Matthew P. Tabakman, P.A.

There are two primary types of bankruptcy protection of concern to individuals.  Let Orlando bankruptcy attorney Matt Tabakman help you determine if bankruptcy protection is right for you.

Chapter 7 bankruptcy involves liquidation of your assets and then discharge of your debts, such as credit card bills, lawsuit judgments, payday loans and hospital bills.  Generally speaking, people in Chapter 7 bankruptcies can keep most of their property and erase most of their debt within a short period of time.  However, there are many exceptions to what can be discharged under a Chapter 7 bankruptcy, and there are income guidelines which must be met in order to qualify.  Talk to your attorney to fully understand if you may qualify for Chapter 7.

Chapter 13 bankruptcy involves a reorganization of your debts. Those who file a Chapter 13 bankruptcy will consolidate their bills into one monthly payment, which is made to the Bankruptcy Trustee.  A Chapter 13 bankruptcy will often last for 5 years, after which those debts not yet paid off are discharged.  Generally speaking, not all of the debts will be paid back through a Chapter 13 bankruptcy -- only what the client can afford to pay back.  Chapter 13 bankruptcies are used by people who are behind in their mortgage or car payments, who have tax obligations, or who own a lot of property which they would otherwise lose in a Chapter 7 filing.  Chapter 13 bankruptcies are often filed by those who have the ability to repay some (but not all) of their debt, by those who have a strong desire to repay what they can, or by those who do not qualify to file bankruptcy under Chapter 7.