Tag Archives: bankruptcy

Assessing Your Debt

If you are struggling financially and living paycheck to paycheck, it is time to consider your debt relief options. Filing a Chapter 7 or Chapter 13 bankruptcy can be the first step to taking control of your debt and getting your financial life back on track. The first step in making this decision is to objectively assess your debt.

 Assessing Your Debt | Faro & Crowder, PA

Consider your debt relief options

What exactly does this mean? The Internet has several different websites that can assist you with the process. Most offer a “debt quiz” that gives you questions to answer regarding your financial status. By answering yes or no to these questions, the website may provide you with suggestions on how to improve your finances. But remember, this is very generalized advice and it is not legal advice, so it should be only used as a means for helping you assess your debt.

There are also websites that provide a debt calculator, which can be helpful because it permits you to enter the amount of your debt and the applicable interest rates. A debt calculator allows you to see how your debt will continue to increase over time. Again, these websites may offer generalized advice on ways you can pay your debt off.

The most vital action you can take is to be honest with yourself about your debt. If you are facing a temporary setback due to the loss of a job or divorce that you can overcome, then it makes sense to live by a budget until you have gotten back on track. However, if you are facing overwhelming debt and you believe there is no way you will ever recover from it, you should confer with a personal bankruptcy attorney.

Assessing Your Debt

No website or DIY book can replace the advice and guidance of an experienced lawyer. Let one of our attorneys review your individual finances and help you understand all of your debt relief options. Discharging your debt and obtaining a fresh financial start is often the best decision for our clients. In fact, many of them tell us they wish they hadn’t waited so long!

Contact Faro & Crowder, PA today for your FREE initial bankruptcy consultation

Stop living under the weight of your debt. Let us help. Contact Faro & Crowder, PA, today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals and businesses across the State of Florida.


    Services Areas

    We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

    Get In Touch with Faro & Crowder, PA

    Faro & Crowder, PA
    Phone: 321-784-8158
    Address:
    1801 N. Sarno Road, Suite 01
    Melbourne, FL 32935
    Email

    The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

    Will Filing Bankruptcy Stop ALL Lawsuits?

    Personal Bankruptcy – Brevard County

    If you have lawsuits filed against you, it may be time to consider filing a personal bankruptcy case. A personal bankruptcy case can be an effective way to eliminate certain collection lawsuits. However, it is important to understand that not all types of litigation are halted or eliminated in a Chapter 7 or Chapter 13.

    Will Bankruptcy Stop My Lawsuits | Melbourne, FL

    Below are a few examples of suits that are not stopped by your filing:

    Family Law Matters

    When you are involved in a case that involves a determination of child support, spousal support, or the establishment of paternity, your bankruptcy filing usually will not stop the family law court from proceeding with its case.

    Criminal Proceedings

    Filing for bankruptcy protection cannot halt a criminal proceeding. However, if the charges against you include a debt that is related to your criminal charges, that portion of the case against you may be halted by the automatic stay.

    Tax Proceedings

    The law provides that the Internal Revenue Service (IRS) has the ability to continue pursuing certain audits, issuing tax deficiency notices, demanding tax returns, or issuing tax assessments against a debtor in bankruptcy. The automatic stay will prevent the IRS from issuing tax liens, repossessing property, or seizing your income will your bankruptcy case is pending.

    Pension Loans

    A debtor is allowed to have funds withheld from his or her wages to repay a loan from certain types of pensions.

    If you are planning to file a bankruptcy case and you have lawsuits or forms of legal proceedings filed or pending against you, contact us to discuss what will or will not be affected by the automatic stay. We can review all of the cases pending against you and make sure you understand what your bankruptcy filing will mean in each matter. We can also confer with the other parties involved if necessary so everyone is on the same page regarding your case.

    Speak with an experienced Attorney at Faro & Crowder, PA 321-784-8158

    The above are just a few examples of the types of legal proceedings that are not halted by the automatic stay. If you are interested in learning more about how a bankruptcy filing will impact your debt or the lawsuits pending against you, contact Faro Crowder, PA to schedule an appointment.  Our office is located in Melbourne, Florida.  We serve all of Brevard County and the Space Coast with Bankruptcy and Debt Relief services.


