Tag Archives: Chapter 7

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.

    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.

      Too Much Debt

      Many Americans simply have more debt than they can afford to repay. A chapter 7, or liquidation bankruptcy is an option to clean up your debt.

      Despite what you hear, it is rarely due to irresponsibility.  No one sets out to accumulate $7,000 in credit card debt, but a temporary job loss, sudden illness or other financial emergency can quickly drain savings and force people to charge normal living expenses.

      When coupled with student loans, signature loans, payday loans and other unsecured loans, consumer debt in America tops $3 trillion. Since most people can expect negligible wage growth and have little savings, credit card debt can easily push a family over its own fiscal cliff.

      Even if the debt was not your fault, the bills are still due and something must be done. If paying the bills is not an option, Chapter 7 Bankruptcy may be the answer.

      Chapter 7 Bankruptcy

      In just a few short months, Chapter 7 Bankruptcy can wipe out most unsecured debts including credit cards and medical bills. All that time, your creditors may not take any action against you unless they get special permission from the Bankruptcy Court. After the bankruptcy is over, you still get to keep your house, retirement account, and other valuable exempt assets.

      Contact us to learn more about  debt-elimination programs.

      Speak with an experienced Chapter 7 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.

        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.

               

              What You Need to Know About Credit Card Debt in Bankruptcy

              Credit card debt is one of the most common factors that contribute to individuals filing for bankruptcy protection.

              Credit Card Debt Relief | Melbourne, FL | Faro & Crowder, PA

              If you are overwhelmed by your credit card bills, filing a Chapter 7 or Chapter 13 may be the solution. In a typical Chapter 7, the majority (if not all) of your credit card debt will be discharged or eliminated. In a typical Chapter 13, you will pay a percentage (typically a very low percentage, if anything at all) of what is owed on your unsecured debts.

              It is important to understand, however, that there are exceptions to the general rule. Pursuant to 11 U.S.C. §523(a), there are a few exceptions to the rule of dischargeability. The two most common types of credit card debt to be excluded from discharge, include:

              • Credit obtained by lying. When a debtor puts false information on his or her credit application in order to qualify for the credit card, the lender can seek to have all of the purchases made on the credit card to be non-dischargeable. If the court agrees with your lender, you will remain liable to pay the debt even after your bankruptcy case has concluded. The most common occurrences of lying to obtain credit include significantly over-estimating income or under-estimating debt.
              • Fraudulent purchases. Many people incorrectly believe that they can make purchases on their credit card in the days leading up to their bankruptcy filing and discharge the debt. Any charges that are incurred by fraud or false representations can be held to be non-dischargeable. If the court holds that you used your credit card to buy items with no intent to pay for them, you will remain liable to pay the debt. Additionally, if a debtor buys frivolous items, maxes out the limit on the credit card, or even drastically increases credit card use just prior to filing bankruptcy, the creditor can challenge the dischargeability of the debt.

              Questions About Bankruptcy Protection?

              If you have questions about filing for bankruptcy protection, we have the answers.

              Credit Card Debt Relief Melbourne Florida

              Call us today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals and businesses across the State of Florida.

              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.

                Filing Bankruptcy Can Help with Foreclosure

                Although the housing market appears to be on the rebound, there are still many homeowners that are struggling to pay their mortgage payments. If you have fallen behind on your mortgage loan and you believe that a foreclosure is in your near future, you should consider filing for bankruptcy protection under Chapter 7 or Chapter 13.

                Foreclosure Defense Brevard County

                Bankruptcy can be an effective tool for individuals who are trying to avoid a foreclosure action.

                Individuals who file bankruptcy most commonly file under Chapter 7 or Chapter 13. Each type of case offers its own advantages and disadvantages. One of our seasoned bankruptcy attorneys can review your unique circumstances and assist you with determining which type of filing you qualify for or will be most beneficial for you.

                Chapter 7 | Liquidation Bankruptcy

                Chapter 7 is often referred to as the “liquidation” bankruptcy because your non-exempt property can be sold by the trustee to pay your creditors. The reality, however, is that most Chapter 7 debtors have very few (if any) non-exempt assets and they keep all of their assets.

                While a Chapter 7 filing does not completely stop the foreclosure process, it can buy you some additional time in your house. During this time, we can help you try to negotiate with your mortgage lender too. In order to proceed with the foreclosure, your creditor must seek relief from the automatic stay from the bankruptcy court.

