When it comes to Chapter 7 bankruptcy cases, many clients have concerns about losing their property. However, in the vast majority of cases I handle, my clients are able to keep all of their belongings. This is because most of their property can be protected through exemptions under bankruptcy and non-bankruptcy laws. Determining which property can be protected can be complex and requires a thorough understanding of these laws. If you have concerns about losing property as a result of filing for bankruptcy, I encourage you to contact me to discuss your specific situation. I would be happy to provide more information and help alleviate your concerns.

To be eligible to file for Chapter 7 bankruptcy in Florida, you must pass a means test. The means test compares your income to the median income for households of your size in Florida. If your income is below the median income, you are eligible to file for Chapter 7 bankruptcy. If your income is above the median income, you may still be eligible to file for Chapter 7 bankruptcy, but you must pass additional tests to show that you do not have the ability to pay your debts through a Chapter 13 repayment plan. Additionally, you must complete credit counseling and a financial management course before filing for Chapter 7 bankruptcy. It is important to consult with an experienced bankruptcy attorney to determine your eligibility and the best course of action for your individual case.

Filing for bankruptcy can provide a range of benefits for individuals struggling with overwhelming debt. Some of the benefits include: Discharging most or all of your debts, including credit cards, medical bills, signature loans, and judgments, which means you are no longer legally obligated to pay them. Stopping foreclosure on your home and giving you time to catch up on missed payments. Protecting your property from repossession and even getting back property that has already been repossessed. Putting an end to harassment and legal actions from creditors and debt collectors. It's important to note that bankruptcy may not discharge all types of debt such as mortgages and taxes, but it can provide a fresh start for managing your finances and dealing with these debts. It is important to seek the advice of a professional attorney to understand the process and options available to you.

At the William T. Shaffer Law Group, we understand that filing for bankruptcy can be a financial burden, and many people may not have the funds to pay all the fees and court costs upfront. That's why we offer flexible payment plans to help make the process more affordable. Our payment plans allow you to spread the costs over 4-6 months, so you can focus on resolving your financial difficulties without the added stress of a large lump sum payment. Please note that we are not able file your case with the bankruptcy court until all fees and costs have been paid, however, after you make your first payment to us, you will have immediate access to our legal team to provide you with any necessary guidance and to refer any creditors attempting to collect a debt from you to us. Our goal is to make the process as stress-free as possible and to help you regain control of your finances.

It is important to understand that filing for bankruptcy will be reported to the major credit bureaus, Equifax, Experian, and TransUnion and will remain on your credit files for up to 10 years. However, it is important to note that credit scoring is based on a variety of factors, and the fact that you filed for bankruptcy is just one of them. The fact that you have filed for bankruptcy does not necessarily mean that you will not be able to obtain future credit. In fact, many of our clients at the William T. Shaffer Law Group have seen an improvement in their credit scores in the year following their bankruptcy filing. At your initial consultation with us, we can provide you with a comprehensive credit report from all three bureaus, including an estimate of what your credit score will be one year post-bankruptcy. This report, provided by CreditExpert, Inc., will help you understand the potential impact on your credit score and assist you in making an informed decision.

There will be at least one court hearing, called a 341 Meeting of Creditors, that you will need to attend. The 341 Meeting of Creditors is also known as the "first meeting of creditors," and it is an opportunity for the bankruptcy trustee to ask you questions about your assets, liabilities, and financial situation. Creditors are also welcome to attend this meeting and ask questions, but it is rare for them to do so. It's worth mentioning that due to the current situation of the COVID-19 pandemic, the 341 meeting of creditors are now conducted via phone or video conferencing. This meeting is usually held about a month after you file your bankruptcy petition and lasts about 5 minutes. It is important to be honest and accurate in your responses to the trustee's questions. The trustee will review your case and ensure that you are eligible for bankruptcy relief and that your assets and property are properly protected. It is important to consult with an experienced bankruptcy attorney to prepare you for this hearing and understand the process.

No matter which form of bankruptcy is sought, not all debt can be wiped out through a bankruptcy case. Taxes, spousal support, child support, alimony, and government-funded or backed student loans are some types of debt you will not be able to discharge in bankruptcy.