If you have considered filing for bankruptcy, it will be in your best interest to have a clear understanding of the potential consequences, along with the possible benefits.
Upon successful completion, a Chapter 7 bankruptcy will wipe out a portion, if not all, of your unsecured debt in a short period of time. This chapter leaves you with a fresh start in less than a year.
Chapter 13 bankruptcy is considered the “reorganization bankruptcy,” because it gives the petitioner the chance to reorganize their debt by agreeing to a 3-5 year payment plan that will pay off a portion of their debt to the collectors. This chapter offers the petitioner a chance to keep personal possessions they may lose otherwise in a Chapter 7 proceeding.
Read on to learn more about the non-exempt assets that may be applicable for liquidation under Chapter 7, how secured property like your home is affected by Chapter 13, and what ways you can use to avoid losing your most beloved personal property in general as a filer.
The best way to make the optimal decisions for protecting your assets is to hire a bankruptcy attorney. Know that there are experienced Florida bankruptcy attorneys available to help who have assisted hundreds of other Floridians like you with achieving the best possible outcome in a bankruptcy case.