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Is Filing for Bankruptcy Right for You?



Are your wages being garnished?
Are Creditors hassling you?
Do you have more debt than you can handle?

Call the Law Office of J. Armando Edmiston, P.A fighting for you! Call now 813-482-0355.

Don’t be ashamed, YOU HAVE A RIGHT to File for Bankruptcy! Get a new start on life by calling Armando to have him evaluate your specific situation and get you on the road to financial recovery.

There are mainly two types of Bankruptcies, a Chapter 7 and a Chapter 13. The goal of a Bankruptcy is for the Judge to grant a Discharge of your debts.

CHAPTER 7 INFORMATION

A Chapter 7 is designed for debtors facing financial difficulty and who do not have the ability to pay their existing debts. A Chapter 7 Bankruptcy is started by filing a Petition. Once the petition is filed, your creditors must stop all collection actions against you. Including: wage garnishment and hassling phone calls. In the petition, you will be required to disclose all of your creditors, property and assets. You are allowed some exemptions and will be allowed to keep some of your property depending on your individual situation. However, under a Chapter 7 the trustee will take possession of all property that is not exempt and liquidate it to pay your creditors according to priorities as set forth in the Bankruptcy Code. Under certain circumstances you may keep property that you have purchased subject to a valid security interest such as a car loan or a mortgage on your home.

However, to keep such property you will have to reaffirm the debt on the property and you will be required to make regular payments on the property as before the Bankruptcy. Reaffirmation agreements are voluntary in nature and you should not sign one if you believe repaying the loan will cause you undue hardship. We never recommend reaffirming a mortgage or a car loan before consulting with an attorney.

As mentioned above, the purpose of filing a Chapter 7 is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, your discharge may be denied by the Court, and the purpose for which you filed your bankruptcy petition will be defeated.

Please note that even if you receive a discharge, some debts are not discharged under the law. Therefore, you may still be responsible for such debts including but not limited to certain taxes and student loans, alimony and support payments, criminal restitution, debts incurred just prior to filing bankruptcy and debts for death or personal injury caused by driving while intoxicated from alcohol or drugs.

After we file a bankruptcy petition on your behalf, it will take approximately 90-120 days for you to receive a discharge of your debts.

CHAPTER 13 INFORMATION

A Chapter 13 is designed for people who want to keep all of their property and who have regular income to pay back some of their debts. Under a Chapter 13, you must submit a repayment plan and a budget to the Court for approval. The monthly plan payment and the total amount to be repaid in the plan may increase or decrease if the court or trustee determines that you are required to pay more and depending upon claims filed by your creditors. Once approved a trustee will be appointed by the Court to collect the payments for the repayment plan, pay your creditors and insure that you comply with the terms of your repayment plan. In order for you to be successful under your repayment plan, you must make the monthly payment to the trustee as ordered by the court. Your first payment will be due 30 days after your case is filed. You must also continue to make the regular monthly payments directly to your secured creditors as you normally would unless those payments are paid to the Trustee though the plan. (Secured debts include but are not limited to mortgages and car payments). If you do not make the payments to the trustee and secured creditors, your case will be dismissed and your creditors will be allowed to proceed to collect from you. You will also be required to file all income tax returns which have not been filed.

Like a Chapter 7, under Chapter 13 of the U.S. Bankruptcy Code your creditors will also be stayed from proceeding to collect debts owed to them by you. However, unlike a Chapter 7, a Chapter 13 will take 3 to 5 years for the judge to grant a discharge of your debts.

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