Tag Archives: South Florida Bankruptcy Attorneys
What Happens If I Convert a Chapter 13 Bankruptcy to Chapter 7?
In a Chapter 13 bankruptcy, a debtor submits a payment plan to the court. This plan ensures the debtor’s disposable income is used to pay back his or creditors as much as possible. But what if circumstances change and the debtor no longer has sufficient income to fulfill the payment plan? In such cases… Read More »
Does Chapter 7 Bankruptcy Stop the Bank From Taking My House?
Many Florida homeowners are faced with an “underwater” mortgage—that is, the value of their property is less than what they owe to their lender. If you have an underwater mortgage and file for Chapter 7 bankruptcy protection, an underwater mortgage can protect your house from being sold as part of a liquidation proceeding. But… Read More »
Will I Go to Jail If I Don’t Pay My Creditors?
One of the reasons that the United States developed bankruptcy laws was to end the practice of throwing debtors in jail. Once prevalent in England and its colonies, debtors’ prisons were effectively eliminated in the U.S. by the 1830s. This means that under ordinary circumstances, a person cannot be sent to prison simply because… Read More »