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Florida Bankruptcy Lawyer: What bankruptcy offers – hope and relief

Filing bankruptcy offers hope and relief.  For the debtor, hope to save their home, cars and possessions.  Hope to get a fresh financial start.  Relief from collection agency relentless harassing calls at all hours.  Relief from the feeling of helplessness and burden of a crushing and overwhelming debt load.  For the creditor, there is hope for all or at least some repayment in a chapter 13.  After all, they lent money or extended credit based on a promise of repayment.  There should be a balance between these interests.  However, those who jack interest rates to 28% or higher where allowed, who violate the law by their unfair debt collection practices, who have no sympathy for those who have, through no fault of their own, found themselves between a rock and a hard place, have no right to complain.  These are good people who have found themselves in a bad situation. They have lost jobs, become underemployed, lost significant value to their homes, have become ill or are caring for loved ones, divorced, married, kids, insurance, increases in electric, water, food – TAXES! The list goes on! They do not intend to take out a mortgage just to see their house slip into foreclosure, nor do they take loans just to see their possessions repossessed.

In a chapter 7, debtors can wipe out all unsecured debts and keep some property.  For secured property, if your home is paid off already or current in payments, you can keep it.  If your car is leased or financed and that bill is current, you can keep that too.  You also have the right to surrender these with no worry about being sued for the deficiency.

In a chapter 13, you can re-organize your debts.  Even if you’re behind on payments, you can catch up and keep property in a plan.  You will pay the trustee each month to administer your estate until the plan concludes at which time you obtain a discharge of the remaining portion of unsecured debts, your secured property is now up to date and you can continue to pay as you agreed to.  Of course, you can surrender property you don’t want without recourse also.  Look for further posts or search my website for more detailed information.

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