If you are mired in debt and have given up hope for your financial future, bankruptcy may provide you the fresh start for which you have been searching. There are two common types of bankruptcy. Which one will work the best for you depends on your current debt plus your current financial position.
At Gort Law, I will review your income, assets, and debts and review your goals with you. We will then know whether Chapter 7 or Chapter 13 bankruptcy is appropriate for you.
Chapter 7 is best for you if your primary obligations are for unsecured consumer debt. At the end of the process, qualifying debts will be discharged, meaning it will be as though they never existed. Some debts that will be discharged include:
Almost more importantly, we need to evaluate your debt because the following will NOT be discharged.
If you want to keep your house or car, you will have to arrange to continue paying those bills. If you are behind in your home or car payments, want to keep the home or car, and cannot pay the arrearage at the time you file, Chapter 13 may be the best solution.
Under the means test, if your annual income from all sources is more than the median income for your family size, Chapter 7 may not be available.
Chapter 13 is known as the “wage-earner plan.” since you may reorganize your debts and catch up on arrears if you have enough income to pay the arrears over three to five years.
Contact me at Gort Law for bankruptcy advice. My office is in Jupiter, Florida, and I serve all those in Martin, Palm Beach, and St. Lucie Counties.