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Which Chapter is right for you?
Chapter 7: Is a basic liquidation process for individuals and businesses. To file a Chapter 7 case, you must pass the means test which determines whether you monthly income falls within certain guidelines. A Chapter 7 case takes approximately four months to receive a discharge of all allowed debts.
1) Can I keep my car when I file Chapter 7? As long as you are current with the monthly payments, you will be able to keep your vehicle. You will have to sign a reaffirmation agreement, which is basically an agreement to pay under the same or similar terms of the original purchase agreement you signed when you bought the vehicle.
2) Can I keep my house when I file Chapter 7? You may continue to keep your home in a Chapter 7 if you are either current with the mortgage or otherwise reach a forbearance or modification agreement with the mortgage company. If you are behind in your monthly mortgage payments, and have been unable to reach a modification, but still want to keep the home, a Chapter 13 plan will provide you up to five years to catch up on mortgage payments.
CHAPTER 13: Is basically a consolidation of your debts into one payment over a three or five year period. The amount of your monthly payment and length of the payment plan is based on your income. Chapter 13 can stop a foreclosure and allow you to catch up on past mortgage payments. In some instances, the mortgage can be modified. If you have a second mortgage, you may be able to discharge the debt. A Chapter 13 may also allow you to restructure your car loans so that you repay only what the current car value is, and not the entire balance owed to the creditor.
Should I file bankruptcy?
Ask yourself the following questions:
Are you late paying your monthly bills?
Is your credit card debt over $5000.00?
Do you have unpaid medical bills?
Are you receiving harassing calls from creditors?
Are your wages being garnished?
Are you being sued?
Have you emptied your savings account?
Have you taken money out of your 401K savings?
Are you behind on your monthly mortgage payments?
Do you owe money to the Internal Revenue Service?
If you answered yes to any of these questions, please contact our office for a FREE bankruptcy consultation. You may need to file bankruptcy.
Jane Sobotta, Esquire
Jane Sobotta, P.A.
1205 North Franklin Street, Suite 103
Tampa, Florida 33602
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.