Do I need to file for Bankruptcy?
Fast solutions are not always the best solutions. Yes, you may feel as if you are in dire straits financially and have no other choice but a Chapter 7 or Chapter 13 filing. While that may be true, you may have time to put your finances in order and set yourself up for success in the long term.
Many consumer and business clients come to us convinced that their only option is a Chapter 7 or 13, or a business bankruptcy. The difference at our firm is convincing our clients to hold off on the filing. Simply stated, they may not be at a point where bankruptcy is going to help them. After an in-depth review of their finances, we identify the best way to maximize bankruptcy's benefits or give them time to put their finances back in order.
What can i keep in bankruptcy?
This varies depending on the type of Bankruptcy you file. For example, in Chapter 7, some of the most common exemptions available in are:
Homestead exemption: $132,900 of value in one parcel of real estate or personal property that you use as your residence.
Vehicle: $3,675 of value in one motor vehicle.
Household goods: $12,250 in value in household goods, such as furniture and appliances.
Cash on hand: $450.
Tax exempt retirement accounts such as IRAs and 401(k)s.
Wildcard exemption: $1,225 of value in any property.
Tools of the trade: $2,325 of value in tools, books and other items necessary for your occupation.
How many times can I file for bankruptcy?
You may file for bankruptcy more than once, but there are waiting periods that apply, depending on which chapter you filed under previously and which chapter you seek to file under presently.
The following waiting periods apply in most bankruptcy cases. Remember, however, there are circumstances that can affect your eligibility for filing.
From a Chapter 7 to a Chapter 7: Eight years.
From a Chapter 13 to a Chapter 13: Two years.
From a Chapter 13 to a Chapter 7: Six years.
From a Chapter 7 to a Chapter 13: Four years.
To learn how the law applies in your situation, it is important to consult with a knowledgeable bankruptcy lawyer.
DISCLAIMER
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.