How can we help? Usually, the debtors’ goal is to get a bankruptcy discharge and have the case dismissed. The involuntary dismissal is rarely in the debtors’ best interests. The debtor’s chances of successful bankruptcy are better with legal representation than without.
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What is a conversion? A conversion is a change of bankruptcy case from one chapter to another. A bankruptcy case may be converted from one chapter to another either on request of the debtor or on request of a creditor, a trustee,
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Factors to consider There are a lot of factors at play in deciding whether to file Chapter 7 or to attempt to workout debts outside of bankruptcy, such as debtor’s income, assets, and type of liabilities, etc. Very often, however, Chapter 7
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Exemptions are assets that creditors cannot seize to satisfy debtor’s debts. Exemptions are provided by state law and federal law. Under Florida law, a debtor can exempt or protect from creditors certain property. However, if equity in the property exceeds the allowed
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Modification of Secured Debts – “Strip Down“ A Chapter 13 plan may modify the rights of secured creditors. For example, if the property is worth less than the amount of the secured debt (“upside down” or “underwater” loans), the Chapter 13 debtor
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How can we help? If you have secured debts that need attention, either because you are struggling to make monthly payments or behind on payments and risk foreclosure or repossession of the collateral, we can help you evaluate your options with respect
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What is a Chapter 13 Plan? A Chapter 13 plan is a debt reorganization and repayment plan proposed by the debtor and approved by the bankruptcy court. In Chapter 13, creditors do not participate in development of the plan or vote on
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What is a claim? A claim is a right to payment. The right to payment does not need to be reduced to judgment at the time of bankruptcy filing and it does not need to be monetary – it can be equitable.
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What is asset protection? Asset protection is financial planning to legally protect individual and business assets from the reach of potential future creditors, i.e., before a claim or liability arises, not after. Asset protection is not designed to replace liability or professional
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What is Bankruptcy Estate? A bankruptcy estate is all property of the debtor that comes under the bankruptcy trustee’s control during duration of the bankruptcy case. Bankruptcy estate is created when the debtor files a bankruptcy petition, and it is protected by
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