Chapter 7

Best for Individuals who:

  • Have little to no assets;
  • Have an income of less than 150% the poverty level established for Florida;
  • Need to eliminate certain debts, in order to start fresh; and
  • Are willing to sell any un-exempt assets.
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Chapter 13

Best for Individuals who:

  • have some assets;
  • have enough monthly income to payoff most, if not all, of his/her Debts in a period of three to five years; and
  • do not want to forfeit any of his/her assets.

Also ideal for the person looking to apply for a Loan Modification or is looking to save an asset from the imminent threat of a Foreclosure.

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Chapter 11

Strictly for:

  • Corporations and Wealthy Individuals.
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Florida Bankruptcy Lawyer

If you find yourself unable to meet your financial obligations due to accumulated debts, filing for bankruptcy can be a beneficial choice to improve your financial situation. Our firm understands why many people are hesitant about filing for bankruptcy. Understandably, many individuals may feel hesitant about taking this step, but there is no need to feel ashamed.

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Working with a Florida bankruptcy attorney can help you feel secure about your financial decisions. Contact Rivera Law Firm for a free initial consultation and confidential assessment of your financial problems. We can provide sound legal advice on the following:

  • Bankruptcy cases
  • Bankruptcy relief
  • Bankruptcy paperwork
  • Debt problems
  • Debt consolidation
  • Financial security
  • Your financial future
  • Overwhelming debt
  • Credit card debt
  • Other unsecured debt
  • Financial difficulties
Understanding the Bankruptcy Process in Florida

The process of starting a bankruptcy proceeding begins when an individual voluntarily files a bankruptcy petition in accordance with the United States Bankruptcy Code. Depending on your income and specific circumstances, you may benefit from either Chapter 7 bankruptcy or Chapter 13 bankruptcy. The determination of which chapter you are eligible to file for is typically based on the respective legal criteria associated with each one.

In the United States, bankruptcy is a constitutional right that allows businesses and individuals facing financial difficulties to seek relief through a bankruptcy court. It allows them to start with a “clean slate” and establish arrangements to alleviate their debts.

Due to its intricate nature, bankruptcy law can be highly complex, making the process of filing for bankruptcy challenging. However, individuals and businesses can seek assistance from a Florida Chapter 7 Bankruptcy Lawyer specializing in this area to provide guidance and support while helping clients protect their crucial assets and property throughout the bankruptcy proceedings.

The Bankruptcy Law

The U.S. Bankruptcy Code is organized into several chapters, each providing different kinds of bankruptcy solutions tailored to different types of debtors. Your Florida Chapter 13 Bankruptcy Attorney can help you discover exactly which option you qualify for and which one will work best for your particular situation.

The most commonly used Bankruptcy Code Chapters are:

  • Chapter 7, which is a liquidation bankruptcy, is used by any individual or corporation who wishes to sell off their non-exempt assets and secure cash to pay off, all or part of, their debts. When a business undergoes Chapter 7 liquidation, it typically ceases operations at that point.
  • Chapter 11 is typically only used by businesses that would like to reorganize their operations and finances while continuing their day-to-day operations.
  • Chapter 13 is the reorganization process available to individuals.

In addition to the Chapters previously mentioned, the Bankruptcy Code includes provisions catering to specific categories of debtors, such as farm owners or municipalities. If you are considering seeking debt relief through bankruptcy court, it is advisable to schedule a free initial consultation with a Florida Chapter 11 Bankruptcy Attorney without delay. They can provide valuable insights and guidance regarding your situation, ensuring you make informed decisions regarding your debt problems.

Filing For Bankruptcy

Debt problems are not only a financial stressor, they can weigh heavily on your conscience, family, business, and more. The best bankruptcy lawyers help their clients to find bankruptcy relief for their debts. 

Florida bankruptcy and debt consolidation specialists believe that it may be wise to consider filing for bankruptcy when:

  • Your debt situation isn’t improving
  • You’re worried about your retirement and want to preserve the income you will need 
  • Others are depending on you or your business 
  • You may lose your home or car due to the threat of foreclosure or repossession 

Under appropriate circumstances, bankruptcy can be a valuable tool for achieving financial relief. It offers the opportunity for individuals or businesses to start afresh and embark on the journey of rebuilding their credit. Once the bankruptcy process is initiated, a fresh start becomes possible, enabling you to lay the foundation for a stronger financial future while working towards rebuilding your creditworthiness.

While there is no exact amount of time required to reestablish your credit, a bankruptcy law firm can offer assistance and possibly expedite your recovery process.

