A Chapter 7 discharges or wipes out many (most) debts and allows you to keep property which Florida has declared as exempt. The exemptions are generous, and couples and people with an average amount of assets will maintain much, if not everything, which is owned.
Bankruptcy through a Chapter 7 will stop garnishments, lawsuits, and harassment, both immediately and permanently. It will temporarily stop repossessions and foreclosures. A Chapter 7 filing will resolve credit card debt, medical bills, and old taxes.
A Chapter 7 is not a choice for you if you are behind on your mortgage and are trying to keep your home. In that case, you should consult us concerning a Chapter 13 filing.
There are income-based limits on who may file Chapter 7, as it is compared to your expenses (means test). The means test is complex and, therfore, it is important to speak with us so we can properly advise you of whether you qualify to file a Chapter 7. Do not rely on the Internet to figure it out yourself.
Answers for Business Owners Looking to Reorganize and Keep their Business
On February 19, 2020, the Small Business Reorganization Act (SBRA) went into effect. The SBRA provides an efficient, affordable, and effective pathway for businesses and business owners to reorganize their personal and business finances that were not otherwise available within a traditional expensive Chapter 11 case. Some of the many benefits of the SBRA that are not otherwise available under a traditional Chapter 11 case are listed below:
Within the CARES act, Congress recognized that many businesses and their owners are going to need to reorganize so they expanded eligibility by increasing the debt limit from $2,725,625.00 to $7,500,000.00. The firm recognizes the extreme hardship that COVID-19 has caused our community and as a result we are offering free consultation and planning advice to any affected company or person. For businesses and persons, early planning has a tremendous effect on creating successful outcomes.