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- What is the Difference
between Chapter 7 and Chapter 13 Bankruptcy?
- Chapter 7 bankruptcy is
a liquidation of assets, which usually results
in a full discharge of all unsecured debts,
except for certain types of debts. Any
assets that you have which are not exempt will
be liquidated by the bankruptcy trustee to pay
creditors. A chapter 13 Bankruptcy results in a
repayment plan, and allows you to keep all of
your assets as long as you can afford to make
payments into the plan.
- I have no assets.
Can I file a Chapter 7 instead of Chapter 13?
- It depends.
Several years ago, the bankruptcy laws changed,
and there is now a “means test” which stops
people with certain income levels from filing
Chapter 7. An attorney can review your
individual situation and expenses to see if you
qualify to file Chapter 7. Otherwise, you
might be eligible to file Chapter 13.
- Can I transfer my
assets into someone else’s name before filing
bankruptcy?
- This is a really bad
idea. Keep in mind that when you sign your
bankruptcy petition, you are doing so under oath
and under penalties of perjury. Whatever
assets you are trying to protect are not worth
going to prison!
- If I file Chapter 13,
can I keep my house? What happens to my
investment properties?
- Again, it depends.
We will meet with you and assess the situation,
and you will need to have a very clear idea of
your income, assets, and what you can afford.
It is unlikely that you will keep your
investment properties, but under many
circumstances, Chapter 13 bankruptcy is a viable
solution which will allow you to keep your
primary residence.
- My creditors are
calling me all day long. What can we do to
stop them?
- Once you have retained
our firm, you can tell them that you have hired
an attorney for bankruptcy. Many creditors
will stop calling you, and will then call our
office for updates. However, some will
continue to call you. When we actually file the
bankruptcy petition, your creditors will be
forced to stop calling you because of an
Automatic Stay which is like a court order.
Your creditors could face serious penalties if
they call you, harass you, or take any action to
collect a debt pending the bankruptcy!
- What is the next step
for me to get help?
A. Call our office at (813) 282-7410. We
have offices throughout Hillsborough and Pinellas
County
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