My car is underwater, can I still save it in a chapter 7?
Yes, you can often keep an “underwater” car in Chapter 7 bankruptcy, depending on a few factors. If you still want the car, the bankruptcy code gives you several options—but each comes with pros and cons. đźš— What Does It Mean That the Car Is “Underwater”? Your car is “underwater” (aka upside-down) if: You owe […]
What documents are required to start the Chapter 13 bankruptcy filing process in South Florida?
To begin a Chapter 13 bankruptcy case in the Southern District of Florida, you must submit a comprehensive set of documents to the bankruptcy court. These documents allow the court and your Chapter 13 trustee to understand your financial situation, evaluate your eligibility, and review the feasibility of your proposed repayment plan. Failure to file […]
How long must I have lived in Florida to use the state’s bankruptcy exemptions?
To use Florida’s bankruptcy exemptions—which include some of the most debtor-friendly protections in the country—you must have lived in Florida continuously for at least 730 days (2 full years) immediately before filing your bankruptcy petition. This rule is established under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and is designed to […]
Do I need to be a Florida resident to file for Chapter 13 in South Florida?
You do not need to possess Florida residency, but to file in the Southern District of Florida, you must meet specific residency and exemption rules: 🗓️ 1. District Filing Requirement (91-Day Rule) You can file your Chapter 13 case in the district where you have lived for the majority of the last 180 days. Alternatively, […]
Eligibility for Self-Employed Individuals and Sole Proprietors for Chapter 13 filers
Yes, if you’re self-employed or own a small business in Florida, you may be eligible to file for Chapter 13 bankruptcy, provided certain conditions are met. Here’s an overview tailored to your situation: âś… Eligibility for Self-Employed Individuals and Sole Proprietors Chapter 13 bankruptcy is designed for individuals, including those who are self-employed or operate […]
Purpose of the Chapter 13 Means Test
The Chapter 13 bankruptcy “means test” in Florida serves a different purpose compared to the Chapter 7 means test. While Chapter 7’s means test determines eligibility based on income, Chapter 13’s assessment focuses on evaluating your financial capacity to repay debts through a structured plan. âś… Purpose of the Chapter 13 Means Test In Chapter […]
Key Differences Between Chapter 7 and Chapter 13 Bankruptcy
Key Differences Between Chapter 7 and Chapter 13 Bankruptcy Feature Chapter 7 (Liquidation) Chapter 13 (Reorganization) Purpose Discharges most unsecured debts after liquidating non-exempt assets. Allows individuals to reorganize debts and repay them over time while retaining assets. Eligibility Must pass a means test; income must be below a certain threshold. Must have a regular […]
Am I eligible to file for Chapter 13 in South Florida?
es, you may be eligible to file for Chapter 13 bankruptcy in Florida, provided you meet specific criteria established by federal and state laws. Here’s an overview of the key eligibility requirements: âś… 1. Individual Status Only individuals (including sole proprietors) are eligible to file for Chapter 13 bankruptcy. Businesses, such as corporations or partnerships, […]
Do I need a lawyer to file a Bankruptcy in South Florida
Yes, in South Florida—including Miami, Fort Lauderdale, and West Palm Beach—you can file a bankruptcy case by yourself, without a lawyer. This is called filing “pro se.” The U.S. Bankruptcy Court for the Southern District of Florida allows individuals to file without legal representation. However, just because you can doesn’t mean you should. Bankruptcy is […]
What Happens to My Credit If I File Chapter 7 Bankruptcy?
Filing for Chapter 7 bankruptcy can offer a clean financial slate, but it also comes with significant consequences—especially for your credit report and credit score. While the bankruptcy itself is a public record and will affect your credit in the short term, many filers are surprised to learn that they can start rebuilding credit fairly […]