The Mayer Law Firm is here to help individuals determine where or not filing for personal bankruptcy is the proper action to take for their circumstance. If it is, then we will help guide you in determining if you would file for Chapter 7 or Chapter 13 bankruptcy. You may find yourself in a situation where you believe you are specifically filing for bankruptcy that is related to the Coronavirus or COVID-19 infection. Bankruptcy differences below:
- Chapter 7 Bankruptcy – To qualify for this type of bankruptcy, you are required to pass the Florida Bankruptcy Means test. Chapter 7 bankruptcy is comprised of the liquidation of assets and the use of the proceeds from said assets to pay creditors. Specific unsecured debts (i.e. credit card debt) are then discharged which results in exponentially lowered debt. There will then be no repayment plan and you are able to start over with a ‘clean slate’ so to speak.
- Chapter 13 Bankruptcy – Chapter 13 Bankruptcy may be a good idea for those with sufficient income to make monthly payments towards the debt. Your debts are collectively consolidated into one payment that can be paid over a span of time, sometimes as long as 3-5 years.
If you believe the Coronavirus or COVID-19 infection is related to your bankruptcy case, contact The Mayer Law Firm today, we’re here to help whether you are located in Brevard County, Orlando or Daytona Beach, Fl. We’re here to guide you through this difficult time.