Chapter 7 and Chapter 13 Bankruptcy Lawyer in New Smyrna

Bankruptcy Lawer serving New Smyrna Beach, Port Orange, Edgewater, Oak Hill, Daytona

Bankruptcy filing in new smyrna, port orange, edgewater, oak hill

We are here to guide you through the process

Reviewing your financial situation to determine if bankruptcy is the right option.
Completing the required credit counseling course completing the means test.
Gathering all necessary financial documents, including tax info, bills, and pay stubs.
Completing the required paperwork needed to file for bankruptcy.
Determining a proper payment plan, if filing for Chapter 13.
Filing the paperwork with the courts.
Addressing any concerns throughout the process.
Ensuring you receive your discharge and all the benefits that accompany it.

Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Petition

Chapter 7 Bankruptcy

Often referred to as a "fresh start", Chapter 7 bankruptcy could be the financial relief tool to help you. The reason is most (but not all) unsecured debts are discharged (i.e. eliminated) such as credit card debt, utility bills, medical bills, and loans.

Chapter 7 is a liquidation bankruptcy designed to eliminate your general unsecured debts such as credit cards and medical bills. To qualify for Chapter 7 bankruptcy, you must have little or no disposable income otherwise you may be required to file a Chapter 13 bankruptcy (discussed below). In a Chapter 7 bankruptcy, a trustee is appointed. In addition to reviewing your bankruptcy papers and supporting documents, the Chapter 7 trustee’s job is to sell your nonexempt property to pay your creditors. If you don’t have any nonexempt assets, your creditors receive nothing. As a result, Chapter 7 bankruptcy is typically for low income debtors with little or no assets who want to get rid of their unsecured debts.

In a Chapter 7, we can usually eliminate unsecured debts like your outstanding credit card balances, medical bills, and other loans. This gives you room to breathe and start again. Relief under Chapter 7 can reset your life.

Chapter 7 bankruptcy comes from the United States Bankruptcy Code and this determines the qualifications for who can file a Chapter 7 bankruptcy. They are:
No prior bankruptcy in the past 6-8 years (depending on the type of bankruptcy previously filed)
Pass the means test

Learn more about Chapter 7 Bankruptcy including the advantages and disadvantages.
Chapter 7 Bankruptcy

Chapter 13 Bankruptcy filing in new smyrna, port orange, edgewater, oak hill

Chapter 13 Bankruptcy

Chapter 13 is a reorganization bankruptcy designed for debtors with income who can pay a portion of their debts through a repayment plan. If you make too much money to qualify for Chapter 7 bankruptcy, you may have no choice but to file a Chapter 13 case. However, many debtors choose to file for Chapter 13 bankruptcy because it offers many benefits that Chapter 7 bankruptcy does not (such as the ability to catch up on missed mortgage payments or strip wholly unsecured junior liens from your house). In Chapter 13 bankruptcy, you get to keep all of your property (including nonexempt assets). In exchange, you pay back all or a portion of your debts through a repayment plan (the amount you must pay back depends on your income, expenses, and types of debt). For this reason, Chapter 13 is commonly referred to as a reorganization bankruptcy. Typically, Chapter 13 bankruptcy is for debtors who can afford to make monthly payments to get caught up on missed mortgage or car payments or pay off nondischargeable debts such as alimony or child support arrears.

Chapter 13 bankruptcy is sometimes referred to as a "repayment" plan because debtors pay some or all of their unsecured debts (interest free) over a 3-5 year plan.
Your bankruptcy payment is based on what you can afford to pay (income minus expenses). Thus, each plan is unique to each client.

There are a few specific eligibility requirements for filing bankruptcy. First, is necessary to have the ability to make a payment on a bankruptcy plan. Second your debt may not exceed:
$1,149,425 in secured debt
or $383,175 in unsecured debt

Learn more about Chapter 13 Bankruptcy including the advantages and disadvantages.

Chapter 13 Bankruptcy

Federal Law says we must state this: We are a debt relief agency. We help people file for relief under the Bankruptcy Code.