FAQ

Chapter 7 is a legal process that enables both individuals and businesses to discharge most unsecured debts by liquidating non-exempt assets. The earnings are put to use to pay back creditors, and any remaining eligible debts are discharged, giving the filer a new lease on life. Eligibility and applicable exemptions may vary based on the state you are filing in.

An automatic stay is a court order that comes into effect as soon as you file for bankruptcy. It provides immediate relief by halting all collection actions by creditors. This means that foreclosures, repossessions, wage garnishments, and lawsuits against you must stop. This gives you breathing room to reorganize your finances and work on discharging your debts without the constant pressure from creditors.

Filing for bankruptcy can lead to the discharge of many unsecured debts, such as credit card debt, medical bills, and unpaid utility bills. However, not all debts can be eliminated through bankruptcy. Our attorneys at The Law Offices of David C. Meltzer, PLLC can provide guidance on which debts you may be able to discharge and help you understand the relief you can expect from the bankruptcy process.

Chapter 7 bankruptcy is designed for individuals with limited disposable income who cannot pay off their unsecured debts. It involves liquidating non-exempt assets to pay creditors and discharging remaining eligible debts. Eligibility is determined by the means test, which assesses your income and expenses. Our attorneys can help you understand if you qualify for Chapter 7 and assist in protecting your exempt assets, such as home equity and retirement accounts, during the process.

The key difference between Chapter 7 and Chapter 13 bankruptcy lies in the handling of assets and repayment of debts. Chapter 7 is suitable for those with little disposable income and involves liquidating non-exempt assets to pay creditors. Chapter 13, on the other hand, is for individuals with regular income who can repay a portion of their debts through a structured repayment plan over three to five years. Our attorney can help you decide which type of bankruptcy is more appropriate for your situation.

If you receive a foreclosure notice, it is crucial to act quickly. Review the notice carefully to understand the timeline and your options. Consider reaching out to a qualified attorney who specializes in foreclosure defense to discuss your situation and explore possible solutions.

In Florida, the foreclosure process can take anywhere from a few months to over a year, depending on various factors such as court schedules, the complexity of the case, and whether the homeowner contests the foreclosure. It's important to be proactive during this time.