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Signing a Contract


By filing for Chapter 7 in Florida, you can be freed from a variety of debt obligations such as credit cards, hospital bills and leases. Not only that but the court will release you from all responsibility on these debts. Furthermore, this process immediately halts any collection actions against you like vehicle repossessions or home foreclosures – giving you the breathing room to start fresh financially!

Chapter 7 bankruptcy, often referred to as a liquidation bankruptcy, could mandate that the debtor (borrower) sells off certain assets. But fear not! Thanks to Florida's exemptions for many of the borrower’s possessions, these assets are protected from liquidation and can remain in their possession. As long as an asset is exempt from the bankruptcy proceedings, it won't be necessary for the debtor to sell them off.

At Law Offices of Adam Farber, P.A., we have helped many clients discharge their debt under Chapter 7 without having to liquidate any of their assets. We maximize the Florida exemptions to their fullest extent, safeguarding our client's property and preserving their rights in bankruptcy court.

If you are living in the state of Florida and considering filing for Chapter 7 bankruptcy, know that not everyone will qualify. The Bankruptcy Means Test is essential to determine eligibility - this requires applicants' disposable monthly income to be less than the median amount for those residing in Florida. Disposable income refers to what's leftover after deducting expenses such as car payments and retirement plan contributions from your total earnings.

If your total monthly income is higher than the Florida median adjusted income, you can still pass the Means Test with flying colors by taking advantage of all available deductions. Our team has an intimate understanding of which deductions apply where and we've already assisted borrowers who would have otherwise fallen short on their test due to lack of awareness.

Filing for Chapter 7 bankruptcy does not necessarily mean you will lose your cars, homes, bank accounts and other possessions. To the contrary, most individuals are able to keep these assets up to a certain value set in each state. However, if your assets exceed this amount then there is potential that they may be sold off by the Bankruptcy Court to pay creditors. The court’s priorities vary across states but it seeks to protect as much of an individual's property as possible under law so that those who have experienced financial difficulty can continue on their path towards stability.

Smiling Handshake


Chapter 13 Bankruptcy is a type of bankruptcy where you make payments to creditors over time based on what you can afford. You will work with the court to come up with a payment plan that works for you and your creditors.

Reasons to File Chapter 13 include:

  1. You can keep your property and assets.

  2. Your debts are consolidated into one monthly payment plan that is affordable for you.

  3. The repayment period is usually 3-5 years, depending on your income and other factors.

  4. You can stop harassing creditor calls and letters immediately upon filing bankruptcy protection with the court.

  5. Collection activities, like wage garnishment or bank levies, will be stopped when you file Chapter 13 Bankruptcy Protection with the court .

  6. Creditors cannot increase interest rates or add late fees to your debt during a Chapter 13 Bankruptcy case .

  7. You may be able to reduce certain secured debts (like car loans) down to their current value by reducing principal balance owed .

  8. Certain tax debts may be discharged in a Chapter 13 Bankruptcy case but not all taxes qualify for dischargeability .

  9. Chapter 13 Bankruptcy can help those who are facing foreclosure on their home, as they may be able to keep their home while they pay back creditors over a 3-5 year period. During the repayment period, creditors are barred from initiating any foreclosure proceedings against the debtor.

  10. Your credit score will start improving as soon as payments begin being made through your repayment plan

Contract Paper Signing


Law Offices of Adam Farber has been advising on a variety of Tax Law matters and are involved in some of the most innovative and sophisticated cases in Boynton Beach. Give us a call today and see how we can help you.

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