      Services Areas

      We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

      Get In Touch with Faro & Crowder, PA

      Faro & Crowder, PA
      Phone: 321-784-8158
      Address:
      1801 N. Sarno Road, Suite 01
      Melbourne, FL 32935
      Email

      The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

       

      Required Filings in a Chapter 7 Bankruptcy

      Once you have decided to file for Chapter 7 bankruptcy protection, there are several different pleadings that must be prepared and filed with the court. The law requires all bankruptcy debtors to make full financial disclosures. In other words, you are required to list all of your property, debts, income and expenses.

      Required filings in a Chapter 7 Bankruptcy | Brevard County

      One of your bankruptcy attorneys will assist you with creating all of the necessary paperwork, but it is important that you provide us with all of your financial records.

      Below is a summary of the initial pleadings that we will file in your Chapter 7 case:

      The bankruptcy petition
      A list of everything you own
      A list of all you owe (debts)
      A list of everyone you owe money to (called the “creditor matrix”)
      A list of your current income and expenses
      A statement of your financial affairs
      A certificate from your lawyer demonstrating that (i) you were given a notice explaining the different bankruptcy chapters, (ii) a notice describing the services provided by the credit counseling agencies, and (ii) a statement clarifying that any debtor who intentionally or fraudulently conceals property or makes a false statement under oath is subject to fine, imprisonment, or both.

      The above initial filings are commonly referred to together as your “Schedules and Statement of Financial Affairs.” Once all of your pleadings have been prepared, you will be asked to review them closely and confirm that they are accurate. The trustee will likely ask if you have reviewed all of your pleadings and whether they are true and correct at your meeting of creditors. If you should discover an error, it is imperative that you let your lawyer know immediately so it can be corrected. You file your bankruptcy pleadings with the court under the penalty of perjury, so you want to make sure it is done correctly.

      If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment.

      Speak with an experienced Foreclosure Defense and Bankruptcy Attorney at Faro & Crowder, PA 321-784-8158


        Services Areas

        We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

        Get In Touch with Faro & Crowder, PA

        Faro & Crowder, PA
        Phone: 321-784-8158
        Address:
        1801 N. Sarno Road, Suite 01
        Melbourne, FL 32935
        Email

        The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

        Your Bankruptcy Roadmap

        The Chapter 13 plan essentially puts you on an allowance for a period of time, to help you catch up on your bills, start rebuilding your credit score and get on with your life free of creditor harassment.

        Bankruptcy Roadmap | Brevard County Bankruptcy Attorney

        The Plan

        A Chapter 13 bankruptcy is sometimes referred to as the “wage-earner plan” or “repayment plan bankruptcy.”

        Just like your petition was voluntary, you also have the first chance to put together a Chapter 13 plan. Depending on your income, the plan period may be either three or five years; generally speaking, a higher income means a longer plan, because the law assumes that you have more ability to pay back your debts.

        At a minimum, the plan must account for current payments on secured debts, the total arrearage on secured debts and the trustee’s fee. Bear in mind that the “total arrearage” is not necessarily the amount the moneylender demands that you pay.

        The plan must also be feasible. If you are behind on your mortgage, you must demonstrate the ability to pay off the total arrearage amount within the plan period. It is possible to go back and modify the plan later, should your income or expenses change significantly.

        Automatic stay

        Creditors are prohibited from contacting you for the entire time that your bankruptcy is pending. As a practical matter, moneylenders often communicate to your attorney, who then forwards the information to you. While cumbersome, this process gives your attorney the opportunity to negotiate with moneylenders right from the start. It also gives you the freedom to check your mail without that sinking feeling that there will be more bills in the box than you can possibly pay.

        A bankruptcy plan is a fairly complicated document that can put you back on the right path. To take the first step towards financial freedom, contact our office located in Melbourne, Florida.

        Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

        If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.


          Services Areas

          We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

          Get In Touch with Faro & Crowder, PA

          Faro & Crowder, PA
          Phone: 321-784-8158
          Address:
          1801 N. Sarno Road, Suite 01
          Melbourne, FL 32935
          Email

          The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

          Is It Time for You to File Bankruptcy?

          When you file bankruptcy it can help you obtain a fresh financial start. However, it can be difficult to know when the best time to file your case is. There is no magic formula for pin-pointing the best time to file a Chapter 7 or Chapter 13, but there are many warning signs that a bankruptcy filing should be considered.

