Bankruptcy can be the answer to people who need help with credit card debt, foreclosure, outstanding judgments and a host of other debt-related problems. Barakat, Jacobs and Associates, P.L. represents individuals and businesses in filing for bankruptcy relief under Chapter 7 (discharge of debt), Chapter 13 (reorganization and discharge of debt) and Chapter 11 (complex reorganization and discharge of debt).

We can help guide you through the complicated procedures and advise on what debts can and cannot be discharged. Call us today for a consultation.

Chapter 7

Chapter 7 bankruptcy is also referred to as a “straight bankruptcy” or “liquidation.” A Chapter 7 bankruptcy is a very efficient way to discharge unsecured debt (with certain exceptions). In a Chapter 7 bankruptcy the debtor keeps “exempt” property. Florida citizens are entitled to keep their homestead, $1,000.00 - $5000.00 of personal property, $1,000.00 of equity in a vehicle, and certain retirement and IRA plans.

Chapter 7 bankruptcies are often called a “liquidation” bankruptcy, but many people do not liquidate any personal property, as anything worth selling is exempt or abandoned. If one has significant non-exempt property a Chapter 13 bankruptcy is usually more appropriate.

Chapter 13

Chapter 13 bankruptcy gives you the opportunity to organize your debts to a manageable level and keep your assets.  Have you ever thought:

 I can’t seem to catch up?
 I’m behind on my mortgage? 
 What am I going to do with these investment properties?

If you have the income to pay for your living expenses but not your debt, a Chapter 13 bankruptcy might be the right choice for you, even if you’re not eligible for a Chapter 7 bankruptcy. 

Call Barakat, Jacobs & Associates, P.L. for a consultation or send us an e-mail. We can evaluate your case today.