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Posts tagged "Chapter 7 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.

What role does the U.S. Trustee play in the bankruptcy process? -- II

Last time, our blog discussed how those who are filing for Chapter 7 or Chapter 13 bankruptcy will more than likely be entering uncharted territory, such that they have little to no familiarity with the hearings, the parties or even the terms.

What role does the U.S. Trustee play in the bankruptcy process?

Once the important decision to file for either Chapter 7 or Chapter 13 bankruptcy is made, individuals may soon find themselves in unfamiliar territory, attending proceedings, encountering parties and hearing terms that are all entirely foreign to them.

Can a bankruptcy discharge be revoked?

There is perhaps no better feeling for those who have made the decision to file for Chapter 7 or Chapter 13 bankruptcy than the day their discharge becomes official. Indeed, this means they are no longer under any legal obligation to pay the specified debts while their creditors are forbidden from taking any collection actions.

How your tax refund might be your ticket to a fresh financial start

Last week, our blog spent some time discussing how those who discount bankruptcy as an option owing to the size of the filing fees might want to reconsider their position due to the availability of both fee waivers and installment payments.

Managing bankruptcy filing fees: Installment payments and fee waivers

In our last post, we discussed how the first budget proposal released by President Trump earlier this month contained a provision calling for bankruptcy filing fees to be increased by almost $150 million "to ensure that those that use the bankruptcy court system pay for its oversight."

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