Bankruptcy

What can Bankruptcy do for you?

1) Stop garnishments;
2) Reorganize and reduce debts; and/or
3) Stop foreclosure and save a home.
Maria Escoto-Castiello, Esq. can help!

Chapter 7 Bankruptcy

Chapter 7 bankruptcy may allow persons and companies to liquidate all their debts, keep only those affordable assets, and have a fresh start.
 

The Firm represents creditors and debtors in any Chapter 7 bankruptcy filed in any of the District Courts of the State of Florida. A bankruptcy under Chapter 7 is not a payment plan; however, the Debtor might have to make payments to the Trustee if he wants to keep property which has equity and is over exempted or protected under the Bankruptcy Code. In bankruptcy, whether filing a Chapter 7 or a Chapter 13, the main issue to keep in mind is not how much is owed but the value of properties owned.

Chapter 13 Bankruptcy

In a Chapter 13 bankruptcy a person typically (not a company) attempts to reorganize all debts and keep all assets (even if not current with the loan), to get rid of some unwanted assets, and to reduce certain debts down to the value of the asset. A Chapter 13 bankruptcy provides many options, for example: allowing a person to keep all assets even if he is not current with his loans, or remove a line of equity or second mortgage from a real estate property. An investment property can be paid off at its current value. A Chapter 13 bankruptcy typically provides for a payment plan which would last 3 to 5 years, once approved by the Court.