Bankruptcy protection gives debtors a fresh start. But before filing, it is important to know the common mistakes people make during the process. Not Being Truthful The means test is the first step to filing bankruptcy. It consists of several financial questions that will determine if you can pay your creditors. If you don’t mention all of your income or assets, your case could be dismissed. A bankruptcy lawyer can help you make sure everything is presented correctly. Not Listing Pending Lawsuits If you have filed a lawsuit against someone for any reason, you must list it as an asset in your bankruptcy paperwork. Not Mentioning Cars or Car Loans If you have a car for which you are still paying the loan, you have to list it as a liability. If you own the vehicle outright, it gets listed as an asset. Should you fail to do this or you transfer the car to a family member shortly before filing for bankruptcy, you could hurt your case. Running up Your Credit Card Balance This is a bad idea because the creditor will look over the charges upon receiving the bankruptcy notification. If the creditor believes you purposely ran up your balance before filing, he has the legal right to challenge your request to eliminate the balance. Not Mentioning Creditors You have to list all creditors in your bankruptcy filing. If you don’t, it can lead to your case getting dismissed. Transferring Assets Transferring assets for the sole purpose of protecting them from being taken is illegal. There are legal ways you can protect assets that could potentially be at risk. If you would like to learn more about bankruptcy, please contact us. As bankruptcy lawyers, we will determine if filing for Chapter 7 or Chapter 13 is right for you.

The decision to file for bankruptcy isn’t easy, but it is one of the best options for getting out of debt. Filing for bankruptcy is complicated and below are reasons you need a Chapter 7 lawyer in Tampa. Deciding on the Right Bankruptcy Filing An experienced lawyer will confirm if Chapter 7 is the right choice for you as opposed to Chapter 13. Avoiding Filing Mistakes The bankruptcy process requires extensive paperwork such as bankruptcy petitions and schedules. If you make a mistake, it will likely be expensive to fix and may even lead to your case being dismissed. If a judge dismisses your case, you may not be able to file for bankruptcy. A lawyer will prepare the paperwork for you, so you know that everything is done correctly. Negotiating with Creditors It’s rare, but sometimes a creditor objects to the filing. This means negotiating with the creditor, which your lawyer will do on your behalf. Ending Creditor Harassment Once you hire a lawyer, the bank and other companies can no longer contact you by telephone. If they continue to call, they are violating the Fair Debt Collection Practices Act. Meeting Preparation You will have to attend a mandatory meeting of creditors. At this time, you’ll have to answer questions under oath. Your lawyer will prepare you ahead of time so you know how to answer the questions. Protection from Bankruptcy Uncertainties A lawyer will know which rights you’re entitled to such as if you can keep your home. To learn more about Chapter 7, please contact us today.

Buoyed by an improving economy, businesses across South Florida reported a lower rate of bankruptcy filings through the first quarter of 2015 compared to the year prior. According to a report published by the US Bankruptcy Court for the Southern District of Florida, 59 businesses filed for Chapter 11, down from 87 in the first quarter of calendar year 2014. Through the worst years of the financial crisis, the average number of bankruptcy filings for South Florida businesses edged even higher. Growth in South Florida’s hospitality and real estate markets is responsible for the majority of the decline in business bankruptcy filings. But, industry experts are careful to note, high-performance in any sector of the economy, particularly in the real estate industry, is open to some variance. South Florida real estate is often characterized as a roller coaster ride, full of ebbs and flows that could reverse the decline in bankruptcy filings seen over the past several years. While it’s a valuable exercise to examine trends in bankruptcy law in aggregate, across a whole market sector, businesses don’t make a decision based on aggregate information, but rather on data particular to their situation, their industry, and their financial outlook. When businesses contemplate a Chapter 11 filing, they need a bankruptcy lawyer able to offer the benefits of vast experience and who can bring to bear a sizable legal history and case law. Our partners are here to provide sound legal advice to South Florida businesses in need. Contact the law office of Savage, Combs & Villoch for a consultation and case review today.