Plantation, FL Bankruptcy Lawyer

Overwhelming debt can be an immense source of stress in a person’s life. It may not only be affecting your finances, but your family dynamics, relationship with your spouse, and self-confidence, as well. It isn’t hard to imagine how this could lead to feelings of helplessness; being constantly harassed by creditors and debt collectors doesn’t help. While it is often painted in a negative light, filing for bankruptcy helps hundreds of thousands of Americans find a way out from under their debt and have a fresh start. 

At The Santos Law Offices, P.A., our Plantation bankruptcy lawyer has over a decade of experience in bankruptcy law and can help you understand the difference between Chapter 7 and Chapter 13 bankruptcy, which are the most common for individuals with unsecured debt to file for. We can also analyze your unique situation and provide you with more information about how taking this step could be the best decision for your situation. Call to schedule a free phone consultation and to learn more about how the bankruptcy process works!

Chapter 7 Bankruptcy Process

Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy, as some of your personal property may be sold to pay off a portion of your debt. Only “non-exempt” property will be liquidated, and in Florida, there are many exemptions to protect things such as your home, vehicle, education savings, tax refunds, public benefits, and more. 

In order to file for Chapter 7, you must first pass a means test. This means that the court will analyze your income in relation to both your secured and unsecured debt and determine whether you fall over or under the limit. In most cases, Chapter 7 is able to be initiated and resolved within a matter of months. 

Chapter 13 Bankruptcy Process

Chapter 13 bankruptcy may also be referred to as “reorganization” bankruptcy, and the process works much differently than Chapter 7. Individuals who file for Chapter 13 are typically still earning a wage and have a more disposable income than those filing for Chapter 7. It does not require any assets to be forcibly liquidated. Once the process is started, a judge will order the filer to pay a certain amount each month for the next 3-5 years. Then, their remaining debt will be discharged. 

Benefits Of Going Through The Bankruptcy Process

Filing for bankruptcy can be an extremely difficult decision to make, and it is important to be aware of the repercussions of filing for both Chapter 7 and Chapter 13. However, it is equally important to learn how the process can benefit you, especially if you are in a dire financial situation. Some examples are:

• Unsecured debt such as that from a credit card, medical bills, and personal loans are able to be discharged completely
• An automatic stay is immediately issued after filing, meaning that all harassment by creditors, wage garnishment, foreclosure, eviction, and property collection stops
• Your credit score will be able to grow much faster without the weight of debt holding it down
• Any further legal action against you loses its grounds
• You will be able to have a fresh start when it comes to your finances

Trust Our Plantation Bankruptcy Lawyer To Help You Reverse The Damage Caused By Debt

At The Santos Law Offices, P.A., we understand the challenging circumstances that led you to consider filing for bankruptcy, and we will do everything in our power to begin easing your burden as quickly as possible. We have guided countless South Floridians through the bankruptcy process and to financial freedom, and their satisfied reviews on Google and Avvo support our reputation as a knowledgeable and strategic firm. Call today to schedule your free phone consultation and learn more about our affordable services.