Are you considering filing for Chapter 7 bankruptcy in West Palm Beach, FL? If you’re struggling to pay your bills, filing for bankruptcy could help. Many families get into debt through no fault of their own. Unexpected medical problems, corporate downsizing or an accident can leave you in a difficult financial position.
Filing for Chapter 7 bankruptcy is a complex process and it isn’t always the right fit. You need to speak with a West Palm Beach Chapter 7 bankruptcy lawyer to understand your options. Our experienced, local bankruptcy law firm can handle the entire process on your behalf.
Stiberman Law, P.A., helps struggling families understand their options for handling overwhelming debts. We can look at your specific situation and make comprehensive recommendations. Depending on your circumstances, we may recommend filing for Chapter 7 bankruptcy.
Threats of lawsuits, wage garnishment, and endless calls from creditors can feel overwhelming and scary, but debt relief may be available for West Palm Beach residents. When you can’t pay your bills and your debt is growing, filing for bankruptcy may be the best option to create a new path forward, but you shouldn’t try to navigate this process alone. At Stiberman Law, P.A., you can work with Robert Stiberman, an experienced Chapter 7 bankruptcy lawyer in West Palm Beach who will fight for your best interests and help you move forward into a more secure, confident financial future.
When you file for Chapter 7 bankruptcy in Florida, all collection efforts are halted. This means that collection agencies will stop calling and you’ll get some breathing room to figure out your next steps.
Your West Palm Beach Chapter 7 bankruptcy lawyer will help you list all of your current debts. It’s important to pull a current credit report to ensure you have every debt listed in your filing. If you forget to include a creditor in your filing, the debt you owe them will not be discharged through the bankruptcy.
Your assets are accounted for and divided into two categories: exempt and non-exempt. Exempt assets may include a home, a personal vehicle or a pension. There are specific limits for the value of exempt items. Your bankruptcy attorney will be able to help you identify and account for your exempt assets in your filing.
Your non-exempt assets, if you own any, will be transferred to a trustee. The trustee is responsible for liquidating your non-exempt assets in an effort to satisfy your creditors. In some cases, you may be able to purchase some of your assets back from the trustee as part of a Chapter 7 bankruptcy.
The proceeds from the sale of your non-exempt assets are transferred to your creditors. If you’ve followed all of the steps correctly, you will emerge from Chapter 7 bankruptcy with little to no outstanding debt obligations.
FREE CONSULTATIONChapter 7 bankruptcy is also referred to as liquidation bankruptcy. During this process, you’ll report all your debt information and income, and as soon as the bankruptcy filing begins, all secured and unsecured creditors must cease collection attempts.
Bankruptcy cases filed by Palm Beach County residents are heard in the West Palm Beach Division of the Bankruptcy Court.
A bankruptcy trustee, that handles cases in the West Palm Beach Division will be assigned to your case, and will assess your personal property and gather your nonexempt valuable assets, such as a second vehicle or money in a savings account.
The trustee may seek to sell off those assets to pay off as much of your debt as possible, and after this is complete, any eligible, unsecured debt that is not paid is discharged by the bankruptcy court. This means you are no longer responsible for paying these debts and creditors can no longer attempt to collect. From start to finish, the process takes between three and six months.
A Chapter 7 bankruptcy attorney from Stiberman Law, P.A., will fight to have as much of your debt eliminated as possible to ensure you’re starting over with a clean slate and a secure future.
The following types of unsecured debts can be discharged during Chapter 7 bankruptcy:
These types of debt are not eligible for a bankruptcy discharge:
Chapter 7 bankruptcy is specifically designed for people with little to no extra income to repay creditors to get out from under the crushing weight of debt.
To minimize the number of people who can receive debt elimination, rather than repayment, a means test is required. Under United States bankruptcy law, your income must be below the median income in your state for your family size for you to be automatically eligible to file Chapter 7. For example, in Florida, the median income for a family of four is $89,206, so if your annual income is below this, this option will be available to you.
If you make over this amount, the bankruptcy court will then look into your average monthly income as well as your monthly expenses, taking into account housing, groceries, medical care, and utilities to determine your disposable income. If a West Palm beach bankruptcy trustee determines you can pay on some or all of your debt, you may need to file for Chapter 13 bankruptcy.
Even if you are eligible to file for Chapter 7, it may not be the best option for you. If much of your debt is due to student loans, or you’re concerned about losing your property, another option may lead to a better outcome for you. Working with an experienced West Palm Beach Chapter 7 bankruptcy lawyer is essential to making sure you have the best information and can make an informed choice for your financial future.
Many clients come to us because the bank has started foreclosure proceedings on their home. When you file for Chapter 7 bankruptcy, an automatic stay is enacted by the bankruptcy judge. This pauses all collection efforts by your creditors, including foreclosure.
If you are behind on your mortgage, your lender will most likely respond to the notice from the bankruptcy court. They will request permission to restart the foreclosure process. If it is granted, the foreclosure process will restart from the beginning. If it is not granted, the process will restart once your bankruptcy proceedings have concluded.
Chapter 7 bankruptcy is not the best fit for saving a home in foreclosure. It does not discharge past due mortgage payments. But you can take advantage of the delay in foreclosure to find a new place to live.
This is one example, among many, that highlight the advantages of hiring an experienced West Palm Beach Chapter 7 bankruptcy attorney. Stiberman Law, P.A., can help you understand your options and find the best solution to accomplish your goals.
