NEW SMYRNA BEACH BANKRUPTCY LAWYER

To qualify for bankruptcy, you will need to pass a means test, which compares your income to the state median income. If your income is below the median, you may qualify for Chapter 7 bankruptcy. If your income is above the median, you may still qualify for Chapter 7 bankruptcy, but you must pass a “means test” to confirm eligibility. For Chapter 13 bankruptcy, the court will look at your income, expenses and debts to determine if you qualify. You must have a regular income to be eligible for Chapter 13 bankruptcy.

It depends on the type of bankruptcy you file. In Chapter 7 bankruptcy, certain assets, such as a primary residence and a vehicle, may be exempt from liquidation. In Chapter 13 bankruptcy, you may be required to include the value of your home and car in your repayment plan. If you are considering a bankruptcy, do NOT sell, buy, or transfer assets before consulting with a bankruptcy professional.

The length of the bankruptcy process can vary depending on the type of bankruptcy you file for and the specific circumstances of your case. The Chapter 7 process typically takes about four to six months from filing to discharge. The Chapter 13 process can take up to five years, with the debtor making payments to the court-approved repayment plan during that time.

Filing for bankruptcy can have a negative impact on your credit score. However, it may also provide a fresh start for rebuilding your credit. The bankruptcy will stay on your credit report for up to ten years, but we show our clients how to start rebuilding their credit by paying bills on time, maintaining a low balance on credit cards, and obtaining new credit.

There are limits on how often you can file for bankruptcy. You can typically file for Chapter 7 bankruptcy every eight years and Chapter 13 bankruptcy every two years. However, there are some exceptions to this rule, so it’s best to consult a bankruptcy attorney for guidance.

Student loans are generally not dischargeable in bankruptcy, unless you can prove that repayment of the loans would cause an undue hardship. This can be difficult to prove, and it’s best to consult a bankruptcy attorney for guidance.

Once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from contacting you or taking any collection actions against you. This includes phone calls, letters, and lawsuits. However, there are some exceptions to this rule, such as for child support or alimony payments, taxes, and certain types of student loans. Creditors may also request permission from the court to lift the automatic stay in order to continue collection efforts. It’s always best to consult with a bankruptcy attorney if you are experiencing any issues with creditors after filing for bankruptcy.