Qualifying for Bankruptcy
To discover which chapter type you qualify to file under, you’ll need to go through a “means test.” A means test will help to determine whether or not you qualify to file for Chapter 7. Chapter 7 bankruptcy is the chapter type that allows all of your debt to be erased permanently, whereas with other chapter types you’ll need to repay a portion of your debt. This repayment will occur through a convenient payment plan that will not put you back into debt. Variables taken into consideration during this process include income and assets.
If You Don’t Qualify for Chapter 7
Have no worries. This doesn’t mean that there’s no light at the end of the tunnel. It just means you’ll be taking a different tunnel. At RLC, we practice law in the following bankruptcy chapters: 7, 11, 12, 13, and 15.
Regardless of which chapter type you file for, you’ll never face creditor harassment again. As soon as your application is submitted, all credit collection ceases immediately.
This includes foreclosure. What does this mean for homeowners facing foreclosure? Your family home could be saved by filing. The only way you’ll face creditor harassment in the future is if you acquire new debt.
The Process of Filing with a South Florida Bankruptcy Attorney
Your Boca Raton bankruptcy attorney will assist you with the entire process from beginning to end. You’ll receive assistance filling out the application and in obtaining necessary documents needed to file. Before filing, you’ll receive a private, non-judgement consultation. You’ll also have to take a pre-bankruptcy and post-bankruptcy class. These classes are legally mandated and part of the process when filing for bankruptcy. They help to prepare you for the process and for life after bankruptcy. Once your application has been submitted, eventually a meeting with your creditors will take place. This meeting may or may not include you. However, your attorney will attend this meeting. It is up to you whether or not you attend. The attorney can attend on your behalf, taking the stress off of you entirely.
After filing, you’re given a clean slate on life. You can start rebuilding your credit within the first 6 months or you can wait longer if you’re simply not ready yet. Your credit will suffer an initial blow but this too shall pass. In time, you should see a significant difference in the state of your credit. Many individuals who file for bankruptcy tend to see a difference in credit repair within just 12-36 months. Each individual case will vary. The more pro-active you are in credit repair, the quicker you should begin to see results, if this is important to you. To learn more about filing, contact RLC today to schedule a consultation at our Boca Raton bankruptcy office.
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If you are in need of legal counsel, don’t wait. FL Bankruptcy Law is ready to assist you immediately with an initial consultation. All meetings are entirely confidential and will help you to determine whether you require further counsel.
7999 North Federal Hwy Suite 100 Boca Raton, FL 33487