What are Your Bankruptcy Options?
At Bankruptcy Bodyguard we focus on representing clients in bankruptcy from Fort Myers, Cape Coral and the surrounding southwest Florida area. We help people file Chapter 7 and Chapter 13 bankruptcy cases.
Chapter 7 bankruptcy is sometimes referred to as a straight bankruptcy. The official title is “Liquidation”, but very rarely does an asset liquidation occur. The general process involves listing all assets in the schedules and assigning values to those assets. The trustee assigned to the case can independently have assets appraised.
Once the trustee reaches an opinion of the value of assets or agrees with the debtor’s values the total value of assets is compared to the types and amount of the debtor’s exemptions. By using exemptions a debtor can protect assets. If a debtor does not have enough exemption amounts available and exceeds his or her exemptions the debtor must decide whether to voluntarily pay the trustee the amount in excess of exemptions or to surrender assets to be sold.
Chapter 13 bankruptcy always involves the debtor proposing a plan of repayment of some amount of debt. Chapter 13 plans normally span three to five years. Very rarely is a debtor repaying all of his or her debt. Often a debtor only pays a small percentage of the debt.
Although there are many reasons a person may file a Chapter 13 bankruptcy, one of the benefits is the ability to “cure” past due amounts on home or car loans. So, Chapter 13 allows a debtor to keep a home or car while catching up defaulted payments.
Which Chapter is Best for You?
Even an experienced bankruptcy attorney cannot advise you which is the best chapter to file under in your circumstances without sitting down and gathering information. At Bankruptcy Bodyguard we always offer prospective clients a FREE and CONFIDENTIAL initial consultation. We will sit down with you absolutely free and discuss all of your options. For more information, call Robert E. Tardif Jr., P.A., at (239) 362-2755.