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Chapter 7 Bankruptcy Archives

Understanding the differences between Chapter 7 and Chapter 13

At Kingcade Garcia McMaken in Florida, we understand that bankruptcy can seem like a confusing undertaking for you. You have at least two types of bankruptcy from which to choose - Chapter 7 and Chapter 13 - and each has its own advantages and disadvantages.

Is Chapter 7 bankruptcy right for you?

If you are one of the many Americans that feel buried by extensive credit card expenses, medical bills, mortgages, you may have considered filing for bankruptcy. With several types of bankruptcy available, however, you may wonder what type is right for your particular situation. Chapter 7, otherwise known as liquidation bankruptcy, can be beneficial for people who wish to eliminate their debt and begin again with a clean financial slate. There are some things that you should keep in mind, however, before you file for this type of financial relief.

Rebuild with courage after bankruptcy

Bankruptcy is no walk in the park. When Florida residents give in and liquidate their assets, it usually means they have exhausted all other possibilities and cannot see any other option. It may even feel like they have just stepped over the edge and may never recover a normal life again, but it does not have to be that way. 

Dispelling common bankruptcy myths

There are a lot of misconceptions when it comes to filing for bankruptcy, and if you are one of many people across Florida considering taking this step, exercise caution when heeding advice from well-meaning friends or family members. Every bankruptcy situation is different, so what held true for your colleague, neighbor or what have you may not do the same for you. At Kingcade Garcia McMaken, we understand that there is a lot of false information out there when it comes to filing for bankruptcy, and we have helped many clients separate fact from fiction while navigating the process.

How do Chapter 7 and Chapter 13 bankruptcies differ?

If you, like many Americans, find yourself struggling with finances or drowning in overwhelming debt, you may be considering filing for bankruptcy as a way to get a fresh start. While you may be somewhat familiar with the terms "Chapter 7 bankruptcy" or "Chapter 13 bankruptcy," you may understand less about the difference between the two types of filings, or whether one type might be more appropriate for you than the other.

Understanding the bankruptcy means test

If you count yourself among the many people across Florida who are struggling with mounting debt, you may be giving some thought to the possibility of filing for bankruptcy in an attempt to make your finances more manageable. While you may know that there are different types of bankruptcy proceedings, among them a Chapter 7 bankruptcy and a Chapter 13 bankruptcy, you may know less about the distinctions between the two types, and whether one type may better suit your needs. At Kingcade Garcia McMaken, we understand the differences between varying types of bankruptcy proceedings, and we have helped many Floridians facing overwhelming debt identify the best course of action for their circumstances.

Can you keep your house in a Chapter 7 bankruptcy?

If you are having serious financial troubles and feel like you cannot get on top of your debt, then you may be considering bankruptcy. Taking this step, though, is serious. It can have far-reaching effects. You need to be aware of what will happen when you go to an Ohio bankruptcy court and how filing will affect your assets. This is especially true when it comes to your home. 

What are the repayment options for student loans?

If you have student loans, you may wonder if there is any help for making the payments more affordable. You are not alone. Many people in Florida share the same concerns. Student loan debt is something that many Americans struggle with and often times end up in serious financial trouble over. The good news is there are quite a few repayment options available. One may be the answer to all your problems. According to the Federal Student Aid office, student loan repayment options are offered based upon different conditions you must meet. 

Can I keep my auto loan if I file bankruptcy?

If you are thinking about filing for bankruptcy in Florida, you may have many questions. One of those may be what will happen with your vehicle loan. If you do not own your vehicle, how is that handled when you file? Will you lose it? Can it be left out of the bankruptcy?

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