If you are unable to pay credit card and medical bills, or you’re tired of endless phone calls from collection agencies, and worried that you’ll never be able to escape debt, filing for bankruptcy may be the right decision. At Stiberman Law, our Chapter 7 bankruptcy lawyers can help you navigate this process so you can move forward from debt and begin building a stronger financial future.
Chapter 7 allows you to liquidate a majority of your debt so that it can be eliminated completely and absolve you from repayment. During this process, all attempts to collect a debt must cease. Then, a bankruptcy trustee will gather your nonexempt valuable assets, such as non-retirement investments or property that is not your primary home or vehicle and will sell them in order to pay off as much of the debt as possible. Once this is complete, any eligible debt left over is discharged, leaving you free to start over with a clean slate.
Robert A. Stiberman. Attorney with over 20 years of experience in bankruptcy law.
If you’re considering Chapter 7 Bankruptcy, you need to speak with a attorney at Stiberman Law. The consultation is completely free.
If you own a home, your main concern about filing for bankruptcy is whether or not you will lose your home. This depends on whether you have been able to remain in good standing with your mortgage. If you are maintaining your house payments for your primary residence, you will most likely get to keep your property.
However, if the foreclosure process has started, filing for bankruptcy pauses the proceedings temporarily. Once it has been finalized, or if the bank obtains permission from the bankruptcy court, the bank will be able to continue with the foreclosure process. This may give you additional time to find a new place to live. It’s important to speak with a Chapter 7 lawyer to get more personalized insight into your unique situation so you have a better idea of whether your house is safe from foreclosure or being seized during the liquidation process.
Chapter 7 bankruptcy is not available to everyone as there is a means test to limit the number of people who are eligible for debt elimination. Eligibility is determined by checking whether your household income is below the median income of your state. For example, as of the time of this article, the median income for a family of four in Florida is approximately $89,206.
The court will also look at your necessary or allowable expenses, such as the cost of housing, groceries, and medical care to determine your disposable income that could be used to pay off your debts. If your disposable income is determined to be enough to pay off some or all of your debts, you may be ineligible for Chapter 7 and filing for Chapter 13 bankruptcy may be the better option.
Even if you are eligible to file, it may not be right for you. For example, if the majority of your debt is due to federal student loans that cannot be discharged, or you have nonexempt valuable property, you should consult with an experienced Chapter 7 lawyer to discuss the right steps for your financial future.
Legally, you do not have to have a lawyer to file for bankruptcy on your behalf. However, it is highly recommended that you have an attorney who can help you navigate the process, explain what you can expect, and advocate on your behalf.
At Stiberman Law, we have over 20 years of experience in helping people just like you navigate bankruptcy and come through the process with financial freedom and a clean slate.
We understand that this is confusing and you probably have a lot of questions about filing for Chapter 7 bankruptcy. To provide a bit more clarity, we’re answering our most frequently asked questions.
It costs between $900 to $1500 in attorney’s fees based on the complexity of your case. Additionally, there is a mandatory minimum fee of $338 to file for Chapter 7. In addition to this, you must take a mandatory debt counseling course and personal finance course that equal to around $50.
Many bankruptcy lawyers, including Stiberman Law do provide these courses as part of our services and included in the price.
It depends. If the foreclosure process has already started, filing for Chapter 7 bankruptcy will pause the proceedings, but they will restart after your bankruptcy proceedings are complete.
If you remain in good standing with your mortgage company and keep up with payments, you will most likely get to keep your home.
This depends on the amount of equity you have in the vehicle.The state of Florida allows you to exempt up to $5,000 in personal property if you don’t own a home. This means that if you own your vehicle without a loan and it’s worth less than $5,000, this is exempt and you will keep your vehicle.
Similarly, if your car is worth $15,000, but you owe $11,000, you only have $4,000 in equity, thus you would keep your car if it is in good standing with your lender.
It stays on your credit 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.
If you have federal student loans, you can not typically discharge these in bankruptcy. However, discharging other debts in conjunction with an income based repayment plan can help you get back in good standing with your student loan provider.
If you need filing for Chapter 7 Bankruptcy, our attorneys can help you.
We offer comprehensive Chapter 7 Bankruptcy services by our experienced attorneys.
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The South Florida law firm of Stiberman Law, provides legal representation and counsel in matters of Chapter 7 Bankruptcy.
The decision to file for bankruptcy is difficult and the process can be overwhelming. Schedule a free consultation with an experienced Chapter 7 lawyer at Stiberman Law today and learn more about your options. In addition to having an advocate on your side to fight for your best interest, we offer affordable prices and sensible payment plans to help you through this experience so you can achieve financial freedom. Call us today at Call us: (954) 758-4324 or fill out our contact form to get started.
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