           

          A few examples of warning signs that a bankruptcy filing should be considered include:

          • Your mortgage lender is threatening foreclosure of your home
          • Your car, boat, ATV or other assets are being repossessed by creditors
          • Collection lawsuits are pending against you
          • You do not have insurance and your medical bills are overwhelming you
          • Your wages and/or your bank account is being garnished
          • You are being harassed by debt collectors
          • You are delinquent on your taxes
          • Most of your debt is unsecured (such as credit cards)
          • You do not have an emergency fund or any savings
          • Excluding your secured loans (mortgage, vehicle loan, etc), you cannot pay your total debt in full within five years

          It May Be Difficult to Figure out the Best Timing to File Bankruptcy

          Deciding whether to file a personal bankruptcy case is difficult, but figuring out the best timing can be even harder. The above list is just a few examples of the situations that may warrant filing for bankruptcy.

          Collection Efforts Will Stop When You File a Bankruptcy Case

          The good news is that whatever your circumstances, if you decide to file a bankruptcy case, the collection efforts against you will stop. The automatic stay is immediately effective when you file your petition, which prohibits any further collection activity against you. We can review your finances and decide if bankruptcy can provide you the debt relief you need.

          Contact a Brevard County Bankruptcy Attorney today

          If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of Brevard County and the Space Coast.

          Services Areas

          We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

          Speak with an experienced Bankruptcy Attorney at Faro & Crowder, PA 321-784-8158

          We offer a free initial consult for bankruptcy, debt relief, credit card debt and foreclosure defense.  Contact our office to schedule your consultation and discuss your debt relief options.


            Faro & Crowder, PA
            Phone: 321-784-8158
            Address:
            1801 N. Sarno Road, Suite 01
            Melbourne, FL 32935
            Email: info@farolaw.com

            We are a debt relief agency. We help people file for bankruptcy under the bankruptcy code.

            Can I file Bankruptcy if I am Unemployed?

            Filing Bankruptcy While Unemployed

            If you have recently lost your job or you have been unemployed for a while, you are probably  delinquent on your bills and debt collectors are harassing you. If you have considered filing for bankruptcy protection but you are concerned that you won’t qualify if you don’t have a job, it is important to understand that now may be the ideal time for you to file a case.

            Bankruptcy Viera Florida, Bankruptcy Attorney serving Viera

            Bankruptcy Attorney serving Brevard County

            Every individual’s situation is unique, so it is essential to have an experienced attorney review your circumstances to determine the best strategy for you to take. While you are unemployed, you may be “judgment proof.” This means that you do not have any non-exempt assets or funds that a creditor can attack in collecting the debt from you. As a result, your creditors may not be taking any collection actions against you.

            The Means Test

            However, while you do not have a job you will likely pass the means test and qualify for a Chapter 7 filing. The means test is a mathematical formula used by the bankruptcy court to ensure that you are not abusing the bankruptcy process in attempting to discharge your debt. The means test looks at your income from the prior six months to determine whether or not you have the ability to repay your creditors. If you have been unemployed for several months and show no income during that time, you may be eligible for a Chapter 7 filing when you otherwise would not qualify.

            Your future income may be considered by the trustee even if you pass the means test. In other words, if the trustee thinks you are capable of paying your creditors, he or she has the ability to object to your discharge of debt. However, if you are not receiving any income, there is a very small likelihood that the trustee will file this type of objection.

            If you are unemployed and read to obtain relief from your overwhelming debt, let us help. We can review your individual finances and determine whether or not a bankruptcy filing or other form of debt relief would benefit you.

            Contact Faro & Crowder, PA to learn about your Bankruptcy Options in Brevard County FL

            If you have questions about filing for bankruptcy protection, we have the answers. Call us today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals, families and businesses across the State of Florida.  We also offer free initial consultations for foreclosure defense and defense against debt collection.

            Services Areas

            We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.


              Get In Touch with Faro & Crowder, PA

              Faro & Crowder, PA
              Phone: 321-784-8158
              Address:
              1801 N. Sarno Road, Suite 01
              Melbourne, FL 32935
              Email: info@farolaw.com

              The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

              Are Payday Loans Dischargeable in a Chapter 7?

