Bankruptcy

At the Law Offices of Daniel R. Brinley, P.A., many of our clients come to us because they are facing mounting debts and unpaid bills.  Florida law offers several remedies to help resolve the situation, and for many clients declaring bankruptcy is the best option.

Types of Bankruptcy

In general, two types of bankruptcy are available, depending on your particular financial situation:

• Chapter 7 Bankruptcy
• For individuals facing extreme debts, especially unsecured debt such as credit cards and medical bills, Chapter 7 bankruptcies are typically most appropriate.  Chapter 7 bankruptcies are the most common among individual debtors.  Under Chapter 7, a person must sell his or her nonexempt assets and use the proceeds to repay the debts.  Any debts not covered by the sale are generally discharged with some exceptions, including tax debts, student loans, child support, and spousal maintenance.
• Chapter 13 Bankruptcy
• Individuals who do have a steady income but still need assistance repaying their debts are better-suited for Chapter 13 bankruptcies, which can prevent foreclosures.  In a Chapter 13 bankruptcy, the debtor adopts a repayment plan to repay the loan over a three to five year period and the creditor must accept payment under this plan.  

Bankruptcy Process

Once we determine that you qualify for Chapter 7 or Chapter 13 bankruptcy, we will gather the necessary paperwork on your behalf and file it with the bankruptcy court.  The moment you declare bankruptcy, an automatic stay takes effect.  This means that creditors must immediately stop attempting to collect on the debts you owe and cannot file foreclosure or other legal proceedings against you.  It also means your car cannot be repossessed. 

A trustee will then be appointed to review the paperwork you filed and see that the debts are repaid as much as possible.  The trustee will also call a meeting of your creditors, which they may or may not attend.  At this meeting, they can challenge a Chapter 13 repayment plan or present evidence if they believe you are acting in bad faith. 

If you filed under Chapter 7, your nonexempt property will be sold, the creditors will be repaid, and the rest of your unsecured debts will be discharged.  Creditors have 60 days in which to challenge the discharge.  If you have filed under Chapter 13, you will then work out a repayment plan.  A bankruptcy declaration will remain on your credit report for seven to ten years.

Seek Experienced Legal Representation

We understand the lasting consequences declaring bankruptcy can have, and provide personalized representation to guide you through this difficult process.  We provide the support and guidance you need to help you put your financial problems in the past.  To schedule a consultation to discuss your case, contact the Law Offices of Daniel R. Brinley, P.A. today.