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.
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.
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.
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.
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.