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Chapter 7 Bankruptcy Archives

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?

Common bankruptcy myths, debunked

If you are considering filing for bankruptcy in Florida, you may have a lot of questions about how the process works, what types of debts you might be able to eliminate and how it might affect your credit, among related concerns. When it comes to bankruptcy, however, there is a lot of misinformation out there, and learning how to separate fact from fiction can help you decide whether filing is the right choice for you. At Kingcade Garcia McMaken, we have a firm understanding of how bankruptcy works, and we have helped countless clients navigate through the process and regain control over their finances.

Chapter 7 advantages for small businesses

Florida small business owners struggling with overwhelming debt may find that a Chapter 7 bankruptcy, also known as a straight bankruptcy, is a good option. This is especially true when personal assets are tied to a business. As Fox Business explains, Chapter 7 is particularly appropriate for sole proprietorships since the sole proprietor and the business are one and the same. However, Chapter 7 also is appropriate for any business if there is no hope that it can be reorganized and its debts paid over time.

Can a Chapter 7 debtor discharge recent credit card debts?

If you are a Florida resident considering filing bankruptcy as a way to discharge your debts, you likely have substantial credit card debt that is contributing to your problem. Credit card debt usually is discharged in a Chapter 7 bankruptcy. However, Bloomberg recently reported that under Section 523(a)(2)(C)(I) of the Bankruptcy Code, there is a presumption against discharge of any debt you owe to a single credit card company that was used to purchase consumer goods exceeding $675 or if you made these charges within 90 days of filing bankruptcy.

Does the Servicemembers' Civil Relief Act extend to bankruptcy proceedings?

As a nation, we are eternally grateful for the bravery shown and the sacrifices made by the men and women serving in our armed forces. While we can never truly repay them for their efforts and their commitment, we nevertheless try our best through the provision of healthcare, education, employment and other benefits.

A complex process: Converting Chapter 13 to Chapter 7

Once an individual facing serious financial difficulties makes the important decision to seek the protection provided by personal bankruptcy, he or she will immediately be confronted by another important decision. Specifically, they'll need to decide whether their fresh financial start will come courtesy of Chapter 7 or Chapter 13 bankruptcy.

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