1. WHAT’S THE DIFFERENCE BETWEEN CHAPTER 7 AND 13?

Both Chapter 7 & Chapter 13 bankruptcy can eliminate debt. Debts may include credit card debt, bank loans, medical bills, most court judgments, and deficiencies on repossessed vehicles. The main difference between the two, is the following:

Chapter 7 is for individuals who have financial difficulty preventing them from paying their debts and who are willing to allow their nonexempt property to be used to pay their creditors. The primary purpose of filing under chapter 7 is to have your debts discharged. The bankruptcy discharge relieves you after bankruptcy from having to pay many of your pre-bankruptcy debts. Exceptions exist for particular debts, and liens on property may still be enforced after discharge. For example, a creditor may have the right to foreclose a home mortgage or repossess an automobile.

Chapter 13 is for individuals who have regular income and would like to pay all or part of their debts in installments over a period of time and to discharge some debts that are not paid. You are eligible for chapter 13 only if your debts are not more than certain dollar amounts set forth in 11 U.S.C. § 109. Under chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, usually using your future earnings. If the court approves your plan, the court will allow you to repay your debts, as adjusted by the plan, within 3 years or 5 years, depending on your income and other factors.

During your FREE consultation, attorney Ricardo A. Rodriguez will personally answer your questions and let you know what you qualify for and discuss all of your options.

  1. HOW LONG WILL THE BANKRUPTCY SHOW ON MY CREDIT REPORT?

The credit report provides information about an individual’s previous employer, addresses and credit worthiness. However, having a bankruptcy on your credit report does not mean you will never have credit again. This is how long different types of negative information typically remain on your credit report:

Late payments: 7 years.

Chapter 13 bankruptcy: 7 years

Chapter 7 bankruptcy: 10 years

Call our firm today for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN I ELIMINATE ALL OF MY DEBT WITH BANKRUPTCY?

You can eliminate credit card debt through Chapter 7 and Chapter 13 bankruptcy, but you may not be able to eliminate other types of debt, such as child support, alimony, most tax debts, student loans, and secured debts. In some cases, Chapter 13 can help, but your case would need to be evaluated to determine whether or not it would. Please call our firm for a FREE consultation at 305-262-8226 for more information.

  1. WILL I BE ABLE TO HAVE CREDIT AGAIN?

YES. You can start rebuilding your credit right after your bankruptcy has been discharged. Here’s how: Once you file for bankruptcy and eliminate your debts, you have a clean slate. Nothing is more attractive to creditors/lenders than a person with no debt. Why? Because now you are in a position to repay the next debt you get. If you have any doubts, we are here to help. Call our firm today for a FREE consultation at 305-262-8226.

  1. WILL I BE ABLE TO BUY A HOUSE OR A CAR AFTER BANKRUPTCY?

Two years after receiving your Chapter 13 discharge, you may be able to get approved for a conventional loan.  FHA and VA loans are a little more lenient and most borrowers may be eligible for these government-backed loans just a year after filing a Chapter 13 bankruptcy. Need more information? Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN I KEEP MY HOME IF I FILE BANKRUPTCY?

When you file for Chapter 7 or 13 bankruptcy, you may be able to keep your car, house and other personal belongings. Our firm will advise you on which option is best for you and if possible, help you retain your assets.  Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions.

  1. CAN I MODIFY MY MORTGAGE THROUGH BANKRUPTCY?

Yes. You can apply for the MMM Program (Mortgage Modification Mediation) through a Chapter 13 bankruptcy. Applying for a loan modification inside of a bankruptcy has many benefits, one of which is that the process is more structured. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN I ELIMINATE PAST DUE TAXES?

In some cases, YES, but we would have to evaluate your specific case to assess whether or not you qualify to have this debt eliminated.  Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN ELIMINATE A SECOND MORTGAGE?

Depending on your situation, you may be able to eliminate a second mortgage through a Chapter 13 bankruptcy. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN I ELIMINATE PAST DUE MEDICAL BILLS?

Yes. Through bankruptcy you may be able to eliminate past due medical bills. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. IF I AM BEING SUED BY A CREDITOR, WILL BANKRUPTCY STOP THAT?

Yes, it may, however, every case is different and it is best to consult with an attorney. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. WILL BANKRUPTCY STOP A FORECLOSURE SALE ON MY HOME?

Yes, it may, however, every case is different and timing plays a big factor as well. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. WHAT IS THE MMM PROGRAM?

The MMM program is a loan modification inside of a bankruptcy, which gives the loan modification process more structure, and other benefits. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. WHAT DOCUMENTS DO I NEED TO BRING IN TO FILE FOR BANKRUPTCY?

We will provide you with a bankruptcy questionnaire and a list of all the documents you will need to bring in to complete your bankruptcy filing. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. DO YOU OFFER PAYMENT PLANS?

Yes, we do. We try to work with all our clients and help them as best as possible. Please call us today for a FREE consultation at 305.262-8226.

  1. DO I NEED TO BE A US CITIZEN TO FILE BANKRUPTCY?

There is no requirement that you must be a U.S. citizen to file for bankruptcy. As long as you are a Legal Residents, you are eligible to file for Bankruptcy. In general, you can file for bankruptcy if you reside, have a home, or own a business or other property in the United States (or a municipality). Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN I FILE FOR BANKRUPTCY IF I AM UNEMPLOYED?

Yes. In fact, job loss is one of the most common reasons people file for bankruptcy. However, being unemployed can still affect the outcome and success of your bankruptcy filing, depending on which Chapter you are filing. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. CAN SOMOENE WHO MAKES A GOOD SALARY FILE FOR BANKRUPTCY?

There are several criteria you must meet in order to be eligible for Chapter 7 bankruptcy. One of these is your income, which is assessed using the “means test.” However, there are several factors to consider when filing for bankruptcy, that is why it is best to consult with an attorney. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. HOW LONG IS THE FILING PROCESS?

Typically, a Chapter 7 bankruptcy case is quick to complete. Your bankruptcy case could be completed and discharged within 3-6 months of filing bankruptcy. A chapter 13 takes a bit longer as you are to make plan payments for 60 months typically. Once you’ve completed your plan payments, you will receive a discharge. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.

  1. WILL CREDITORS STOP HARRASSING ME?

By law, once you have filed for bankruptcy, most actions against you must stop. Creditors cannot file or continue lawsuits against you, wage garnishments, or even telephone calls demanding payments. Once our firm files your bankruptcy, those harassing phone calls and garnishments will stop. Please call our firm for a FREE consultation at 305-262-8226 and we will answer all your questions and advise you on which options are best for you.