Pros and Cons of Filing Chapter 7 Bankruptcy

What Are The Advantages of Filing Bankruptcy in Ft Lauderdale?

So what are you trading off in order to get Ft. Lauderdale debt relief through a Chapter 7 bankruptcy? In a nutshell, you are trading your non-protected assets for a complete discharge of your credit card and medical debt. As I ask clients all the time: If your creditors came to you today and told you they would forgive ALL of your debt for your second car, would you take that deal? I have never had anyone say no. If you do say “no,” then we can file a Plantation or Coral Springs Chapter 13 bankruptcy and you get to keep it! Below is a partial list of the pros and cons to filing a Plantation or Coral Springs Chapter 7 bankruptcy.

Will I lose Property and Assets in a Ft Lauderdale Chapter 7 Bankruptcy?

The Pro: Florida law gives you exemptions that you can protect certain assets with. When a Chapter 7 bankruptcy is filed in Broward County, we place a value on all of your personal property and we exempt (protect) what we can under the law.

The Con: The Chapter 7 trustee appointed to your case will take possession of your personal property or assets that are not exempt for the benefit of the creditors. The assets will then be auctioned and the proceeds distributed among your creditors pro-rata.

Your Credit Score Will Drop by 100-150 Points Average

The Pro: When you file your Plantation and Fort Lauderdale Chapter 7 bankruptcy with us, we enroll you in a credit rebuilder program that will show you how to best rebuild your credit in the shortest amount of time. FHA will finance a new mortgage for you two years after your debts are discharged at their low rates.

The Con: You thought your credit score was bad? It will get worse. Your credit report will also show that you filed a Plantation Chapter 7 bankruptcy for 10 years. This will affect you when you apply for a loan or mortgage in the future. When you initially start getting credit, the interest rate will be higher on personal credit.

Some Debt Obligations Will Not Go Away

The Con: A bankruptcy discharge will not eliminate the following debts: most domestic obligations such as child support and alimony; student loans (yes, it says that you “might” be able to but in this district – it’s not happening…sorry).

Immediate Debt Relief From Debt Collection Activities

A Big Pro: This is the biggest “pro” for those that are under wage garnishment or scared of the repo-man grabbing their car. Upon filing a Plantation or Hollywood Chapter 7 bankruptcy, an automatic stay goes into effect immediately that stops all creditor collection attempts immediately. This includes all credit collector harassment activities such as harassing phone calls, wage garnishment, repossession of your car, mortgage foreclosure and lawsuits just to name a few.

Chapter 7 Bankruptcy in Pembroke Pines Lasts Only 4 to 6 Months

The Pro: A Miramar or Pembroke Pines Chapter 7 bankruptcy will take approximately four to six months from start to finish. Once you receive your bankruptcy discharge, then all your debts are eliminated and you can start rebuilding your life and your credit.

Florida State Exemptions Protect Some of Your Property and Assets

The Pro: A common misconception is that in a Tamarac Chapter 7 bankruptcy, you will lose all your assets. The truth is that the vast majority of people in Ft. Lauderdale and Plantation will not lose any property whatsoever because of the Florida exemptions that protect it. The Trustee can only liquidate the assets that you cannot protect on the day your file. If you want debt relief but don’t want to lose any of your assets, you can file a Chapter 13 bankruptcy and you will not lose anything. The creditors, however, are still entitled to the value of the asset and you will have to pay that to them over the life of your Chapter 13 payment plan. This Chapter 13 option makes keeping everything that you own an affordable option while still getting debt relief. Our experience bankruptcy lawyer in Ft. Lauderdale can explain how it works! We like to call Chapter 13: “A Chapter 7 with a plan!”

The Con: You may have to turn over to the Chapter 7 Trustee assets that you cannot find exemption protection for in a Chapter 7 bankruptcy. The Chapter 7 Trustee may give you an opportunity to buy the asset back from them but they usually want a lump sum payment for the asset. Most people filing Chapter 7 don’t have the money to buy the asset back so they end up losing it or filing a Chapter 13 bankruptcy and keeping it.

