Yes. You can petition for a Chapter 7 bankruptcy (there are several other kinds of bankruptcy) without losing everything. Filing for a personal bankruptcy or a consumer straight bankruptcy, as Chapter 7 bankruptcy is often referred to, will end the downward financial spiral and begin to provide you with debt relief. It is far less stressful when you use the services of a qualified lawyer to help you through this process.
Many people who have 80/20 mortgage financing and are sinking under both mortgages. When your home has dropped significantly in value, there are may be ways to renegotiate restructure your mortgage to reflect the true value of your home and your ability to pay more accurately. Contact us to find out about other legal and honest ways to reduce debt and to save money during this difficult time.
When filing for a chapter 7 bankruptcy, people generally have to fit within a certain income level. The income barriers to Chapter 7 are not as hard to meet as they may seem. In fact, the majority of homeowners individuals can file for Chapter 7 bankruptcy and keep their homes or other assets. In addition to temporarily stopping foreclosure, chapter 7 is also used to eliminate debts such as medical bills, credit cards, and other unsecured debt.
If you go into Chapter 7 bankruptcy before seeking the counsel of an attorney, there may be no way for you to use federal laws to stop foreclosure, to keep your equity and your present loan, or to stop the creditors from harassing you. We can help you deal with real estate taxes owed, equity issues, title insurance, keeping your car, garnishments, and lawsuits. The only thing that no one is ever forgiven from is the payment of child support. We have helped many clients find solutions to their financial troubles and get on with their lives.
Stop Losing Sleep Over Your Debt ProblemsSubstantial personal and business debt can consume your life. When you are receiving collection calls from personal or business creditors, are facing difficulties meeting your financial obligations due to job loss or are finding it hard to stay afloat due to other debt challenges, it's time to consider your options to improve your financial health. Chapter 7 of the Bankruptcy Code can provide debt relief and a financial fresh start to eligible individuals and businesses.Don't automatically presume you are ineligible for debt relief solutions. Fort Lauderdale Chapter 7 bankruptcy attorney Sherri B. Simpson has been practicing law for more than 20 years, with over 15 years as a bankruptcy and foreclosure attorney. She has successfully guided individuals and business owners through the Chapter 7 bankruptcy process. Call 954-769-0730 or contact our law firm online for a free consultation.Fort Lauderdale and Hollywood Attorney Guiding Individuals in BankruptcyUnder a Chapter 7 consumer bankruptcy filing, you may be capable of discharging most of your debt, such as medical bills, credit card debt and other unsecured debt. You won't have to repay this debt and creditors can no longer attempt to collect from you. In exchange for discharging your debt, the bankruptcy trustee may liquidate (sell) some of your property to pay debts that you are capable of paying. However, in many situations, debtors are capable of keeping most, if not all, of their property through effective use of bankruptcy exemptions.Certain debts, such as child or spousal support obligations, school loans and recent tax obligations cannot be eliminated in Chapter 7 bankruptcy. If you have a significant amount of non-dischargeable debt, an experienced bankruptcy lawyer can help you evaluate if Chapter 13 bankruptcy would be a better solution for you.Chapter 7 bankruptcy can be extremely complex, with income limitations that must be closely scrutinized to determine eligibility. Many people believe that if their income is above the median level that they are automatically precluded from filing. However, under closer examination — through the bankruptcy means test — it may be found that personal business expenses, rental investment expenses or other considerable expenses offset the high income level. Attorney Sherri B. Simpson has considerable experience in helping individuals in these situations qualify for Chapter 7 bankruptcy — even when other lawyers assume the only option is filing for Chapter 13 bankruptcy. Learn more about high income and filing for bankruptcy.Corporations Can Also File for Chapter 7 BankruptcyOperating an insolvent business can turn into a vicious cycle. Business expenses, interest on loans and other liabilities can quickly pull you under water. Many people attempt to save their business by sacrificing some of their own personal assets. However, sometimes the best solution is to confront business insolvency head-on and get a fresh start through a Chapter 7 corporate bankruptcy.A Chapter 7 corporate bankruptcy is not the same as a Chapter 7 individual bankruptcy as it is governed by a unique set of rules. Your home personal assets and personal debts are not part of the equation; therefore, you usually do not need to worry about losing them. A Chapter 7 corporate bankruptcy enables you to close the business, discharge business debts and close that chapter in your life with the peace of mind that business liabilities will no longer haunt your business or personal life.Our law firm is dedicated to helping individuals and businesses get out from the under their financial difficulties. Call today to discuss your questions and options.Confidential Free Initial Consultation • Calls Returned Promptly • Fixed Fees Available • Major Credit Cards Accepted • (954) 524-4141 • E-mail Now.We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.Chapter 7 Individual BankruptcyAttorney Sherri B. Simpson's mission is to help you get out of this financial mess. Call us now at (954) 524-4141 or contact us through e-mail for a free consultation.Individuals from across the financial spectrum may be eligible for Chapter 7 bankruptcy relief. In fact, Chapter 7 bankruptcy — also known as straight bankruptcy or liquidation bankruptcy — is the most common type of bankruptcy among individuals with debt problems. That is because Chapter 7 bankruptcy effectively stops creditor harassment, temporarily stops foreclosure, stops wage garnishments and enables individuals to eliminate eligible unsecured debt such as:-Credit card bills-Medical bills-Delinquent homeowners association or condo association fees-Personal unsecured loans-Other unsecured debtDo you have a considerable amount of debt due to back child support, recent tax liabilities or school loans? If so, Chapter 7 bankruptcy may not be the right solution because these debts cannot usually be eliminated in a Chapter 7 personal bankruptcy filing. We can explain other debt relief solutions, such as a Chapter 13 bankruptcy.Do you have high income and fear you may not be eligible for bankruptcy? Individuals with income above the median level will need to proceed through a means test to determine eligibility for Chapter 7 bankruptcy. This involves considering your income minus allowable expenses. Many people with high income levels are surprised to learn how we can offset high income with substantial monthly expenses.Fort Lauderdale bankruptcy attorney Sherri B. Simpson has a proven record for helping clients with incomes above $100,000 in successfully achieving debt relief under Chapter 7 of the Bankruptcy Code. Learn more about bankruptcy solutions for high income individuals.Do you need to surrender all your assets in a Chapter 7 bankruptcy? No. While a bankruptcy trustee may be capable of selling some of your assets in order to pay some of your debts, with the help of an experienced lawyer, you may be capable of keeping most, if not all, of your property. We effectively use bankruptcy exemptions (claim certain property as exempt from being sold off) in order to save your property. This may include your car or home (if you will continue making payments), furniture, bank accounts and other assets.If you go into Chapter 7 bankruptcy before seeking the counsel of a knowledgeable Florida consumer bankruptcy lawyer, there may be no way for you to use federal laws to stop foreclosure, to keep your equity and your present loan, or to stop the creditors from harassing you.We can help you deal with real estate taxes owed, equity issues, title insurance, keeping your car, garnishments and lawsuits — and make sure you are filing for the right type of bankruptcy relief, given your unique situation. We have helped over 41,500 clients find solutions to their financial troubles and get on with their lives.Confidential Free Initial Consultation • Calls Returned Promptly • Fixed Fees Available • Major Credit Cards Accepted • (954) 524-4141 • E-mail Now.