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Chapter 7 Bankruptcy

Chapter 7 (“Fresh Start” or “Liquidation”) bankruptcy proceedings are what most people think of when they think of filing for bankruptcy.  In a Chapter 7 case, non-exempt property is given up in exchange for complete relief from their debts.  Florida has fairly generous exemptions.  If the debtor claims a homestead exemption on their home, they are entitled to keep $1,000 worth of equity in a vehicle and $1,000 in personal property.  If the debtor does not own a home, the personal property exemption is increased to $4,000.  Bankruptcy under Chapter 7 may be ideal for the debtor whose debt is primarily credit card or medical debt, or for those seeking to “walk away” from their home and not get stuck owing the deficiency amount. 

You may have heard that you cannot file for a Chapter 7 Bankruptcy anymore, but nothing could be further from the truth.  Although it is more difficult to file under Chapter 7, it is still available to debtors with little or no assets.  Since the laws changed in 2005 with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Attorney Jacobs will need to compare your income to the median income of your family size for Florida, and if you are over the median income, a more complicated financial analysis, called the Means Test, will need to be done to determine whether you can file chapter 7 or will be forced to file chapter 13.  Income is usually presumed to be the average of your monthly income for the last 6 months, even if you are making less when you file the bankruptcy case.  The debtor is not eligible for a discharge in a Chapter 7 if they received a discharge in a prior Chapter 7 or Chapter 11 case within the prior 8 years; or if they received a discharge in a prior Chapter 12 or Chapter 13 case in the prior 6 years.  Call Bankruptcy Attorney Christopher J. Jacobs now for more information.

Chapter 13 Bankruptcy

Chapter 13 (“Rehabilitation” or “Reorganization”) bankruptcy proceedings provide debtors with an alternative to liquidating their assets.  Under a Chapter 13 Bankruptcy, debtors use their future income to pay for their non-exempt property, usually over a period of three to five years.  The payment is paid to a Trustee who distributes it to creditors according to the terms of a plan approved by the Federal Bankruptcy Judge.  Once the debtor has completed the terms of that plan, they receive a discharge.  Filing under Chapter 13 may be ideal for those debtors who have regular and stable income and wish to retain their home or protect other assets.  If you have received notice that the bank wishes to foreclose on your home, it is wise to consult a Bankruptcy attorney like Christopher J. Jacobs as soon as possible. Call now for more information!

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