The duration necessary to reestablish your credit after bankruptcy can vary and does not have a fixed timeframe. However, a bankruptcy law firm can provide valuable assistance and potentially accelerate the recovery process. Their expertise in navigating the complexities of bankruptcy law can provide guidance on strategies to rebuild credit efficiently, potentially helping you expedite your journey toward a healthier financial standing.

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Selecting the wrong bankruptcy law firm can have detrimental consequences for your financial well-being. Inadequate representation or lack of expertise can lead to various negative outcomes. Firstly, an inexperienced or incompetent bankruptcy law firm may fail to accurately assess your financial situation and guide you toward the most suitable bankruptcy option. This can result in filing for the wrong chapter of bankruptcy, leading to unnecessary complications, the possibility of losing your assets, and potentially prolonging the process.

Furthermore, a subpar bankruptcy law firm may not provide the level of attention and personalized service you require. They may lack the necessary resources to handle your case effectively, leading to delays, errors, and even potential legal repercussions. Additionally, an inexperienced firm may be unaware of critical legal nuances, jeopardizing your chances of obtaining maximum debt relief.

Choosing the wrong bankruptcy law firm can undermine your chances of a successful bankruptcy resolution and exacerbate your financial difficulties. It is crucial to thoroughly research and select a reputable, experienced firm to ensure the best possible outcome for your situation.

Florida Bankruptcy Lawyer FAQ

By consulting with your FL Bankruptcy attorney and debt relief agency, you can receive guidance identifying the optimal approach to address your credit card debt and other financial challenges. Below, we have compiled a list of commonly asked questions from our clients regarding the debt removal process and the potential benefits of pursuing bankruptcy to attain the necessary financial relief you seek.

How does bankruptcy provide relief for individuals struggling with debt?

Bankruptcy offers individuals burdened by overwhelming debt the opportunity for a new beginning. With the assistance of Florida bankruptcy lawyers, you can escape the constant harassment of creditors, granting you the necessary time to evaluate and reevaluate your financial circumstances. Bankruptcy is a legal mechanism to address situations where your financial condition has spiraled out of control.

What does the filing process for bankruptcy involve according to Florida Bankruptcy Law?

Under Florida Bankruptcy Law, filing for bankruptcy presents individuals with two main choices: Chapter 7 or Chapter 13. Chapter 7 entails the liquidation of assets to repay some or all your outstanding debts. Chapter 13 involves restructuring debts to establish a more manageable repayment plan for part or all your debts.

Given the intricacies of bankruptcy laws, it is advisable to seek guidance from experienced bankruptcy attorneys. These professionals can provide the necessary expertise to navigate the complexities of the process. By consulting with a bankruptcy law firm, you can file a bankruptcy petition that can potentially improve your debt situation. Contact Rivera Law Firm today to schedule a free consultation and explore your options further.

In what ways can a Florida Bankruptcy Attorney support me during the bankruptcy process?

A skilled Florida Bankruptcy Attorney can offer invaluable assistance throughout your bankruptcy proceedings. Your attorney will thoroughly examine your case and provide essential guidance tailored to your specific situation. They will explore various avenues for debt relief, discuss consumer debt alternatives, negotiate debt on your behalf, and help you determine the most favorable course of action based on your rights under Florida law.

By working closely with a bankruptcy attorney, you can benefit from their expertise and legal knowledge, ensuring that you make informed decisions regarding your financial future. They will advocate for your best interests, provide essential advice on managing your debts, and guide you through the complex legal procedures associated with bankruptcy.

How can I manage the costs of filing for bankruptcy?

While filing for bankruptcy incurs certain expenses, such as legal fees and court costs, it is important to view these as investments in your future financial well-being. When faced with overwhelming debts, the potential cost of not taking any action could be even more significant.

Experienced bankruptcy lawyers are well-equipped to assist you in understanding the costs associated with bankruptcy and how to manage them effectively. They can clarify the fees involved and help you navigate the financial aspects of the process. By working closely with a knowledgeable bankruptcy attorney, you can better understand the expenses involved and explore strategies to handle them in a manageable way.

Is It Possible to File Bankruptcy Without Florida Bankruptcy Lawyers, or Should I Use Debt Relief Agencies?

Although it's possible to file on your own, filing for bankruptcy without legal aid can lead to costly complications, which could cost you more in the long run. Debt relief agencies may promise more than they can deliver, and you may end up worse off than where you started. Seek a free consultation with experienced Florida bankruptcy lawyers to understand all of your options fully.

