PERSONAL BANKRUPTCY

 


  • How do I determine if bankruptcy is necessary or helpful for my situation?
  • Am I eligible for chapter 7 liquidation or chapter 13 reorganization?
  • Which debts will be discharged in bankruptcy?
  • Which assets can I keep if I file for bankruptcy?
  • How are mortgages, credit cards and other debts treated in bankruptcy?
  • Will I need to liquidate my retirement accounts?
  • Most of my property is held in trust.  Am I protected?
  • How will my credit be impacted?

The Firm offers a number of services to assist struggling consumers through these difficult and turbulent economic times. A personal or consumer bankruptcy proceeding often becomes necessary when individuals are faced with unmanageable debt, increased monthly payments, loss of income due to layoff, disability, illness, divorce, or other life-changing event, foreclosure or lawsuit, and many other reasons.

 

Filing Bankruptcy is a difficult decision to make. Bankruptcy may help you prevent foreclosure of your home, stop debt collector harassment and get a fresh financial start.  Our attorneys will work to analyze your financial condition and determine your eligibility for chapter 7, 11, or 13. Exempt assets (which you may keep) versus non-exempt assets (which you may not keep) are carefully evaluated. It is essential to discuss each client’s ultimate objectives, including short-term and long-term goals.

 

Serving on the  Chapter 7 Bankruptcy Trustee Panel for the Southern District of Florida, Ms. Mehdipour offers a comprehensive perspective while representing debtors, creditors, and other parties in interest in Chapter 7 cases. 

 

Chapter 7 or liquidation bankruptcy

This is the most preferable chapter for consumers, but not everyone qualifies. Chapter 7 allows you to keep certain exempt property and will discharge (or cancel) your debts with certain exceptions. A chapter 7 bankruptcy trustee will be appointed to sell, for the benefit of your creditors, your non-exempt property which you cannot keep. In order to use chapter 7, you must illustrate that your income does not exceed certain levels as compared to the median income in your state for a household of your size.

 

Chapter 13 individual reorganization

Not everyone is eligible to use Chapter 7. For example, if your income is sufficient to fund a Chapter 13 repayment plan, after deducting certain allowed expenses and monthly payments for child support, tax debts, secured debts (such as a mortgage or car loan), and other types of debts, you will not be permitted to use Chapter 7. In order to then qualify for chapter 13, your unsecured and secured debts may not exceed certain threshold amounts.  

 

Chapter 11 individual reorganization

Most everyone recognizes chapter 11 as a reorganization tool for businesses. What most people do not know is that individuals can reorganize using chapter 11; however, because it is more expensive and complex in nature and generally used by high net worth individuals, it is rarely chosen.