Florida Attorneys Educating People on Bankruptcy Today
Revisions to bankruptcy laws in 2005 and the resulting misinformation that resulted from them, convinced many that bankruptcy was no longer a debt relief option. The truth is that most people still qualify for bankruptcy protection. A skilled bankruptcy attorney at the Law Office of Henry Hernandez can help you understand which option is the best fit for your situation and guide you through the process from start to finish.
Our Chapter 7 and Chapter 13 lawyers represent clients, including many in the Spanish-speaking community, explaining how existing bankruptcy laws apply to them. We can also provide invaluable information about pending changes involving mortgage modifications, and how different debt management options could help them make a fresh start financially.
For a free consultation about finding relief from crushing consumer debt, contact our Florida bankruptcy firm today at one of our offices in Naples, Tampa or Miami.
Dispelling Myths About Bankruptcy Reform
While bankruptcy law changes made it more difficult for some people to file for bankruptcy, many who qualified for debt elimination through Chapter 7 bankruptcy under previous laws still qualify today. Even if Chapter 7 isn't an option for you, a repayment plan under Chapter 13 bankruptcy is often possible.
We will help you understand and address the following bankruptcy concerns:
- The Means test - To qualify for Chapter 7 you must pass this test — and most people do — involving calculations to ensure that your income is less than the Florida median for a family of comparable size.
- Mandatory credit counseling - Everyone filing under the current bankruptcy law must attend credit and budget counseling prior to filing.
- Discharging credit card debt - Nearly everyone filing Chapter 7 can eliminate all their unsecured credit card debt.
- Avoiding foreclosure - Bankruptcy protection may help you avoid foreclosure by freeing up money for you to make your mortgage payments. Pending legislation may even allow bankruptcy judges to singlehandedly modify mortgages to make them more affordable.
- Homestead exemption - Florida offers an unlimited homestead exemption to debtors who have lived in their homestead for 1,215 days. The exemption for homestead is limited to $125,000 of equity if the property was acquired within the prior 1,215 days. The cap is not applicable to an interest transferred from the debtor's previous principal residence.
Help Understanding Your Bankruptcy Options
Knowing which bankruptcy option makes the most sense for your situation is important to a successful outcome. The Law Office of Henry Hernandez is here to help you make the right decisions. For more information about your bankruptcy, contact us for a free consultation.
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