PRACTICE AREA | LIMITED TO BANKRUPTCY
DEBT OUT OF CONTROL?
WE CAN HELP YOU FIND RELIEF!
You need the support and solid legal counsel of a reputable South Florida bankruptcy attorney. Bigge & Rodriguez, P.A., will educate you on which type of bankruptcy best pertains to you, the pros and cons of filing bankruptcy, and what to expect throughout the entire process.
If your financial situation has taken a turn for the worse due to employment loss, mounting medical bills, divorce, mortgage payment increases or tax liabilities, you may be considering a Chapter 7 or Chapter 13 bankruptcy.
When you start receiving calls from creditors and you stop answering telephone calls out of fear and frustration, it’s time to make that call to our office for advice on your best option for debt relief.
THE PERSONAL TOUCH YOU NEED TO EVALUATE YOUR OPTIONS AND SEEK RELIEF FROM OVERWHELMING DEBT
Let us help you make the right decision
Chapter 7 Bankruptcy
The chapter of the Bankruptcy Code providing for the "liquidation of assets "(i.e., the sale of a debtor's nonexempt property and distribution of the proceeds to creditors.) The Debtor will receive a discharge of his or her debts.
Chapter 13 Bankruptcy
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
Chapter 11 Bankruptcy
The chapter of the Bankruptcy Code providing (generally for businesses) for reorganization, usually involving a corporation or partnership. (A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11.)
Many different kinds of defenses can be raised to preclude the creditor from immediately advancing to the sale of a home. Frequently utilized when the homeowner is trying to extend the time period to live in a house before a foreclosure can be concluded.
A legal strategy employed by homeowners to avoid foreclosure is by modifying the mortgage. In a mortgage modification, the homeowner convinces the lender to renegotiate the terms of the mortgage in order to make the payments more affordable.
Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's Chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to Chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses is more than (i) $10,950, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,575. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income.