financial problems. An experienced bankruptcy attorney will be able to help you decide which chapter is best for you.

Sometimes there is no choice in the matter because you don’t qualify for a Chapter 7. To file a chapter [read more]

16 09, 2020

How Much Does A Bankruptcy Lawyer Cost?

By |2020-09-18T14:14:54-04:00Sep 16, 2020 |Bankruptcy|0 Comments

Filing bankruptcy involves two separate expenses. There are legal fees and costs. The costs are usually fixed costs such as court filing fees, credit reports, credit counseling costs, and mailings, to name a few. Typical costs in a Chapter 7 bankruptcy case total approximately $485 and typical costs in Chapter 13 is usually $460 to $480.

Most bankruptcy attorneys charge a flat fee for the basic filing. In Chapter 7, the attorney fees vary by the complexity of the case but in general, they are between $800 and $2,500 from start to finish. A Chapter 13 attorney fees are $4,500 for taking the [read more]

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