Tallahassee Bankruptcy Lawyer
DSK Law represents both those who need to file for bankruptcy and creditors attempting to collect on debt. Since these cases are necessarily filed in federal court, our attorneys are licensed to practice in all three Florida Federal District Courts. In addition, we have attorneys whose sole area of practice is representing creditors in bankruptcy actions.
If you are creditor that wants to fight a bankruptcy or a debtor who needs to get a handle on their finances, our Tallahassee bankruptcy lawyers can help you.
Tallahassee Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows either individuals or businesses to discharge their debt through a process of liquidation. All kinds of private unsecured debt can be discharged in Chapter 7. In addition, there are both state and federal exemptions for property that cannot be liquidated. Chapter 7 tends to be the best option when a debtor has a lot of unsecured debt. This can include medical bills, credit card payments, or loans are not backed by real property.
Since a debtor can have all of their unsecured debt discharged in Chapter 7, there are barriers to entry that make it more difficult for those who make more than the state median income to file under Chapter 7. Those who make more than the state median will need to pass a means test to prove that they do not have enough disposable income to make payments on their debt. In addition, the penalties to your credit report are higher as well. A Chapter 7 bankruptcy stays on your record for 10 years.
Tallahassee Chapter 13 Bankruptcy
Chapter 13 is the better option for those who have a lot secured debt or debt backed by collateral or real property. Instead of discharging your debt, you and your attorney present a reorganization and repayment plan that works within your means to repay as much as the debt as possible over three or five years. A Chapter 13 bankruptcy will only stay on your credit report for 7 years, but there is a ceiling for how much debt you can owe and still file under Chapter 13. In addition, Chapter 13 is only available to individuals or couples, not businesses.
In some cases, folks will find themselves in a position where they’re making too much money for Chapter 7 and have too much debt for Chapter 13. In that case, their only option is to file for Chapter 11.
Tallahassee Chapter 11 Bankruptcy
Chapter 11 is a form reorganization bankruptcy that is available to businesses and, less frequently, individuals. When a repayment plan exceeds 5 years, an individual debtor may be forced to file for Chapter 11. It is the most expensive form of bankruptcy as it requires the most time for your lawyer to prepare for the court.
Tallahassee Creditors’ Rights
DSK Law also defends the rights of creditors in bankruptcy actions. We can help creditors file lawsuits against debtors and obtain judgments for liens, garnishments, and bank levies. We can fight the automatic stay provided by bankruptcy and we can help creditors argue why an individual who makes more than the state median should not be allowed to file under Chapter 7.
Talk to a Tallahassee Bankruptcy Lawyer Today
DSK Law provides a full array of services to both creditors and debtors. Give one of our Tallahassee bankruptcy lawyers a call or contact us online and we can begin discussing your options.