              Payday loans are generally dischargeable without any arguments in a Chapter 7 Bankruptcy, because these loans are unsecured debts. There are, however, a few special cases.

              Payday Loans

              Fraud

              If you borrowed money within 90 days prior to filing bankruptcy, there is a presumption of bankruptcy fraud. Simply stated, the law presumes that you never intended to repay the money and that you used your bankruptcy filing as a sword instead of a shield. In such a situation, the payday lender may file an objection to discharge and a motion to remove the stay.

              Many bankruptcy judges do not like payday lenders, believing that these lenders charge usurious rates and take advantage of consumers. Whether that perception is true or false is not the point. Because of this attitude, some judges may require the payday lender to prove fraudulent intent. Intent is particularly hard to prove if the actual loan was originally taken out more than 90 days prior to filing, and the consumer had to keep renewing the loan.

              Postdated Check

              Some payday lenders may require you to surrender a postdated check. After you file, they may attempt to cash the check, arguing that they deposited the instrument in the normal course of business.

              But the automatic stay prohibits creditors from taking any action against you, and the payday lender is clearly a “creditor” at that point.

              Vehicle Title Loan

              Many people place title loans and payday loans in the same category. For non-bankruptcy purposes, this classification may be appropriate. But, by accepting cash and putting up your car title as security for repayment, the vehicle title loan is a secured debt. The debt itself may be dischargeable, but the lender’s lien on your car title is still valid.

              One option is a cram-down. If you borrowed $3000 but your car is only worth $1000, you may be able to pay the $1000 and keep your car. Another option is a conversion to a Chapter 13 bankruptcy, when the automatic stay stays in effect much longer, giving you time to pay off the loan.

              To find relief from your creditors, contact us in Melbourne, Florida for your free consultation.

              Contact Faro & Crowder, Pa to Learn About Your Bankruptcy Options

              If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment.

              Speak with an experienced Foreclosure Defense and Bankruptcy Attorney at Faro & Crowder, PA 321-784-8158


                Services Areas

                We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

                Get In Touch with Faro & Crowder, PA

                Faro & Crowder, PA
                Phone: 321-784-8158
                Address:
                1801 N. Sarno Road, Suite 01
                Melbourne, FL 32935
                Email

                The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

                 

                Small Business and Bankruptcy

                If you are the owner of a small business, your personal finances are probably closely linked with your business. Most small business owners invest a large amount of their time and money in trying to ensure their entity is successful. However, when the business faces financial struggles, it means the business owner is likely to experience financial troubles too.

                Small Business and Bankruptcy | Law Firm Melbourne FL

                It is common for an owner to obtain business loans by providing the lender with a personal guarantee. It is also likely that you have used personal credit cards or personal savings, including loans from your retirement account, to help keep the business afloat. This can result in you accumulating an overwhelming amount of personal debt, as well as the business debt.

                If this is the situation you are facing, it may be time to consider filing a business bankruptcy and/or a personal bankruptcy. If the business is an incorporated entity, it can file its own case. Depending on the circumstances, a Chapter 7 or 11, or a state-court supervised dissolution could allow the business to reorganize its debt and obtain a fresh start, or it could assist with providing an orderly liquidation and closure of the business.

                Bankruptcy can also benefit the business owner with eliminating personal debt incurred in connection with the business, in addition to any other personal debt such as credit card and medical bills. If the business is a separate legal entity and it does not file for bankruptcy protection, the owner’s filing typically will not impact the business and it can continue normal operations. It is important to understand, however, that the value of an owner’s stock interest in the business is considered an asset, which means it must be disclosed in the personal filing. Usually a trustee has no interest in the business assets when the business owner files bankruptcy, but it is vital that you seek legal counsel to determine if or how your filing could affect your business.

                If you are a business owner and have questions regarding how bankruptcy could benefit you and/or your business, contact us for a free consultation.

                Speak with an experienced Bankruptcy Attorney at Faro & Crowder, PA 321-784-8158


                  Services Areas

                  We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

                  Get In Touch with Faro & Crowder, PA

                  Faro & Crowder, PA
                  Phone: 321-784-8158
                  Address:
                  1801 N. Sarno Road, Suite 01
                  Melbourne, FL 32935
                  Email

                  The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

                    Contact Us For A Free Consultation








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