Schedule a free consultation in our West Palm Beach location by filling out the form below or Call us (954) 922-2283
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You do have the option to file for bankruptcy on your own. You will need to pay the filing fees to the court, as well as any fees charged by the trustee responsible for liquidating your assets and satisfying your creditors.
Stiberman Law, P.A., has an entire team of bankruptcy lawyers. We don’t believe in a one-size-fits-all approach. Every situation is unique. That’s why we help our clients take advantage of all of the options available to them.
When you hire Stiberman Law to handle your West Palm Beach bankruptcy filing, you can rest assured that the entire process is being managed by a team that cares about your financial future. Our clients know that all of their debts are being properly handled and every step is completed as efficiently as possible. By hiring an experienced bankruptcy attorney to handle your filing, you can save yourself the hassle and aggravation of completing complex paperwork, meeting strict deadlines and appearing in court for every hearing.
Stiberman Law, P.A., offers payment plans to make hiring a bankruptcy attorney more affordable. We know that this is a difficult time. Our goal is to help you get started on a better chapter in your life as quickly and easily as possible.
While it’s not a legal requirement to have a Chapter 7 attorney file bankruptcy on your behalf, it is highly beneficial and recommended. This is a complex legal procedure that can be difficult to navigate on your own. Having an advocate can reduce your stress as well as improve your outcome by:
Stiberman Law has been serving clients in West Palm Beach and the surrounding area since 1998. With over 100 5-star reviews, you can feel confident that you will work with a bankruptcy attorney with the experience and knowledge needed to help you secure a faster process and a more favorable outcome. From your first free consultation to the completion of your bankruptcy case, we’re by your side to help you through the process:
In addition to our legal counsel and experience, we offer you an affordable way to file for bankruptcy.
Our team has handled hundreds of bankruptcy filings in Florida. Every situation is unique. Relying on self-help tools, like a Google search, could mean that your bankruptcy filing is less effective. If you forget to account for all of your debts, or miss a deadline, you could end up spending a lot of time and money without getting out from under your creditors.
Let us help you understand your options. It all starts with a 100% free consultation with a bankruptcy attorney at Stiberman Law, P.A.. We aren’t here to judge. We’re standing by to give you answers you can rely on.
We understand you have questions and concerns. To help you better understand the process, we’re sharing some information related to our most frequently asked questions about Chapter 7 bankruptcy.
Yes. In order to file Chapter 7 Bankruptcy, you must prove you have completed a federally-mandated course from an approved credit counseling agency. Rather than paying out more, our law firm is also an approved agency and can include credit counseling during the filing process to save you time and money.
A mortgage is a secured debt, meaning that if you don’t pay the debt, the lender can seize the home. If you are currently in foreclosure, beginning the bankruptcy process will pause the proceedings temporarily, but after your bankruptcy is complete, the process will re-start.
If you have remained in good standing with your mortgage and are up-to-date on your payments, you can file an exemption to keep your property so that it won’t be seized during the liquidation process.
Like a mortgage, a car loan is a secured debt, so if you are behind on your payments, the lender can still repossess the vehicle.
If you are caught up on payments, whether you can keep your car depends on the amount of equity you have. If you do not own a home, you’re allowed up to $5,000 in asset exemptions, so if you have less than $5,000 equity in your car, you will get to keep it.
For example, if your car is worth $10,000, and you owe $7,000, you only have $3,000 in equity, so this would be exempt. If your vehicle is paid off and worth $6,000, it is subject to seizure.
An experienced Chapter 7 lawyer will provide you with more personalized details related to whether your car is or is not eligible for exemption.
In Florida, you receive an exemption of $4,000 for your primary home, and $1,000 for personal property owned, such as a car, jewelry, or other valuables. If you don’t own a home, you can use $5,000 to exempt property. However, anything beyond this can be taken by the bankruptcy trustee and used to pay your debt. This includes:
Unsecured debts are debts that don’t have collateral. As we mentioned above, mortgages and car loans are secured debts because the lender can repossess the property. Unsecured debts include credit cards and medical bills.
No, this type of bankruptcy is designed for people with serious debt and minimal income who can’t afford a debt repayment plan. Once all nonexempt property is used to pay off as much as possible, the eligible debt is discharged.
Federal law requires a minimum filing fee of $338 to file Chapter 7, and mandatory debt counseling is often around another $50 to $100. If you hire a bankruptcy lawyer, fees are between $900 and $1,500.
At Stiberman Law, we include credit counseling, filing fees, and attorney fees in one package as well as offer low payment plans to reduce the financial burden of filing bankruptcy.
It stays on your credit report for 10 years, but your credit score will improve over time if you stay in good standing with any other debts you may accrue following the bankruptcy.
Federal student loans are typically not discharged in bankruptcy. However, discharging other debts and filing for an income-based repayment plan can help you get back in good standing with your student loan provider.
If you don’t pass the means test or we determine that Chapter 7 bankruptcy isn’t the best option, we will look at Chapter 13 bankruptcy instead.
No, you can keep your bank account, though any assets in a savings or money market account may be gathered to pay off the debts.
No. Once Chapter 7 bankruptcy proceedings begin, an automatic stay goes into effect within a week which means creditors, such as credit card companies or collection agencies can no longer contact you, send letters, go through with court proceedings, or garnish wages.
No, once the bankruptcy process begins, all debt collection must cease, including wage garnishment.
If you are ready to break free from medical debt, credit card bills, and more, we can help. Schedule a free consultation with our law firm today by calling (954) 932-7804 or filling out the form below to get started.
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