Martin County, St. Lucie County, Indian River County, Okeechobee County and Palm Beach County bankruptcy services

It is never easy to consider declaring bankruptcy. Bankruptcy laws are complex and you may not have the time to familiarize yourself with all the legalities that will affect your finances.

The attorneys and staff at Chapman & Plymale Law provide you with bankruptcy advice, so that you can have peace of mind facing mounting legal difficulties. A bankruptcy lawyer from our firm has the experience and knowledge to explain your options and help determine if filing for bankruptcy is best for your situation.

We also provide assistance coping with creditors, including ones that may be harassing you in an effort to collect moneys that you owe them. In fact, we may be able to recover money for you from these creditors based on laws designed to protect you from creditor harassment. Our attorneys work with debtors who seek to file consumer bankruptcy under Chapter 7 and Chapter 13 of the Bankruptcy Code. We work with individuals residing in Martin County, Indian River County, St. Lucie County, Okeechobee County and Palm Beach County.

Chapter 7

A Chapter 7 bankruptcy is the most common form of bankruptcy. Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under Chapter 7. A Chapter 7 discharges most types of debts, including, but not limited to: medical debt, credit card debt, personal loans, home loans, most monetary judgments, deficiency judgments and utility bills.

Under Chapter 7, you may claim certain of your property as exempt under the governing law. Most cases filed in Florida will utilize the exemptions provided under Florida law. The trustee appointed to oversee the bankruptcy sells any property owned by the debtor that is not declared exempt and distributes the earnings of that sale to creditors.  However, under the terms of Florida bankruptcy law, many common assets—such as equity in your home, cash value of insurance policies, and retirement accounts are exempt, which means you will be able to keep these assets. Most Chapter 7 cases are “no asset” cases, which means the trustee will not take and sell any of the debtor’s assets for the benefit of creditors.

The purpose of filing a Chapter 7 case 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, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated.

Even if you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for most taxes and student loans; debts incurred to pay non-dischargeable taxes; domestic support obligations; most fines, penalties, forfeitures, and criminal restitution obligations; certain debts which are not properly listed in your bankruptcy papers; and debts for death or personal injury caused by operating a motor vehicle, vessel, or aircraft while intoxicated. Also, if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, or theft, or from a willful and malicious injury, the bankruptcy court may determine that the debt is not discharged.

Chapter 13

Chapter 13 is for individuals who are not eligible for Chapter 7 and who seek to repay debts over a period of time.  A common candidate for a Chapter 13 bankruptcy is someone who has fallen behind with creditors, but makes too much money to qualify for a Chapter 7 bankruptcy.

Chapter 13 allows you to retain possession of most types of property because you are funding repayment through income rather than by liquidating your assets. This makes it useful for consumers who want to save their homes from foreclosure or prevent other non-exempt assets from being liquidated in a Chapter 7 proceeding. A unique feature of a Chapter 13 is that it also allows a homeowner to remove, or "strip," a second mortgage from their home.

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, using your future earnings. The period allowed by the court to repay your debts may be three to five years, depending on your income and other factors. If you are repaying your unsecured creditors 100% of what they are owed, then it is possible to complete a Chapter 13 bankruptcy in less than three years. The court must approve your plan before it will take effect.

After completing the payments under your plan, your debts are generally discharged. The discharge under a Chapter 13 covers more debts than the discharge under a Chapter 7, but there are still some debts that are not discharged by a Chapter 13.

When to file for bankruptcy

It is easy for someone to fall into a downward spiral in today's economy with common financial setbacks such as job loss, catastrophic illness, or real estate losses. Accumulating bills amongst the anxieties of adapting to a new economic situation can quickly lead to overwhelming debt. Our bankruptcy attorneys can help determine if filing bankruptcy is better for your business or personal financial issues, and under what Chapter you should file.

Bankruptcy is not a fix-all solution for financial problems.  Many times consumers are better off utilizing their creditor exemptions outside of bankruptcy to negotiate favorable debt settlements. If this is something you are considering, then consult with our Stuart bankruptcy lawyers before hiring a non-lawyer debt consolidation firm.

If you are facing home foreclosure, contact a Stuart foreclosure attorney to discuss whether defending the foreclosure or filing bankruptcy is the right option for you.

How a bankruptcy attorney can help

Bankruptcy laws are complex, and if you are filing for Chapter 7 or 13 bankruptcy, you may not have the time to familiarize yourself with all the legalities that affect your finances. The attorneys at Chapman & Plymale Law, P.A., have years of experience guiding individuals just like you through the complexities of bankruptcy law. We can assist you in matters concerning bankruptcy litigation as they relate to your home or business.

If you are faced with mounting legal difficulties, our staff can offer invaluable bankruptcy advice.  We explain all your options, so that you can see if filing for bankruptcy is best for your situation.  If you decide that it is, we can help you choose which type to file for, and how to minimize any negative impact on your finances.  Finally, we can assist you in coping with the numerous parties that are likely attempting to collect from you at this time.  This includes any creditors who may be harassing you in an effort to retrieve moneys that they claim you owe them.

Call 772-283-2626 for a Stuart bankruptcy attorney

Contact Chapman & Plymale Law, P.a., for reliable representation in Martin County, St. Lucie County, Indian River County, Okeechobee County, Palm Beach County as well as Stuart, Port St. Lucie, Fort Pierce, Okeechobee, Palm City, Vero Beach, Sewall’s Point, and throughout Florida.