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Consult With A Skilled Attorney When Considering Personal Bankruptcy

The decision to pursue bankruptcy is one that must be made carefully. You’ll need to understand your obligations as well as your options. You’ll also want to know what to expect. On this page, I’ve provided an overview of the various aspects of bankruptcy based on my more than 35 years of legal experience. After you’ve finished reading, you can contact the Law Office of Christopher G. Frey, Esq., to receive case-specific advice and guidance in a free initial consultation.

The Basics Of Chapter 7 And Chapter 13

Chapter 7: If you’ve filed for Chapter 7 bankruptcy, it’s important to know exactly what will happen. A trustee will review your assets and decide whether you can sell some to pay your debts. You can protect your exempt assets. The proceeds of the sale of nonexempt assets will go to your creditors. Once your debts are paid, you’ll be free from debt.

During the process, you’ll meet with the trustee and your creditors. You’ll need to respond to questions about your property, and you’ll also need to meet with them to discuss whether you’ve made good on your promises regarding your secured debt.

Chapter 13: If you want to file a Chapter 13 bankruptcy with an attorney, you’ll need to have a detailed financial plan in place. This will include your assets, monthly income and expenses. It is important to calculate these figures carefully because they will be used to determine how much you can afford to pay each month. You’ll also need to provide documentation of your income and expenses, such as pay stubs and bank statements. It’s also important to keep all records organized on court-approved forms.

Before filing for bankruptcy, you should review the laws and guidelines. For instance, in April 2022, the debt limit for secured debt was $1,395,875. This limit applies to liquidated and noncontingent debt. In addition, a debtor must own or have an ownership interest in real property in distress.

Predischarge Debtor Education Requirement

If you want to avoid any possible delays when filing for bankruptcy with an attorney, it is important to fulfill your Predischarge Debtor Education requirement. This program is free and requires no additional investment. After completing the course, you’ll receive a certificate from InCharge.

This debtor education course, also known as financial management training, is required as part of the bankruptcy process. It teaches you about your financial future after filing for bankruptcy and provides strategies to avoid financial problems in the future. You must complete the course within 60 days after your initial meeting with your creditors, and it must be completed before you file your motion for discharge.

While the course differs from credit counseling courses, it provides crucial tips and strategies for surviving after bankruptcy. It teaches you how to budget your money, how to use credit cards wisely, and how to avoid unexpected financial disasters. At the end of the course, you’ll receive a certificate that allows you to complete the entire bankruptcy process.

Keep Collateral After Filing

The main reason why people file for Chapter 7 bankruptcy is to wipe out all unsecured debt. However, there may be some secured debt that a debtor cannot afford to pay off and can keep as collateral. If you are in this situation, you will need to decide whether you can afford to keep the collateral or whether it would be better for you financially to surrender it.

You can keep some types of collateral, such as bank or debit cards, while paying off your debt. However, there are also conditions you have to meet in order to keep this property. First of all, the property must be tangible. It cannot be stocks, investments or intellectual property. Second, the property cannot be worth less than its current value. Finally, it must meet criteria set by the state and the trustee.

Get Your Questions Answered During A Free Case Evaluation

There is no substitute for case-specific advice from a knowledgeable attorney. The Law Office of Christopher G. Frey offers free initial consultations to prospective clients in and around Tampa, Florida. To schedule yours, call my office at 813-322-2419 or reach out online.

This is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.