When you are filing for bankruptcy in Florida, you should be aware that the filing procedure falls under federal law and not Florida state law. It means you need to unwind the contracts between you and your creditors to make new beginnings.
The purpose of bankruptcy is to allow a debtor to work out his finances without an overwhelming burden. But how will a debtor improve his finances if he loses all his property when he files for bankruptcy?
COVID-19 put many people in a position they have never been in before—saddled with debt that they can no longer afford to pay off. This has led to numerous individuals filing for Chapter 7 bankruptcy. Bankruptcy gives people an opportunity to erase most of their debt, while holding on to their tax credits, child credits and stimulus checks. This option also allows the person filing for Chapter 7 to keep retirement accounts untouched for the most part. In a situation where an individual files for Chapter 7, a trustee gathers all of the nonexempt assets a debtor owns and sells them off to pay off the debt. This is supposed to give the individual a blank slate. This article will take a deep dive into what happens when the individual filing and his or her assigned trustee has a meeting of creditors, also known as a 341 hearing, when attempting to file for chapter 7 bankruptcy.
If your bills are piling high, to the point where making any kind of down or minimum payment seems like it’s going to be a struggle, bankruptcy might be your best option. It is important to know that filing for bankruptcy in Florida is going to cost you more than just about every other state, so there is really no cheap bankruptcy filing. While the filing costs are fixed by the state, the fees charged by attorneys typically runs between $999 and $1499, but can go as high as $5000. The range in price varies on specifics such as: 1. How the attorney bills for his or her time 2. whether you are filing for Chapter 7 bankruptcy filing, chapter 11 bankruptcy filing or Chapter 13, 3. How long the bankruptcy process takes, 4. Whether there are any challenges being filed by trustees and/ or creditors, 5. Whether there are any related legal costs to your case, and 6. Whether there are any adversary proceeding attorney fees.
Let’s be honest: The first thing to know about getting a credit card with low interest and high limits credit card after filing for bankruptcy is that it will not be easy. Credit cards for people with bankruptcies and credit cards that accept bankruptcies are not easy to come by with good terms after Chapter 7 or Chapter 13. However, there is no need to lose hope, there are a few options secured card options of post bankruptcy credit cards and ways to even get an unsecured credit card again.
In How to Start a Business in One Day – Part One, we covered ways to come up with a business idea and issues revolving around creating a business name. Those parts, while difficult, are exciting and even fun, but there is a lot more to starting and operating a business in one day than, well, fun.
Most people do not amass debt with the intention of never paying it off. In general, people are forced to file for bankruptcy because of changing circumstances outside of their control. However, when some people are already considering bankruptcy, they entertain the idea of racking up debt and getting it discharged through bankruptcy. If that was your plan, think again!
Modern-day bankruptcy and restructuring laws for companies are a lot different than earlier before. The essential task of bankruptcy lawyers today is to avoid bankruptcy. This is where business debt restructuring comes into place. Debt restructuring is a way to sort out a company’s payments in such a way wherein debts can be eliminated without causing any harm to either of the parties. This is why debtors often settle for a number of measures instead of choosing to pursue their debts entirely.
Filing for bankruptcy has become quite a common occurrence but not many know what it entails. Over the last few months, many businesses and businessmen have suffered losses that they could not cope with. This had led many to consider filing for bankruptcy as a feasible option.
Finding yourself amid a financial crisis can be a daunting feeling. Although there are several ways to crawl out of debt and crisis, sometimes serious measures need to be taken for bouncing back from a financial mess. In such cases, hiring an attorney for bankruptcy can be your go-to solution. Accessing professional help can work out well in your favor. With the right help at hand, there’s a chance you might end up saving your assets while also figuring out a way to get out of debt.