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Bankruptcy 101: An Introduction to Chapter 7 Bankruptcy
Rodriguez Law, P.L. • August 19, 2018

There are several types of bankruptcy available to individuals and businesses. Chapter 7 bankruptcy is the most common path for both individuals and businesses, although it is typically used by individuals. With Chapter 7 bankruptcy, debts are reduced and erased by taking inventory of your property and, with a few exceptions, selling it and giving the profits to your creditors. Of course, you can keep vital property such as your vehicle and a least a portion of the equity in your home.


Once you have completed the liquidation process, you will usually receive a discharge of all of the debts that you cannot afford to pay. That is, if selling your property is not enough to pay off a creditor, then that remaining debt will just be forgiven.


Apart from this vital information, some additional common questions that individuals who are considering filing Chapter 7 bankruptcy may have are answered below.

What Are the Advantages of Chapter 7 Bankruptcy?

Chapter 7 bankruptcy has the fastest and easiest process compared to the other types of bankruptcy. Most individuals can complete the bankruptcy process within just a few months. Different types of bankruptcy can take years.


Although the liquidation is somewhat daunting, many people prefer how fast and easy Chapter 7 is. You can discharge most of your debts within just a few months and move on with your life. Most Chapter 7 cases will be successful as well. In fact, nearly 95.5% of those who file Chapter 7 bankruptcy will have at least some of their debts discharged successfully.

Who Qualifies for Chapter 7 Bankruptcy?

The default for individuals is to file Chapter 13 bankruptcy. Under Chapter 13, you will create a payment plan that will provide payments to your creditors over the course of the next several years. Plans can be up to five years long. To avoid having a payment plan, you must qualify for Chapter 7 bankruptcy. You do this by going through the “means test.”


By using the “means test,” you will determine if your income is low enough to file Chapter 7 bankruptcy. It is designed to keep high-wage earners from using Chapter 7 and forcing them to enter a payment plan under Chapter 13 instead.


First, you must determine whether your income is higher than the median income level in Florida based on the number of people in your household. As of January 2018, for example, the median income level for one person in Florida was $46,677. For a family of four people, it was $74,512. If your income is below these levels, then there is no need to go any further in the calculation—you will qualify to use Chapter 7 bankruptcy in Florida.


You can still qualify to use Chapter 7 bankruptcy if your income is above the median level, but the calculation becomes more complicated. Rodriguez Law can help you determine if Chapter 7 bankruptcy is the right option for you and whether you qualify. Learn more by contacting our team at (305) 262-8226.

7 Benefits of Having an Attorney Help You Close on a Real Estate Purchase

By Rodriguez Law, P.L. • May 19, 2019
If you have ever thought about NOT hiring an attorney for closing on a real estate purchase, unless you are paying cash, you are setting yourself up for a headache. Mortgages require more than a little bit of paperwork, enough so that you will be signing papers for at least an hour – with an attorney’s help. Without one? It’s a risk, and it may not be worth it, especially if you are buying a home. Having that massive amount of paperwork organized and ready for your signature is a great benefit, but it is hardly the only good thing about having an attorney who has your back during closing. Here’s why:

Understanding the Appraisal Process in a Real Estate Sale

By Rodriguez Law, P.L. • April 19, 2019
If you’re thinking about buying, selling, or refinancing your home in order to take advantage of a better interest rate, the appraised value of your property is an important number. An appraisal will help determine how much you will likely be able to get for your home if you sell, or in the case of an refi, which usually only allows a portion of the property’s value to be included in a new loan, will determine how much a lender will be willing to loan you, since the loan received from a refi usually only includes a percentage of the home’s value. Appraisers are working on behalf of the lender and will assess the value of your property based on the value of similar properties in your neighborhood. Comparable properties usually must be located within a few miles of the property being assessed, must be of similar square footage, and should be built within 10 years or so of the property in question.

8 Items a Title Search Might Uncover

By Rodriguez Law, P.L. • March 19, 2019
Buying a home or property is a major investment, often the biggest one of your life, and taking the right steps to ensure that the home is free from any encumbrances before you make the purchase will protect you and allow you to enjoy your new asset for years to come. Some of the most important things to think about include hiring an inspector to check for safety issues, making sure the property is priced fairly compared to other homes in the neighborhood, and doing a title search to determine that there are no limits on how you might use your land or if someone else’s name is attached to the home or property. A title search – which involves retrieving the court documents associated with the home or land, such as liens or easements – can prevent you from buying your dream home, only to find out that you have suddenly become the owner of someone else’s debt along with the home. While it is possible to determine whether or not your home is free from liens or other constraints on your own by going over courthouse files or visiting the assessor’s office in the county where the property is located to view records, title issues can be complicated, and hiring an experienced real estate attorney will not only save you a lot of legwork, but will also make sure that you don’t miss something on your own by ensuring that your home is free from legal issues. Title searches essentially determine whether or not the home you are buying is free from liens or can be legally sold by the person selling the home, in case ownership is disputed. Here are eight important things that a title search might uncover:
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