Questions About Bankruptcy?
Answers by Our Ft. Lauderdale Bankruptcy Lawyer
Many of the same questions tend to come up when people are considering filing for bankruptcy in Florida. A lot of confusion also surrounds the new bankruptcy laws and the ways it might have changed the process. If you cannot find the information you are looking for here, contact Ft. Lauderdale bankruptcy attorney Jeffrey Solomon for a free consultation.
Does the law still allow people to file for bankruptcy?
Is it necessary to hire an attorney when filing?
Was there a change in homestead protection in Florida?
What kinds of debt can I not eliminate through bankruptcy?
Are there any alternatives to bankruptcy? Should I consider those?
Does the law still allow people to file for bankruptcy?
Contrary to widespread rumor, the bankruptcy law of October 17, 2005, did not do away with all former bankruptcy laws. Most people who wish to file can likely still file for a Chapter 7 Bankruptcy.
Is it necessary to hire an attorney when filing?
Law does not require you to use an attorney when filing bankruptcy. However, the new law requires more work for clients and attorneys; a skilled and informed attorney can best accomplish this.
Was there a change in homestead protection in Florida?
Florida residents should note that the homestead protection from creditors has changed significantly. Though usually individuals in Florida have unlimited homestead protection, you should consult an attorney to see if these apply to you. You still have protection if you previously owned a home in Florida, and you sold it and used the funds to purchase a new home. To qualify for the exemption you must have resided in Florida for two years.
Other exemptions regarding your home may be applicable, but they are quite complex. It is best to discuss them with a Ft. Lauderdale bankruptcy lawyer. For general information on exemptions in Florida, see our exemption list. Also, see the articles for attorneys on homestead that attorney Jeff Solomon wrote.
What kinds of debt can I not eliminate through bankruptcy?
There are forms of debt that a bankruptcy cannot erase, including alimony, child support, loans procured by giving fradulent information, some taxes, student loans, debts not listed on your bankruptcy petition, or debts procured with “willful and malicious harm.”
Are there any alternatives to bankruptcy? Should I consider those?
Yes, there are many options available to those struggling with debt. Credit counseling services can offer education, credit review, debt management plans and budgeting workshops. You may also seek out loans from friends or family members that you can repay on a fixed schedule. Refinancing is an option for homeowners, as is taking out an equity line of credit to pay off your debts.
However, there are downsides to each of these options, and they might not work for you, depending on the size of your debt. Also, beware of companies that might try to scam you by claiming to be able to eliminate all of your debt, or those who offer “debt consolidation mortgages”. Many companies out there are not credible and can leave you in a worse situation than you were to begin with.
A reputable, objective attorney will help you make a decision about the best options for you. Contact Ft. Lauderdale bankruptcy lawyer Jeffrey Solomon and receive a free consultation.