                If the court grants the motion and your home is foreclosed, your Chapter 7 filing will discharge or eliminate any amount you still owe under the mortgage after the foreclosure sale. This can save you from owing thousands of dollars.

                Brevard County Foreclosure Defense

                Foreclosure and Bankruptcy Attorney serving Brevard County

                Chapter 13 | Reorganization Bankruptcy

                A Chapter 13 debtor must submit a plan of reorganization which sets forth how the creditors will be paid, fully or partially. Your repayment plan will last a term of three to five years, depending on your individual circumstances.

                During this time, you can make small payments under the plan that are applied to the mortgage loan delinquency. When your Chapter 13 case is over, you will be current on your mortgage loan. While your Chapter 13 case is pending and you are making your plan payments, the foreclosure process is halted.

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

                Don’t lose your home in a foreclosure. We offer a free initial consult for foreclosure defense or bankruptcy.  Contact us to discuss your different options for saving your home and whether filing bankruptcy is the solution.


                  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.

                  Understanding the Benefits of the Automatic Stay

                  If you are tired of being harassed by relentless debt collectors and you are wondering how filing for bankruptcy can help, the answer is a protection afforded to debtors called the “automatic stay.” As soon as you file your personal Chapter 7 or Chapter 13 petition, the stay immediately goes into effect and prohibits further collection activity against you. This means that all telephone calls, demand letters, lawsuits, garnishments and other similar forms of collection tactics must immediately stop.

                  Automatic Stay

                  Bankruptcy Attorney serving Melbourne, FL

                  Automatic Stay Exceptions

                  There are some exceptions to the automatic stay, so it is important to confer with a bankruptcy attorney regarding what matters will not be halted by your filing. Some of the more common examples of matters that can continue even though you filed for bankruptcy include certain family court matters, criminal court proceedings, and tax audits.

                  Creditors with Secured Debt

                  If you have a creditor that has a secured debt (a loan where you pledged an asset as collateral for the lender), it is important to understand that the creditor has the right to file a motion and ask the court to lift the stay as it applies to that lender’s specific debt. There are certain requirements that must be met for the court to grant this type of motion. If the court grants the creditor’s motion, the stay is lifted as to that creditor and the debt at issue. This means that the creditor can proceed with certain actions against you and/or the asset pledged as collateral. For example, if you fail to pay your car loan and you do not have insurance coverage on it, the bankruptcy court may permit your lender to repossess the vehicle.

                  Questions About the Automatic Stay?

                  Although the bankruptcy laws were designed to primarily protect debtors, they also set forth many safeguards for creditors as well. If you are concerned with how the automatic stay will apply to your debt and the collection actions being taken against you, contact us today.

                  Contact an Attorney at Faro & Crowder, Pa Today

                  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 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

                  Do you have too much debt? Chapter 7 Bankruptcy might be an option.

                  Many Americans simply have more debt than they can afford to repay.

                  Despite what you hear, it is rarely due to irresponsibility.  No one sets out to accumulate $7,000 in credit card debt, but a temporary job loss, sudden illness or other financial emergency can quickly drain savings and force people to charge normal living expenses.

                  Chapter 7 Bankruptcy Attorneys proudly serving Palm Bay, Melbourne and Brevard County

                  Bankruptcy Attorneys serving Palm Bay, Florida

                  Chapter 7 Bankruptcy options – Palm Bay and Melbourne, Florida

                  When coupled with student loans, signature loans, payday loans and other unsecured loans, consumer debt in America tops $3 trillion. Since most people can expect negligible wage growth and have little savings, credit card debt can easily push a family over its own fiscal cliff.

                  Even if the debt was not your fault, the bills are still due and something must be done. If paying the bills is not an option, Chapter 7 Bankruptcy may be the answer.

                  Learn more about Chapter 7 Bankruptcy

                  In just a few short months, Chapter 7 Bankruptcy can wipe out most unsecured debts including credit cards and medical bills. All that time, your creditors may not take any action against you unless they get special permission from the Bankruptcy Court. After the bankruptcy is over, you still get to keep your house, retirement account, and other valuable exempt assets.

                  Contact Faro & Crowder, PA today to learn about your Bankruptcy Options

                  We represent individuals, families, and businesses in Palm Bay, Melbourne, the Space Coast and Brevard County, Florida.  Contact us at our office in Melbourne, Florida to learn more about debt-elimination programs.  We offer a free initial consult for bankruptcy to help you learn about your debt relief options and moving forward.

                  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.

                     

                      Contact Us For A Free Consultation








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