If you’re considering filing for Chapter 7 or Chapter 13 bankruptcy in the state of Florida, it’s likely that you have many questions concerning your bankruptcy. There are many differences between Chapter 7 and Chapter 13 bankruptcy filings. Chapter 7 bankruptcy can wipe out all of your credit card debts and medical bills. In order to qualify for a Chapter 7 bankruptcy in Florida, you will need to prove that you have very little disposable income to pay back your debts.
Under a Chapter 7 bankruptcy you will be appointed a bankruptcy trustee that will be responsible for selling off non-exempt property and assets to pay down some of your debt. If you don’t have non-exempt assets, your creditors will receive very little in the way of compensation. This means that if you have very few assets and very little income, it could be helpful for you to file for Chapter 7 bankruptcy, if you would not qualify for a repayment plan.
Exempt property in the state of Florida typically comes down to the Homestead allowance. This often means that you can keep up to $23,000 in equity throughout your home and keep a hold of your family home even under a Chapter 7 bankruptcy. If you’d like to keep more of your equity in your home or you have multiple properties, it could be helpful for you to consider a Chapter 13 bankruptcy.
Under Chapter 13 bankruptcy, you will have a 3 to 5 year repayment plan for restructuring your debts. As long as you follow that 3 to 5 year repayment plan, you can have a portion of your unsecured debt absolved.
If you would like to learn more about exempt property in Florida and how you can protect your assets, contact us today.
This post was written by Trey Wright, one of the best bankruptcy attorneys in Tallahassee, Florida. Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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