Archive for August, 2014

What is Chapter 7 Bankruptcy?

Thursday, August 21st, 2014

refer Bankruptcy Network

There are two different types of bankruptcy cases that are usually used by people who need help ending their bill problems – Chapter 7 bankruptcy signbankruptcy and Chapter 13.  Chapter 7 bankruptcy is designed for individuals (and married couples) who can’t pay their bills.  The typical Chapter 7 client is someone whose income minus their regular average monthly expenses (not including debt payment) yields no money left over.  This type of case would be appropriate where average income over the past six months (called “current monthly income”) minus expense allowances yields an amount that falls within certain guidelines.

Under Chapter 7, a trustee takes control of all property that is not specifically exempt; you get to keep many types of property because the law lets you keep it.  In return, the court allows you to wipe out many types of debts.  Generally, you will be able to wipe out the following types of debts:

  • credit cards
  • store cards
  • medical and dental bills
  • unsecured personal loans
  • certain taxes

There are other types of debts that may be able to be discharged (wiped out).  It’s useful to realize that the vast majority of people who file Chapter 7 bankruptcy get to keep all of their personal belongings – in some states, people who file Chapter 7 may also be able to keep a home and a car.  You should always talk with an experienced bankruptcy lawyer when making a decision to file any type of case.

As far as what you get to keep, the laws differ from state to state.  In New York (which is where I practice), you would be able to keep most of your possessions.

For people who may not qualify or would lose significant assets, Chapter 13 might be an alternate means of ending your bill problems.  The qualifications for Chapter 13 are different, and the benefits to this type of case may well outweigh the burdens.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida.  For more information, go to our web site
or call (727) 254-1704.

Do I Have to File Bankruptcy all my Credit Cards?

Friday, August 1st, 2014
article by admin

Do I have to file bankruptcy on all my credit cards?

The answer is – Yes – you have to file bankruptcy on everything you own and all debts you owe

Do I have to file bankruptcy on my car?

Yes.  Your bankruptcy case covers 100% of your assets and 100% of your debts.You can’t pick and choose. You may be able to keep certain assets because they are exempt. In addition, you may be able to retain certain assets on which a creditor has a lien – like your car – because you decide to continue to pay the debt to the creditor under a “reaffirmation agreement.

Do I have to file bankruptcy on my engagement ring?

Yes. An engagement ring is an asset. Depending on the value of the ring and your state’s law, it may well be exempt but it still needs to be “included in the bankruptcy

I almost never suggest that a person continue to pay a credit card debt. You are “filing bankruptcy on your credit cards” too. First of all, bankruptcy will usually result in termination of the credit card. Even if it doesn’t, the continued use of a credit card usually is not beneficial a person who files for bankruptcy. Improper use of credit often is a reason that you ended up in bankruptcy in the first place.

So, when you visit your bankruptcy lawyer, please don’t hold back any information. Tell your bankruptcy lawyer everything, just like you would tell your doctor all of your symptoms. Give your lawyer all of the facts and your bankruptcy lawyer will be able to protect you and your property to the fullest extent of the law.

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:
or call (727) 254-1704.