Looking For A Bankruptcy Attorney Near You?

The Bankruptcy Law Firm of Orfelia Mayor is a debt relief agency in Broward County that loves what they do! We help people file for bankruptcy under the bankruptcy code. Make our day by letting us help you stop wage garnishment, stop foreclosure sales, stop car repos and just get you back into loving life! Your creditors have lawyers on their side – shouldn’t you have a lawyer too?

Contact us today for a no-charge, no-obligation bankruptcy consultation throughout Broward and Palm Beach County. We happily service clients in: Broward County including Oakland Park, Cooper City, Coral Springs, Miramar, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Hallandale Beach, Hollywood, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Weston, North Lauderdale, Coconut Creek, Parkland, Pembroke Pines, Plantation, Pompano Beach, Sunrise, Tamarac, West Park, Weston. In Palm Beach, we serve clients in Boca Raton, Lake Worth, West Palm Beach, Lantana, Boynton Beach, and all cities in Palm Beach County.

Ask About Our Affordable Payment Plans and Zero-Money-Down Chapter 7 Bankruptcy.

Just a quick note about the main thing on everyone’s minds when they are thinking about bankruptcy. You’re looking for a cheap bankruptcy attorney near you but you should be looking for an experienced and affordable bankruptcy attorney near you instead. We make bankruptcy affordable in Broward County.


When Your Debt Relief Can't Wait - We Can Wait For Our Attorney Fees!



While the majority of our clients prefer to make regular payments towards a bankruptcy before they file so they can get discounted attorney fees, some clients need to file right away to stop a wage garnishment, car repo or foreclosure sale. Those clients prefer to take advantage of our $0-down-payment bankruptcy option.

We can tell you more about it during your free bankruptcy consultation but to sum it up briefly, it works like this: Once you sign a retainer agreement, you only pay the costs of filing your case (approximately $500) and all of your attorney fees are paid after we file your case. This option does not get a discount on attorney fees but it does allow you to file an emergency bankruptcy petition so we can stop whatever debt collector that is threatening to take your property or garnish your paycheck. Of course, you can also take advantage of our zero-down-bankruptcy option if you do not have a bankruptcy emergency. It’s up to you. I do promise that we have a payment option that fits your budget and your situation. Make an appointment at our Cooper City bankruptcy office today! No matter where you live in Broward County, we are a bankruptcy attorney near you!
Client Reviews
★★★★★
"Orfelia Mayor is that rare combination of integrity and compassion in an attorney. I think she does as much counseling as she gives legal advice. I turned to her during a very difficult time in my life. I could never have imagined that I would ever have to file for bankruptcy. She listened to all of my concerns and fears and put me at ease during our consultations. She is very knowledgable and extremely professional..." Olga
★★★★★
"Ms. Mayor clarified our concerns and we had no qualms about bringing our case to her. She is knowledgeable, professional, diligent and caring. She treats her clients with special care. I cannot say enough about this firm. She is our secret weapon...always there to battle on our behalf." Dorcas
★★★★★
“...She explained everything to me with a lot of patience and listened to what I was worried about. Everything went exactly as she said it would and I am not worry free, debt free and already have credit cards again. I got rid of about $50,000 in debt for a SMALL fraction of that amount, THANK YOU!” Magaly
★★★★★
“Attorney Orfelia Maria Mayor is one of the most excellent Bankruptcy attorney's here is Florida and works above and beyond these criteria’s. Throughout the process, she explained all the necessary steps and documents required and answer all “crucial personal ” questions advising on how to proceed to the best of my interest...“ Melinda
★★★★★
“I went to the office of Orfelia, looking for some advise, in return she took my case right in, and help me right away. i would definitely recommend her service to anyone who's facing debts and wants to file bankruptcy.“ Tatiana Hernandez