What is the impact of bankruptcy on my credit score?

Although Bankruptcy significantly impacts your credit score, and the effects can persist on your credit report for a number of years, it's important to acknowledge that continually missing payments and accumulating further debt can potentially be more detrimental to your credit score in the long run. It's crucial to understand that the purpose of filing for bankruptcy is to provide a path toward rebuilding and restoring your financial stability.

Bankruptcy law firms are well-versed in matters related to credit scores and can provide valuable insights into understanding the implications of bankruptcy on your creditworthiness. By consulting with experienced bankruptcy attorneys, you can gain a clearer understanding of how your credit score may be affected and explore strategies to rebuild your credit over time.

Can I Lose My Home or Car if I File for Bankruptcy in Florida?

Florida Bankruptcy Law provides exemptions that could allow you to keep your home, car, and other essential items. A homestead exemption protects your primary residence. However, there are specific rules and conditions to meet, and it's best to consult with a bankruptcy law firm to understand those criteria.

What Is the Difference Between Secured and Unsecured Debt in Bankruptcy?

Secured debt is linked to a physical asset, like a car loan or a mortgage. When you fail to pay, the secured creditor has the right to repossess these assets. Unsecured debt, like credit card debt or medical bills, isn't tied to any specific property. In a bankruptcy proceeding, unsecured debts are typically discharged completely in Chapter 7 or partially in Chapter 13.

Can All Types of Unsecured Debt Be Discharged in Bankruptcy?

No, not all unsecured debts can be removed in bankruptcy. Student loans, most tax debt, child support, and alimony, amongst others, are generally not dischargeable. You must understand which of your debts can be discharged before filing for bankruptcy. An experienced law firm can help clarify what’s available to you.

What are non-exempt assets in the context of bankruptcy?

Non-exempt assets are not protected or exempted under bankruptcy laws and can be subject to sale or liquidation by the trustee appointed by the bankruptcy court. These assets are typically considered a part of the bankruptcy estate and can be used to repay creditors.

Examples of non-exempt assets include properties such as vacation homes or secondary residences that are not considered your primary residence. These assets may be sold to generate funds that can be used to satisfy your outstanding debts as part of the bankruptcy process. It's important to consult with a bankruptcy attorney to understand which assets are exempt and non-exempt in your specific situation, as exemptions can vary depending on the applicable bankruptcy laws and regulations.

What is Chapter 7 bankruptcy, and who is eligible for it?

Chapter 7 bankruptcy, often referred to as "a liquidation," involves the discharge of certain unsecured debts, such as credit card debts and medical bills. It allows individuals or businesses to obtain a fresh financial start by eliminating or reducing their outstanding debt obligations.

However, not everyone qualifies for Chapter 7 bankruptcy. To determine eligibility, individuals must undergo a "means test." This test compares their income to the median household income for their state and household size. If their income falls below the median, they generally qualify for Chapter 7. However, if their income exceeds the median, they may be required to file for Chapter 13 bankruptcy instead.

It's important to consult with a bankruptcy attorney to understand whether Chapter 7 bankruptcy is appropriate for your specific financial situation and to navigate the eligibility requirements and procedures effectively.

Can businesses file for Chapter 7 bankruptcy?

Yes, businesses can file for Chapter 7 bankruptcy. However, it's important to note that, unlike individuals, businesses do not receive a discharge of debt under Chapter 7. Instead, the primary outcome of Chapter 7 bankruptcy for businesses is the structured cessation of operations.

In Chapter 7 bankruptcy for businesses, a trustee is appointed by the bankruptcy court to oversee the process. The trustee's role is to evaluate and liquidate the business's assets. The proceeds from the sale of these assets are then distributed among the creditors to satisfy the outstanding debts of the business.

Chapter 7 bankruptcy allows businesses to wind down their operations in an organized manner and distribute the available assets to creditors. It provides a means for businesses to address overwhelming debt and financial difficulties. It's important to consult with a bankruptcy attorney to understand the implications of Chapter 7 bankruptcy on your business and explore alternative options if necessary.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 bankruptcy is a type of bankruptcy that enables individuals with regular income to create a repayment plan to address their debts. Unlike Chapter 7 bankruptcy, Chapter 13 does not involve liquidating assets but focuses on restructuring and repaying debts over a specified period.

