Making the choice to file for bankruptcy can be tough and emotional. If you need advice from an experienced bankruptcy attorney in Fort Lauderdale, who can guide you through difficult financial times, you're in the right place. DebtErasers Bankruptcy Law Firm in Fort Lauderdale assists residents of Broward County with both English- and Spanish-speaking residents who are struggling with their finances.
Feeling overwhelmed by debt can be stressful. If you're having trouble keeping up with your payments, considering bankruptcy might be a helpful option for you. We provide assistance for both types of bankruptcy—Chapter 7 and Chapter 13—without any upfront fees.
Learning About Bankruptcy Processes In Fort Lauderdale
Filing for Chapter 7
For many people, filing for Chapter 7 bankruptcy is an effective and affordable way to manage growing debts. Chapter 7 can help eliminate:
- Credit card debt
- Medical debt
- Unsecured personal loans
- Wage garnishment
- Lawsuit liability
Once you file, most creditors must stop contacting you or trying to collect money. In many cases, the court can clear your debts within three to four months after you file for bankruptcy.
What Debts Can’t Be Discharged By Chapter 7?
- Certain tax obligations
- Specific fines
- Student loans
- Debts arising from fraud, embezzlement, or larceny
Who Is Eligible For Chapter 7?
The majority of residents in Fort Lauderdale are eligible for Chapter 7. However, there are a few specific circumstances that could prevent you from being able to receive a discharge. You likely won’t be eligible for Chapter 7 bankruptcy if:
- You have concealed assets or falsified information in filings to the court
- You have received a Chapter 7 discharge in the past eight years or a Chapter 13 discharge in the past six years
Chapter 7 FAQs
How Long Will My Chapter 7 Bankruptcy Take?
Chapter 7 is among the quickest methods to settle your debts. Typically, cases are finalized within three to four months after filing for bankruptcy, with unsecured debts eliminated completely.
Will I Have To Attend Court For My Bankruptcy Case?
Typically, within about a month of filing for Chapter 7, the court will hold a “meeting of creditors”. In many states, this meeting is held virtually, so you may never be required to set foot in a courtroom.
What Happens To My Properties If I File For Chapter 7?
No, you will not lose all your properties when filing for Chapter 7 bankruptcy. Certain property assets are classified as exempt, meaning they cannot be taken by creditors in this type of bankruptcy. Generally, debtors can retain their unmortgaged exempt properties when filing for Chapter 7.
Filing for Chapter 13 Bankruptcy Process
Chapter 13 bankruptcy is meant for people with steady incomes who want to make their debts easier to manage. When someone files for Chapter 13, they can create a plan to pay off their debts over three to five years, turning large payments into smaller ones. This option provides a way to get back on track financially while working towards paying off what they owe.
Filing for Chapter 13 bankruptcy can assist with:
- Avoiding or reversing car repossession
- Halting foreclosures
- Protecting valuable assets
- Reorganizing tax debt
What’s The Difference Between Chapter 7 and Chapter 13 Bankruptcy?
When considering bankruptcy, it's important to know the differences between Chapter 7 and Chapter 13.
- In Chapter 7 bankruptcy, a person often loses most of their non-protected property while their debts are cleared.
- In contrast, Chapter 13 allows people to keep their unprotected property. However, they must pay off as much of their debts as they can. Once they do this, they won't be responsible for the debts that can be discharged and will be free from those obligations.
- Additionally, Chapter 13 lets more types of debts be cleared than Chapter 7.
What Debts Can’t Be Discharged by Chapter 13?
Certain debts cannot be discharged, including:
- Student loans
- Debts repaid outside of the Chapter 13 plan
- Debts paid in installments whose final payment is due after the completion of all other payments under the plan
- Debts having to do with alimony, support, or maintenance
- The debt owed for criminal fines is included in the debtor's conviction of a crime
- Debts owed as a result of the debtor being unlawfully intoxicated while operating a motor vehicle and causing the death or injury of another.
- New debts incurred during the time of filing for Chapter 13 bankruptcy that were not included in payments under the plan
Chapter 13 FAQs
How Long Will It Take To Finish My Chapter 13 Plan?
Successful completion of your Chapter 13 plan should take approximately three years, but it could end earlier if debts can be paid off before that time. However, if a debtor has a valid reason, they can ask the court to extend the plan for up to five years.
Do I Have To Completely Pay Off My Debts Under A Chapter 13 Plan?
No. Filing Chapter 13 bankruptcy doesn't automatically mean you'll have to pay back 100% of what you owe. Your Chapter 13 plan will require you to make payments on some debts, like taxes and fully secured loans, but these payments will be structured based on what you can afford. After successfully completing your plan, the remaining balances on many of your other debts may be discharged.
Am I Eligible For Chapter 13 Bankruptcy?
You would be considered eligible if you:
- Have unsecured debts that amount to no more than $336,900 or secured debts that amount to no more than $1,010,650
- Have some sort of regular income
- Are not a stock broker or commodity broker
- Reside, own property, or do business in the United States
- Have not filed a bankruptcy case that has been dismissed in the last 180 days
How Else Can DebtErasers Bankruptcy Law Firm In Fort Lauderdale Help You?
Creditor Harassment
The Fair Debt Collection Practices Act (FDCPA) can protect you. Our bankruptcy law firm can help you stop this harassment. Once a debt collector knows you have a lawyer, they must stop contacting you.
Real Estate Closing
Our attorneys in Fort Lauderdale ensure a smooth real estate negotiation process from beginning to end. We provide complete legal support for buyers and sellers throughout the closing of the transaction. Trust DebtErasers to take care of your real estate needs.
Loan Modification Negotiation
If you are feeling overwhelmed, a loan modification might be a solution. This process aims to lower your monthly payments and defer any overdue mortgage amounts to prevent foreclosure. To increase your chances of getting a loan modification, we suggest working with our experienced attorneys at DebtErasers.
Meet Your Fort Lauderdale Attorney
Eugene Feldman
Managing Partner
Eugene is committed to helping individuals in financial distress. He has helped thousands resolve their debt issues. Eugene works with clients from their initial consultation through discharge.
Where Are We Located In Fort Lauderdale?
We are located on Peters Road, in the heart of your local community. You can schedule an appointment or stop by our bankruptcy law firm in Broward County in person from 8:00 a.m. to 6:00 p.m., Monday through Friday.
8201 Peters Rd, Suite 1000
Fort Lauderdale, FL 33324
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Contact us: (305) 614-1250
Whether your debt issues are large or small, we're here to help you through every step of the process. You deserve a better, more manageable financial future!