The essence of a Fort Lauderdale Chapter 7 bankruptcy can be summed up easily: You must surrender any property that you cannot exempt (protect) under Florida bankruptcy law in exchange for the elimination of your debts. If you can keep most of the things you care about, Chapter 7 bankruptcy can be a very good choice for getting rid of credit card debt and starting over again. But if Chapter 7 bankruptcy would force you to part with treasured property, you may want to look for another solution such as Chapter 13 bankruptcy
where you can keep all of your property. In Florida, bankruptcy cases use the Florida state exemptions in bankruptcy cases.
Property that is not exempt can be taken from you and sold by the bankruptcy trustee to pay your unsecured creditors. The Broward County Chapter 7 bankruptcy trustee will usually allow you to pay them what the property is worth in order to keep the property. The problem that usually arises is that most people filing for bankruptcy don’t have the resources to buy out the trustee in one lump sum and most bankruptcy trustees in South Florida do not accept payment plans. If your nonexempt property isn’t worth enough to make selling it worthwhile, the trustee might decide to let you keep it. For instance, few trustees bother to take well-used furniture or older electronic gadgets and older appliances. Even if your property is more valuable, the trustee might be willing to let you pay to keep it so the bankruptcy trustee can avoid the trouble and cost of putting it up for sale. For example, if you have a flat-screen television that’s worth about $500, and only $100 of it is exempt, the trustee may let you keep it if you can pay $400. Even though the trustee could take the TV and sell it, that would take time and cost money. While this might seem like buying back property you already own, the trustee is entitled to that property once you file for Chapter 7 bankruptcy.
The key to maximizing a Miramar or Davie Chapter 7 bankruptcy
is to use Florida state exemptions to protect as much of your assets as you can while getting rid of as many debts as possible. To maximize the use of your exemptions, you’ll want to use the available Florida exemptions in the way that lets you keep more of your property. An experienced Ft Lauderdale bankruptcy attorney can help you navigate the Florida exemptions and help you maximize their use.
Experienced Fort Lauderdale Bankruptcy Lawyer 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