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 […]
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 […]
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 […]
Will Bankruptcy Eliminate All of My Debts?
One of the most common misconceptions about bankruptcy—especially Chapter 7—is that it erases every type of debt. While it’s true that bankruptcy can wipe out many financial obligations, not all debts are dischargeable. Understanding which debts are eliminated and which ones survive is critical before deciding to file. âś… Debts That Are Typically Discharged in […]
What Debts Are Not Dischargeable in Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a powerful legal tool that can eliminate many forms of debt and offer a fresh financial start. However, not all debts are eligible for discharge. Some are excluded by law, while others require a creditor to object in order to be excluded. Understanding which debts survive a Chapter 7 bankruptcy is […]
The Pros and Cons of Filing Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy can be a powerful financial reset for individuals drowning in debt. It offers the possibility of a clean slate, but it comes with significant legal and personal consequences. Understanding the advantages and disadvantages of Chapter 7 is essential for making an informed decision about whether it’s the right solution for […]
How Long Does the Chapter 7 Bankruptcy Process Take?
Filing for Chapter 7 bankruptcy is often seen as a way to quickly eliminate overwhelming debt and get a fresh financial start. One of the most common questions people have is: “How long will the process take from start to finish?” While every case is slightly different, most straightforward Chapter 7 cases are resolved in […]
What assets do you lose in Chapter 7?
In Chapter 7 bankruptcy, you may lose non-exempt assets—property that isn’t protected by federal or state bankruptcy exemptions. These assets can be liquidated (sold off) by the trustee to repay your creditors. However, many people keep everything they own because their property is protected by exemptions. Whether you lose anything depends on what you own, […]
How far back does a trustee look at bank statements?
In a Chapter 7 or Chapter 13 bankruptcy, the trustee typically looks at your bank statements going back 2 to 6 months—but they can go back further if something seems suspicious. Here’s a breakdown of what to expect: ( In FLORIDA ITS TYPICALLY SIX MONTHS, check with your local attorneys. ) 🔍 Typical Look-Back Period: […]