Bankruptcy

If you are facing financial challenges that seem overwhelming, it is important to understand that you are not alone. Plotkin Law Firm, P.A. works with clients who are facing crushing debt and a financial situation that may seem unmanageable. Plotkin Law Firm, P.A. can help address your financial concerns and develop a bankruptcy strategy that is appropriate based on your individual needs.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, commonly referred to as liquidation bankruptcy, is a consumer or personal bankruptcy process that allows for the discharge of unsecured debts such as credit card and medical bills. Chapter 7 bankruptcy can help stop foreclosure and put you on the path towards a fresh financial start. A highly effective debt relief strategy in many situations, Chapter 7 may help you eliminate your financial distress in as little as four months.

One myth is that you will loose all of your possessions in a Chapter 7 bankruptcy. Under newly enacted bankruptcy laws, you may be able to eliminate your debt while maintaining possession of your most treasured assets, including your home, car, 401(k) or retirement plan, and other personal items.

Plotkin Law Firm, P.A. works to provide personalized Chapter 7 bankruptcy service to clients throughout South Florida.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is filed by individuals who can afford to pay off a portion of their debts over a period of three to five years. Chapter 13 bankruptcy reduces your debts and allows you to make one convenient payment that is spread out to all your creditors. At the end of your payment plan, the remaining portion of your debts are discharged. Since Chapter 13 requires a repayment plan, it is an option for individuals who have predictable income.

Chapter 13 Bankruptcy is a valuable tool that allows you to “strip off” second or third mortgages.

Q: WHAT DOES IT MEAN TO STRIP OFF YOUR SECOND MORTGAGE?

In Florida, when a home is worth less than what is owed on a first mortgage, the second mortgage becomes unsecured debt. This makes the second mortgage eligible to be removed from the property or “stripped off.” Stripping off is a process that is done through Chapter 13 bankruptcy.

Plotkin Law Firm, P.A. works to provide personalized Chapter 13 bankruptcy advice to clients throughout South Florida.