Bankruptcy FAQ

Question: I heard that most people do not qualify for Chapter 7 anymore because of recent changes to the law?

Answer: While it is true there is an income/means test requirement, most individuals can still qualify for Chapter 7.

Question: If I file for bankruptcy will I lose my house and my car?

Answer:  In Florida your primary residence is generally protected under the Homestead Law.  In most instances you can also keep your car.  It is rare that a person has to give this up.

Question: How long does the process take?

Answer:  Once the case is filed, it generally takes about 3-4 months.

Question: Will filing bankruptcy stop wage garnishment?

Answer:  Yes, the instant we file the case, there is an automatic stopping of any collection actions and/or lawsuits even if they had already been filed against you.

Question: How will filing bankruptcy affect my credit?

Answer:  It will be reported for up to 10 years on your credit.  However, the negative accounts like credit cards also are reported for up to 7 years so in almost every case, your credit has already been severely damaged.  Plus, once you file bankruptcy , it will eliminate all of the unsecured debt which will help with your debt/credit ratio which is an important factor in your credit score.

   

Our Miami-Dade office is conveniently located in the Coconut Grove and Coral Gables area of Miami, just off US-1 and Coral Way and our Fort Lauderdale-Broward County office is conveniently located in just off Commercial Boulevard, between 441 and I-95.  Call 1-877-310-9444 now for a free consultation with an attorney, not a paralegal.

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