Under Chapter 13, debtors develop a repayment plan that outlines how they will repay, in most cases, a portion of their debts to their creditors. The repayment plan typically spans three to five years and is based on the individual's income, expenses, and ability to pay. The debtor makes monthly payments to a bankruptcy trustee, who then distributes the funds to the creditors according to the terms of the plan.

Chapter 13 bankruptcy is particularly beneficial for individuals who are behind on mortgage payments or have debts that cannot be discharged under Chapter 7. It allows them to catch up on missed mortgage payments and prevent foreclosure while consolidating and managing their other debts through a structured repayment plan.

It's important to consult a bankruptcy attorney to determine if Chapter 13 bankruptcy is the right option for your specific financial circumstances. They can guide you through the process of creating a feasible repayment plan and ensure that your rights and interests are protected throughout the bankruptcy proceedings.

What Is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy is used by businesses to continue operating while they restructure their debts and business affairs. It's a bit more complicated and costly than other types of bankruptcy. Generally, Chapter 11 is used by larger businesses with regular income, although high net-worth individuals could also need to file a Chapter 11.

What are the distinctions between filing for Chapter 11 and Chapter 13 bankruptcy?

While both chapters involve the reorganization of debt, they are designed to address the needs of different individuals and entities. Chapter 13 is utilized by individuals who aim to retain their assets and gradually repay creditors.

In contrast, Chapter 11 bankruptcy is primarily filed by businesses that require a comprehensive restructuring of substantial debt while maintaining their operations. Chapter 11 proceedings are typically more complex and costly compared to Chapter 13 bankruptcy due to the scale and intricacy involved in the process.

Why Should I Hire a Bankruptcy Attorney?

Hiring a bankruptcy attorney can help you navigate the complicated nature of bankruptcy law. Bankruptcy is a legal process and involves very strict filing requirements and deadlines. An attorney will help you understand these requirements, guide you throughout the process, and advocate for your rights with your creditors and the court.

How Do I Choose the Right Bankruptcy Attorney?

When faced with the task of selecting a bankruptcy attorney, there are several factors to take into account. Firstly, consider their experience and expertise in bankruptcy law. It is crucial to choose an attorney specializing in this area of law to ensure they possess the necessary knowledge and skills. Some attorneys only handle Chapter 7 Bankruptcies, which poses a problem if your particular case requires a different remedy.

Additionally, assess whether the attorney regularly handles cases similar to yours. This indicates their familiarity with the specific challenges and complexities you may encounter. Furthermore, a responsive and communicative attorney is essential, as they should be available to address your questions and concerns throughout the process.

Keep in mind that the attorney you select will greatly influence the outcome of your case, making it crucial to approach your decision thoughtfully and with adequate information. Our South Florida Bankruptcy Attorney possesses extensive experience in all the major bankruptcy chapters. This ensures that you will receive comprehensive and accurate information to help you make an informed decision.

By choosing our attorney, you can rest assured that you will be provided with the necessary guidance and support throughout the bankruptcy process. Our attorney's expertise in various bankruptcy chapters will enable you to fully understand your options and make the best choices for your unique circumstances. With their knowledge and experience, you can approach your bankruptcy case confidently and with peace of mind.

What Should I Expect From My Consultation With a Bankruptcy Attorney?

During your initial consultation with our bankruptcy attorney, you can expect a comprehensive review of your financial situation. The attorney will carefully assess your circumstances and provide expert advice on whether bankruptcy is a viable option for you. Our attorneys at Rivera Law Firm will take the time to explain the various types of bankruptcy available and recommend the one that is most suitable for your needs.

Moreover, our adept attorneys will create a supportive environment where you can freely ask questions and seek clarification. This consultation is an opportunity for you to gauge whether an attorney from our firm is the right fit for you. We understand the importance of finding an attorney with whom you feel comfortable and confident, and we strive to ensure that you have all the information you need to make an informed decision about moving forward with your bankruptcy case.

What can a Bankruptcy Protect?

Bankruptcy can protect:

  • primary residence
  • investment properties
  • cars
  • wages 
  • peace of mind!


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Which Bankruptcy to file?

You and your attorney will decide!

This is a questions for you and your attorney to decide.  Not all cases are the same, so it all depends on your particular circumstances.

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Will Bankruptcy be the End?

Bankruptcy is only the Beginning!

Bankruptcy is only a tool that can help you get your life back on track, and you do not have to lose everything in the process.

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How is Life like after Bankruptcy

No more creditor calls!

Remember a time without creditors calling you? A time when you slept a little better? That is what life after bankruptcy could look like for you.

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