What is the process of filing a bankruptcy?

The process starts by contacting our firm. Our staff will discuss your situation with you as well as all options available to you and your goals. We have a bankruptcy package we will give you for you to fill out. The bankruptcy package consists of our questionnaire, a list of required documents, and other information we will need from you in order to file your bankruptcy. Once we receive this package completed we will input your information into our computer system and generate what is known as a petition for bankruptcy and all other required documents. Once the petition is generated we will meet with you to finalize the petition and other documents and will then file your case. At this point you will receive a case number.

What “chapter” of bankruptcy do you handle?

We handle personal cases primarily that are chapter 7 liquidation filings and also chapter 13 reorganization filings.

What does filing bankruptcy cost?

Our costs for filing a bankruptcy are incredibly competitive in comparison to the majority of law firms in the state. Not all cases are the same nor require the same filings or costs, so in order to quote you a cost for your filing it is necessary to know some information about your situation and goals. We can give you a quote over the phone with the answers to a few simple questions we must ask. For a quick quote call (813) 251-2921.

Is it possible to keep my home during and after a bankruptcy?

Yes, in most cases you will be able to keep your home if it is your primary residence whether you are current on your payments or in foreclosure. Any additional homes may be liquidated to satisfy debt.

Can bankruptcy help with a foreclosure?

Yes, filing a bankruptcy during a pending foreclosure will stop a foreclosure sale. Additionally, any outstanding judgment amounts owed to the lender will be included in a chapter 13 plan in order to repay some or all of that debt.

Will I be able to be approved for a mortgage after filing a bankruptcy?

Yes, many lenders will approve you for a mortgage loan after filing a bankruptcy in as quickly as 1 to 2 years. In many cases, your chances of obtaining a mortgage may be better even after filing bankruptcy than they were prior to.

How long does the whole process take?

Typically a chapter 7 filing takes between 3 to 6 months and a chapter 13 filing takes between 36 to 60 months including the time you will make payments according to your plan.

Can one spouse file bankruptcy alone?

Yes, one or both spouses may file bankruptcy either alone or together. However, if one spouse files and the other does not, any joint debt may still be collected by the non-filing spouse.

Can my wages be garnished?

Once you file your wages may not be garnished to satisfy any outstanding debts included in the bankruptcy.

When would be the best time for me to file bankruptcy?

While there is no specific best time to file bankruptcy, we suggest to our clients that they contact us when they begin to get into the situation where they will not be able to make payments owed or otherwise resolve their debts. Many of our clients wish to file once a foreclosure has been commenced against their home. Filing a bankruptcy prior to a foreclosure sale will stop the sale allowing the homeowner to remain in possession of their home.

How long must I have lived in Florida to file Bankruptcy here?

If you have lived in Florida less than four years, you must have lived in Florida the better part of the 180 days before the filing date.

What is the court process when I file bankruptcy?

After 30 to 45 days after filing a 341 creditors meeting will take place. At this meeting you will go over the petition for bankruptcy with the trustee. In a chapter 7, 30 – 60 days after the 341 a discharge will be granted, if there are assets owned this time period may take a little longer in order to asses, value, and auction the property. In a chapter 13 after the 341 a confirmation will take place 30 to 60 days later. At the confirmation hearing the trustee, judge, creditors and our office all meet and agree on a final plan payment amount, if this amount is agreed to by everyone the plan will be confirmed. Upon confirmation you will begin to make payments according to the plan and upon completion be granted a discharge.

Can I discharge federal taxes I owe?

Yes, if the taxes owed are older than 3 years old you may discharge those debts.

Can I discharge my student loans?

Most student loans are not dischargeable.

Am I allowed to keep any of my belongings when I file bankruptcy?

Yes, there are certain property exemptions which allow you to keep certain assets and personal property. You can keep all of your belongings in some situations.

Is there life after I file bankruptcy?

Yes, and sometimes a better life than before. Often your stress level will be lowered and you will be back on your way to recovering your financial situation.