Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with a petition is filed by the debtor.

The two most common forms of consumer bankruptcy are a Chapter 7 and Chapter 13.

For a Chapter 7, you must wait 8 years from the date of filing your prior Chapter 7 bankruptcy. For a Chapter 13, you should wait 2 years from the date of filing your prior Chapter 13 bankruptcy.

The short and quick answer is no, but with a quick explanation. Determining which bankruptcy filing your qualify for, how to protect your assets and preparing a proper petition do require a vast amount of skill and knowledge that is developed as a result of doing hundreds, preferably thousands, of bankruptcy filings to completion. If you are not aware of the landmines that exist in any given bankruptcy filing, you could end up losing assets you could otherwise protect and/or fail to receive a discharge of your debts.

Chapter 7 and Chapter 13 are two common forms of consumer bankruptcy. Chapter 7 generally involves the discharge of qualifying debts, subject to eligibility requirements and applicable exemptions. Chapter 13 generally involves a court-approved repayment plan that typically lasts three to five years. Which option may
be appropriate depends on an individual’s income, assets, debts, goals, and other circumstances.

Filing a bankruptcy petition generally triggers the automatic stay, which prohibits many creditors from continuing certain collection activities while the stay is in effect. There are exceptions, so clients should discuss their individual circumstances with an attorney.

A bankruptcy filing may temporarily stop certain foreclosure activity through the automatic stay. Whether bankruptcy provides an appropriate long-term solution depends upon the circumstances, including the type of bankruptcy filed, mortgage status, income, property equity, and other factors.

Not necessarily. What property a person may retain depends upon the type of bankruptcy, applicable exemptions equity, loan status, and the individual’s circumstances. An attorney can evaluate these issues before a bankruptcy petition is filed.

Bankruptcy is not appropriate for everyone. The decision depends upon factors including the amount and type of debt, income, assets, ongoing financial obligations, and the individual’s goals. A consultation with Suncoast Law can help identify available options.

No. Calling the firm, sending an email, or submitting a website form does not by itself establish an attorney- client relationship. Representation begins only after Suncoast Law agrees to represent the client and the appropriate engagement agreement has been completed.

Suncoast Law strives to respond to telephone calls and website inquiries within 24 hours.