Should I File Bankruptcy?

June 19, 2015

Well, that answer depends on several things.

In our “instant gratification” society many people find themselves deep in debt quickly.  Once over their head in bills some decide to consider bankruptcy protection to solve the problem.  The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13.  Chapter 11 is reserved for corporations which will not be discussed in this article.

You can think of Chapter 7 as starting with a “clean slate”.  Well, mostly a clean slate.  Chapter 7 will not clear some debts owed which include, but may not be limited to: those owed for criminal restitution, child/spousal support, co-signed debts, assets or money obtained through fraud, federal student loans and some tax obligations.

Chapter 13 is for those people who wish to repay their debt.  The client will pay a portion of their debt over time [usually a 5 year period, but can be as short as 3 years].  Once the debt is paid timely according to the agreement of the bankruptcy trustee, the remaining debt [if any] is wiped clean.

Here is some information to help decide if bankruptcy is an option to be considered:

  1. Even though you may not have money to pay your bills, you still have to pay your attorney. Most attorneys charge a flat fee for bankruptcy and will work out a reasonable payment plan with bankruptcy clients.
  2. Review the debt you have. If the bulk of it are debts that are not covered, then bankruptcy may not be a good option.
  3. If your financial situation is temporary, a lay-off or other problem causing you to not be able to pay your bills, bankruptcy may not be the solution.
  4. If your home is being foreclosed on in addition to other debts, you may want to consider bankruptcy.

The best thing to do is get a consultation from a bankruptcy attorney for your specific situation.  Feel free to contact us for a free consultation.

The Law Office of Robert Eckard & Associates (LORE) has not been retained for this or any other matter by you until such time as a duly executed retainer is signed by you and an authorized agent of LORE and any retainer deposit paid and returned to us.  Nothing contained herein is intended to create an attorney client relationship or be considered legal advice, as such, no conflict of interest shall be presumed in the event LORE is later retained by an adverse party.  See Rule 4-1.18 et. al., 2006 Florida Supreme Court.

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