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Bankruptcy Blog2020-05-06T16:21:57-04:00

What Are the Florida Bankruptcy Exemptions?

When filing for bankruptcy, you may be worried you will lose all your possessions. Good news for you! There are exemptions put in place to excuse certain assets from being taken. The 2 types are federal exemptions and state exemptions. What you can claim as your exemption will vary from state to state. Some states offer both federal and state, and others require you only to use the state exemptions. Florida is a special state for many reasons, one of them being that you are not allowed to use federal exemptions and [...]

What Is the Role of a Bankruptcy Trustee?

The Role of a Bankruptcy Trustee Bankruptcy trustees can have a big impact on the outcome of a bankruptcy case. They play an integral role in the bankruptcy process and have been part of the process for well over 100 years. Most bankruptcy filers have never heard of a trustee prior to beginning the bankruptcy process. However, there is no need to feel intimidation at the prospect of wondering, “What is the role of a bankruptcy trustee?” Below we have compiled a short guide outlining all you need to know. What Is [...]

Can You File Bankruptcy on Medical Bills?

Healthcare costs keep rising, and with one trip to the doctors, it can be easy to head into a spiral of overwhelming debt. Maybe you had a sudden sickness come on unexpectedly, or you have a more serious illness that requires frequent attention and monthly medication. These medical bills can easily start to pile up, creating massive amounts of debt. How do you get out from under it? Can you file bankruptcy for medical bills? We’re here to answer the most important questions when it comes to bankruptcy and medical debt. Can [...]

Can You File Bankruptcy on Student Loans?

Being overwhelmed by debt that seems insurmountable is not an easy place to be. If you are in student loan debt and are also thinking about bankruptcy, it’s important to learn about your options and not give up hope. Getting student loan debt discharged in bankruptcy is difficult, but not impossible. In fact, student loans may be dischargeable if they cause undue hardship. The Brunner Test The relationship between bankruptcy and student loans is a complex one. In trying to better understand these complexities and decide whether it’s possible for your student [...]

What Is the Chapter 13 Disposable Income Test?

The chapter 13 disposable income test is the court’s way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort. It shows that you are proving all disposable income to the plan. Your disposable income is what remains after you’ve deducted all living expenses such as food, clothing, housing, utilities, insurance, childcare expenses, medical expenses and insurance costs and mandatory payments. As you move forward [...]

How Long Does Bankruptcy Stay on Your Credit Report?

If you are thinking about bankruptcy, you have most like wondered how long it will stay on your credit report. Many people think that bankruptcy is the end of their financial road, and that any future financial success is impossible. As a result, we receive questions about the best ways to move forward after bankruptcy. Specifically we're asked, “How long does bankruptcy stay on your credit report?” While bankruptcy does have an impact on your credit report and score, it doesn’t last forever. So, it is very possible to move on and [...]