In order to achieve a fresh start after filing for Chapter 7 bankruptcy, it is important for people in Florida to stay current with their financial obligations, during and after their cases. This includes filing their taxes on time and paying any applicable liabilities. Failing to do so could have serious implications on their cases, as well as on their financial futures.
You are not alone if you have some concerns about bankruptcy. Many people in Florida worry about the process before they begin. More often than not, they are unsure of what they might lose.
As a Florida resident who is grappling with increasingly overwhelming debt, you may be working through your options and trying to figure out whether filing for bankruptcy may help you get your finances back in order. Before you do so, however, you will need to participate in credit counseling at some point during the 180 days leading up to your filing. At the office of Kingcade Garcia McMaken, we have a firm understanding of the various steps you must take ahead of a bankruptcy filing, and we have helped many clients facing similar circumstances take care of these and similar matters.
If you are struggling with debt, you may know what it is like to be contacted by collection agencies at different times of the day or night. Did you know that by filing for bankruptcy, you may be able to put an end to harassing creditor calls? It is referred to as an automatic stay, and it goes into effect when you submit your bankruptcy documents into the court. Under the automatic stay, creditors and collection agencies are no longer able to contact you regarding your debt. They are also unable to garnish your wages, make demanding telephone calls and initiate or continue lawsuits that were filed because of your late or delinquent payments.
If you have considered filing for bankruptcy in Florida, you may be unsure of which type of bankruptcy is best for your situation. Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, is most common in the United States, as people attempt to emerge out from under a pile of credit card debt, medical expenses, mortgages and other expenses. Chapter 7 bankrutpcy absolves these debts and gives you a fresh financial start. In order to file for Chapter 7, however, you must meet the requirements set by the Bankruptcy Code and the United States Courts.
As Florida bankruptcy attorneys, we here at Kingcade Garcia McMaken have noticed that more and more of our clients fall into the senior citizen category. Unfortunately, as reported by the New York Times, this new "gray bankruptcy" trend continues to increase. Whereas seniors such as you accounted for only 2.1 percent of 1991 bankruptcies, you account for 12.2 percent of today's bankruptcies.
As a Florida resident faced with overwhelming debt, you may be living in a constant state of anxiety, and you may have concerns ranging from how you will keep food on the table to whether you will be able to keep a roof over your head. You may, too, be considering filing for bankruptcy as a potential method of getting back on your feet, but you may have questions about whether you run the risk of losing your home, should you do so.
America has some of the most advanced medical technology in the world, helping to save the lives of many every year. Yet, a number of people in Florida and across the United States are not able to afford the price tag attached to these medical treatments. In fact, one in every three Americans struggle to pay their medical bills, according to the Kaiser Family Foundation. While paying these debts, 21 million are paying medical related credit card debt and 28 million have used everything they have in their savings accounts. Approximately 62 percent of people who file for bankruptcy in the U.S. state that medical expenses are responsible.
If you have filed for Chapter 7 bankruptcy in Florida or anywhere throughout the United States, you are not alone. Close to one million people in the U.S. filed for bankruptcy last year alone. The most common type of bankruptcy filed is Chapter 7 or liquidation bankruptcy. Under Chapter 7, the trustee appointed to oversee your case will determine whether the court will repossess any of your property in order to repay creditors. Other creditors, such as financial institutions, may also reclaim their property if you fail to repay your loan. In some cases, you may wish to give up any liability you have on these types of loans and start over. There are ways, however, that you can reclaim certain types of debt and keep possession of your property during a Chapter 7 bankruptcy.
If you, like so many others across Florida, are thinking about filing for bankruptcy protection this year, you may have questions about how it will affect your taxes, and whether you will have to take any special steps when filing them. At the office of Kingcade Garcia McMaken, we have a firm understanding of the important tax implications that come with filing for bankruptcy, and we have helped many bankruptcy filers make sure they are taking all the rights steps and appropriately covering their bases.