The Bankruptcy process is intended to help those individuals who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan to pay their debts. During this time, the debtor (or individual filing for Bankruptcy) is protected from the collection process, including but not limited to, wage garnishment, bank account garnishment, levy of assets, and collection proceedings and calls. Bankruptcy laws are designed to also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. This process allows for the business to stay operational while negotiating and restructuring the debts the business owes to its creditors.
Free Bankruptcy Consultation
Visit a bankruptcy attorney at any of our four offices. We will provide a Free Initial Consultation that allows the attorney to analyze the individual’s financial situation, and assess which Bankruptcy chapter is the most beneficial to the individual debtor. For your free Bankruptcy Evaluation and Analysis please bring the following information or have this information readily available: (1) List of all bills and monthly expenses, (2) Pay stubs that reflect the monthly gross income for the past 6 months of all individuals earning wages in the household (3) a list of any assets under your name including but not limited to homes, vehicles, bank accounts, cemetery plots, deeds, titles to personal property. Based on the information you provide the attorney will advise on which chapter of Bankruptcy Code applies to your particular case.
What is a Chapter 7 Bankruptcy:
A Chapter 7 Bankruptcy or “liquidation” allows the debtor to liquidate his assets to pay for the debtor’s liabilities. Not all assets are liquidated, as the debtor may be able to claim an exemption on certain property. The most important exemption allowed under Florida law is the Homestead Exemption. The homestead exemption allows a debtor to protect their primary residence from liquidation by creditors. With some exceptions, one may protect the entire amount of equity on their primary residence, and such equity will not be subject to liquidation or garnishment. If the debtor does not own a home they may be able to qualify under the “Wild Card” exemption that protects up to $4000 worth of personal property. In addition, since Florida has rejected the Federal Exemption and has applied the statewide exemption, the debtor may be afforded an additional $1000 in personal property protection and $1000 in car equity protection. Some debtors whose property, both real and personal, is fully exempt would not have to liquidate any assets in order to administer their Chapter 7 Bankruptcy. This process is referred as a no asset case.
In order to qualify for a Chapter 7 bankruptcy the individual must meet the median income requisites as set forth by the Bankruptcy code, or qualify under the means test. If an individual household family income is above the median income levels and they are not able to meet the requirements of the means test, they may not file for Chapter 7 protection. The entire process usually takes between 3 to 6 months, from the inception of the case to the date of discharge. Contact a bankruptcy attorney at or firm for more details.
What is a Chapter 13 Bankruptcy:
A Chapter 13 Bankruptcy, or the “reorganization of debts chapter,” allows the debtor to create a plan based on their income and assets to pay off their debt in an extended period of time (3-5 years). This type of bankruptcy allows a debtor to reorganize their debts, and prioritize their payments. Sometimes called the wages earner’s Bankruptcy, it is usually designed for those individuals who cannot qualify for Chapter 7 Bankruptcy because their income is above the median income levels, or their disposable income is so high that they are considered to have an ability to pay most if not all their debts. A Chapter 13 bankruptcy may also allow a debtor to pay off certain debt in the plan, typically referred to as the cram down provisions. Debt that is owed on Property that is under the debtor’s name and whose value is less than the amount owed on the property (i.e. boat, investment property, car, commercial building) may be reduced to the fair market value of the property.
A Chapter 13 Bankruptcy may also allow you to catch up on previous payments to creditors that are now in arrears, or behind and currently in default. With the guidance of our trained bankruptcy attorneys, a plan is submitted for approval by the court and trustee to pay back the debtor’s debts in a manner that is fair to the creditors and the debtor.
Bankruptcy may be a great alternative for those individuals who are struggling to pay their debts, albeit credit card, car payment, or mortgages. The Law Office of Travis Koon, PLLC offers one on one consultation with experienced Bankruptcy attorneys who are able to guide you through the entire process. A bankruptcy attorney from our firm are licensed to file on behalf of clients for bankruptcy protection in the Southern District of Florida and Middle District of Florida to include Miami, Lake City, Jacksonville and Gainesville. Specifically, in the following counties:
Miami Divison –
Miami Dade, Monroe
Ft. Lauderdale Division
West Palm Beach Division
Highlands, Indian River, Martin, Okeechobee, Palm Beach, St. Lucie
Fort Myers Division
Charlotte, Collier, De Soto, Glades, Hendry and Lee
www.circuit8.org & www.coj.net/departments/fourth-judicial-circuit-court.aspx
Baker, Bradford, Citrus, Clay, Columbia, Duval, Flagler,
Hamilton, Marion, Nassau, Putnam, St.Johns, Sumter,
Suwannee, Union and Volusia
Brevard, Lake, Orange, Osceola and Seminole
Lake City Division
Columbia, Dixie, Hamilton, Lafayette, Madison, Suwannee, Taylor, Lake
Hardee, Hernando, Hillsborough, Manatee, Pasco,
Pinellas, Polk and Sarasota
Contact one of our four offices today for Bankruptcy defense. Remember our first consultation is free and our attorneys will be able to give you a fully detailed analysis of your case and how to move forward in getting a fresh start.
Call now so that you can be on your way to that fresh start you are looking for.