At the Law Offices of Anthony Rumore, P.A. We are client and solution oriented, not problem oriented. We focus on resolving the legal matters and problems of every one of our clients. For us, sharing the precise nature of the legal issues with the client is just the beginning of the problem resolution process. We are determined to present our clients concrete and realistic solutions for their problems.
Contact Info
1318 Southeast 1st Avenue, Fort Lauderdale 33316
954-942-2414
Bankruptcy
Consumer Bankruptcy Law
Millions of people are faced with escalating financial difficulties. Unfortunately, no one is immune from the possibility of bankruptcy. While taking such action is not ideal, it is important to know that bankruptcy’s primary purpose is to protect the individual from creditors, provide an opportunity to eliminate debt and to provide a fresh start.
The following questions may help you determine if you should consider bankruptcy:
Have you fallen behind on house payments?
Has your car been seized or is it about to be seized?
Has your paycheck been garnished?
Are your bank notes overdue?
Is your credit card debt out of control?
Are business expenses out of control?
Are bill collectors threatening to take you to court?
Have you lost your job?
Are you being sued?
Do you owe income taxes for more than three years that you cannot pay?
Although there are six basic types of bankruptcy cases provided for under the Bankruptcy Code, only two are commonly used by individuals. Those two types are Chapter 7 debt liquidation and Chapter 13 debt reorganization.
The stress, anxiety and worry put upon you and your family by harassing creditors, past due notices, foreclosure actions and other situations brought upon by heavy debt can be handled. As soon as you go through the steps to file bankruptcy, your creditors will be legally required to immediately halt any collection activities. If you were threatened with foreclosure or have a pending foreclosure auction sale date, a bankruptcy filing will bring those foreclosure activities to a halt.
Chapter 7 If you have no conceivable way to pay off your debts within the next few years, you may be eligible to file a Chapter 7 bankruptcy. This type of bankruptcy is the most common type of bankruptcy filed by individuals. Chapter 7 bankruptcy may afford you the opportunity to discharge debts, bills, and financial obligations, while allowing you to keep your exempt personal property. A Chapter 7 bankruptcy is designed to give families or individuals a fresh financial start without being burdened by old credit cards, bills, and judgments.
Chapter 13 A Chapter 13 bankruptcy or "wage earner reorganization" is available only to individuals with regular income. It requires that the debtor file a plan providing for payment to creditors over a period of up to five years. The benefits of a Chapter 13 include the ability to reinstate a home mortgage that is in default, stop IRS collection efforts while payments are made and the ability to retain non-exempt real estate and personal assets.
What to Expect In order to complete the bankruptcy forms that make up the petition, statement of financial affairs, and schedules required, the debtor must collect and assemble the following information:
1. A list of all creditors and the amounts and nature of their claims. 2. The source, amount, and frequency of the debtor’s income. 3. A list of all of the debtor’s property. 4. A detailed list of the debtor’s monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.
Certificate of Counseling Before you can file a bankruptcy, you must participate in a credit counseling session from an approved agency and receive a Certificate of Counseling. This can be done in person, over the phone, or via the internet and should not take more than an hour to complete. This is a mandatory requirement, and your case will not be filed unless you receive your certificate. We will provide you with a list of approved agencies during your initial consultation. You must also complete a Financial Management Course prior to your discharge.
Filing for Bankruptcy After one of our attorneys has reviewed your completed questionnaire, your case will be prepared for filing. The attorney will walk you through your entire petition and accompanying schedules in order to ensure accuracy and completeness. It is extremely important for this information to be accurate. Any false statements could result in the dismissal of your bankruptcy filing by the trustee and could possibly subject the debtor to criminal charges. Once you have approved the documents, your signature will be required to file the petition.
The 341 Meeting with Creditors After your bankruptcy petition is filed, the trustee assigned to your case will schedule a 341 meeting of the creditors. This meeting is typically scheduled approximately 30 days after your bankruptcy petition is filed. Attendance is mandatory. Failure to attend could result in dismissal of your case. The trustee will notify you of your meeting time. This meeting is referred to as the 341 meeting (named after the bankruptcy code section that created it). Any objections to your bankruptcy must be raised and discussed at this meeting.
Discharge If you have filed a Chapter 7 bankruptcy, your discharge will follow approximately 3 months after the 341 meeting assuming no creditors raise objections. Upon discharge, you will no longer owe the debts listed in your bankruptcy petition.
Please contact our offices for a free consultation regarding whether you may qualify for Bankruptcy Protection and whether you can benefit from Bankruptcy protection.