Frequently Asked Questions

What is bankruptcy?

If you are unable to pay your creditors the amount of money that you owe them, you can declare bankruptcy which could result in your debts being completely discharged or greatly reduced with a repayment plan.  Generally, individuals will file Chapter 7 or Chapter 13 bankruptcy. 

What is Chapter 7 bankruptcy?

This type of declaration will result in a request for your debts to be discharged entirely.  The court will require you to give up assets for sale so that the proceeds can go to your creditors.  However, there are many exemptions to this rule and you will not lose everything when you file for Chapter 7 bankruptcy.  With the help of a Florida bankruptcy lawyer at Tiller Law, you can learn about these exemptions and you can discuss whether you qualify for Chapter 7. 

If I have declared Chapter 7 bankruptcy in the last few years, can I declare again?

No.  However, you may qualify for Chapter 13 bankruptcy.  If you have declared Chapter 7 bankruptcy within the last eight years, you are not eligible to declare that type again. 

What type of bankruptcy should I file?

This depends greatly upon your unique situation.  At Tiller Law, your bankruptcy lawyer will meet with you and research your financial situation in great detail in order to determine the best course of action. You may not even have to file bankruptcy; you might be able to simply fight against your foreclosure or other financial concern.  Your attorney will examine your records to determine the best course of action. 

Which debts will I still be required to pay if I file for Chapter 7 bankruptcy?

There are certain debts that you will still be responsible for if you declare Chapter 7 bankruptcy.  These include, but are not limited to, spousal support (alimony), child support, student loans and certain federal tax debts.  Debts incurred on credit cards and many other types of financial liabilities can be completely discharged under this type of bankruptcy. 

Will I lose my house?

If you are aware that your lien holder is bringing a foreclosure action against you, you need to speak with a foreclosure defense attorney immediately.  There are very specific time limits and requirements connected with foreclosure actions, and you must be aware of these in order to proceed without penalty.  Many people think that if they have received such an action that they must immediately leave their house and simply give up.  This is not true at all.  Many individuals just like you have saved their homes and even avoided bankruptcy.  At Tiller Law, you will get the advice and representation that you need during this difficult time. 

What is foreclosure?

When you have failed to pay your debts on your home, the creditor can file a foreclosure action against you, which could result in the loss of your home.  The bank, mortgage company or other lien holder is attempting to repossess the house in order to sell it to cover the debt that you have incurred.  There are many different ways to fight a foreclosure action.  Tiller Law is a legal group dedicated to providing Florida individuals and families with the aggressive and knowledgeable foreclosure defense that they need to maximize their chances of keeping the family residence. 

What is a deed in lieu?

When you are unable to pay your mortgage on your home, you could go through a deed in lieu of foreclosure process in order to avoid a foreclosure on your record.  In this process, you will voluntarily give the deed to the property to the creditor in exchange for a dismissal of your debt.  It is important that you work with an attorney who is familiar with Florida deeds in lieu – you need to be sure that all of your debts are discharged with this action.  Sometimes the agreement will expressly state that you will still have to pay back the remaining balance even after the sale of your home.  A deed in lieu lawyer will be able to help you with situations exactly like this so that you are defended against further debt. 

A short sale entails selling your home for less than the balance that you owe to your lender in order to pay that amount to them and therefore settle your debt.  A short sale will remain on your credit record for seven years.  You can often still successfully apply for a mortgage 1-3 years after a short sale has occurred. 

Contact a Florida Bankruptcy/Foreclosure Defense Lawyer at Tiller Law today to discuss your legal issue.