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ATTORNEY

FRANK CARRILLO

786-210-0750 Miami

561-853-5383 WPB

407-902-8283 Orlando

BANKRUPTCY, FORECLOSURE AND LOAN MODIFICATION

ATTORNEY WITH OVER 25 YEARS OF EXPERIENCE


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Miami (Main Office)
5775 Blue Lagoon Dr, Suite 300
Miami, FL 33126
West Palm Beach Office
2393 S. Congress Ave, Suite 201
West Palm Beach, FL 33406
 
   

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BANKRUPTCY ATTORNEYS IN MIAMI AND WEST PALM BEACH


Bankruptcy Chapter 7:

A Chapter 7 bankruptcy allows your dischargeable debt to be dismissed, while maintaining possession of your primary home, automobile, and retirement plan. It also immediately stops garnishment of your wages, foreclosures, and may eliminate deficiency balances.

Bankruptcy Chapter 13:

Chapter 13 bankruptcy serves as an interest-free debt repayment plan. The court allows a payment plan to repay the consolidated debt within a specified time period. During this period, creditors can not collect from you. A Chapter 13 bankruptcy also stops the foreclosure process and permits outstanding and future payments to the mortgage company, while the mortgage company is prohibited to foreclose to collect past due payments. A second mortgage may be eliminated if the value of your home is less than the value of the first mortgage.

FAQ:

CHAPTER 7

Q. Will lose all of my property if I file a Chapter 7 bankruptcy?
A. Although most of your debt is discharged under a Chapter 7 bankruptcy, you will not lose all of your property automatically. The court may sell your personal property to pay your creditors. The items that the court sells are usually luxury items that are not essential such as a boat or expensive jewelry. if you can continue to make payments on your home and car and reaffirm those debts you will likely be able to keep them.

Q. How often can I file a Chapter 7 bankruptcy alone?
A. Every 8 years.

Q. I’m married, can I file for chapter 7 bankruptcy alone?
A. If one spouse has incurred a substantial amount of debt under their name, they may file for bankruptcy alone. However, the income and assets of the spouse not filing will be taken into consideration to determine whether the filing spouse qualifies for chapter 7 or chapter 13.

Q. What does it mean that my debt will be “ discharged” under Chapter 7 ?
A. Under Chapter 7, debt that is discharded is eliminated and you will not be personally liable to pay it back.

Q. What type of debt is not dischargeable under Chapter 7 bankruptcy ?
A. Examples of debt that is not dischargeable under Chapter 7 are student loans, child support and alimony.

CHAPTER 13

Q. Will I lose all of my property if I file a Chapter 13 bankruptcy?
A. Chapter 13 bankruptcies allow you to keep your personal property. The court will require that you pay a portion of your debt during a 3-5 year period. Your property will not be sold to repay your debt.

Q. How often can I file a Chapter 13 bankruptcy ?
A. Every 8 years

Q. I’m married, can I file for Chapter 13 bankruptcy alone?
A. If one spouse has incurred a substantial amount of debt under their name, they may file for bankruptcy alone. However, the income and assets of the spouse not filing will be taken into consideration to determine whether the filing spouse qualifies for Chapter 7 or Chapter 13.

Q. Who do I make the monthly payments to, under Chapter 13 ?
A. A trustee is appointed by the court and all payments are made to the Trustee

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