Which Chapter Is Right For Me?

Debt Relief Solutions That Meet Your Individual Needs

Few situations are more stressful than being deeply in debt. There are endless commercials claiming they can solve your debt problems. How do you to know if the services they offer are legitimate? You simply do not have the time or experience necessary to explore each of these debt relief options in-depth.

At Blanton Law, P.A., our practice is focused on bankruptcy law. We will take the time to understand your unique financial situation, help you make informed decisions and guide you to a fresh financial start. Our attorneys have over 30 years of combined experience providing lasting legal solutions to clients in Sarasota and Manatee County. Contact us online or call 941-584-4263 or 888-610-0968 to schedule a free initial consultation.

Determining Whether Filing Chapter 7 or 13 Bankruptcy is Best

Depending on the specifics of your situation, you will most likely be filing for either Chapter 7 or Chapter 13 bankruptcy protection. After thoroughly going over the details of your financial situation, our lawyers will help you determine which debt relief option will best serve your needs.

When you file bankruptcy, all of your assets become a part of the bankruptcy estate. Certain assets are exempt, such as:

  • Workers' compensation benefits
  • IRAs
  • 401ks
  • Pensions
  • Homestead benefits
  • Social security benefits
  • Life insurance polices
  • Unemployment compensation
  • Veterans benefits
  • Florida pre-paid college plans

You must list these assets with the court in order to have them removed from the bankruptcy estate, whether filing for Chapter 7 or Chapter 13 protection.

Chapter 7 bankruptcy is generally available for individuals who:

  • Do not earn a regular income or are under the median income
  • Are burdened with debt caused by credit card, medical expenses or personal loans
  • Possess a limited amount of property or assets
  • Are not eligible for Chapter 13 protection

A Chapter 7 discharge will wipe away all unsecured debts. Debts such as child support, alimony, student loans and some IRS taxes cannot be discharged in a Chapter 7 filing.

Chapter 13 bankruptcy is generally available for individuals who:

  • Earn a regular income
  • Have assets they wish to keep, such as a home or car
  • Can make monthly payments according to a plan set up by the court
  • Are not eligible for Chapter 7 protection

Your debt will be restructured into an affordable payment plan that lasts from three to five years. After regularly making payments for the specified period of time, any remaining debt will be discharged.

Contact us online or call 941-584-4263 or 888-610-0968 to schedule a free initial consultation to discuss if bankruptcy is right for you. Evening and Saturday morning appointments are available upon request.