Overwhelmed by Debt? · Recently lost your job? · Considering Bankruptcy?

Why the Law Offices of Darren Y. Zipris, P.A. is right for you

• We offer a free consultation
• We will give you an honest assessment of your financial situation
• We can make the bankruptcy process affordable
• We will guide you through the entire bankruptcy process
• We will help you get a fresh start without debt

The Law Offices of Darren Y. Zipris, P.A…Specializes in all aspects of Bankruptcy Law. We serve both individual consumer debtors, as well as business debtors across South Florida.
We believe that every client’s financial situation is unique and requires an individualized approach. We always put a client’s best interests first. Each client is afforded a free legal consultation in order to thoroughly evaluate that specific client’s financial situation and to develop an appropriate course of legal action. At the end of the consultation, a client will be informed of his/her rights and responsibilities and be made aware of all available legal options. We always treat our clients with dignity, respect and compassion. Every step of the bankruptcy process is simplified and explained so that no client ever feels rushed. Our fees are always reasonable and affordable.

PRACTICE AREAS

Bankruptcy Introduction:
As a consequence of the recession and post-recession, Bankruptcies have been on the rise. Several factors and circumstances have forced both individuals and businesses into insolvency. These factors and circumstances include, but are not limited to:

• A growing unemployment rate
• A sharp drop in home values
• Adjustable Rate Mortgages (ARMs)
• Predatory lending
• An increased number of home foreclosures
• Insurmountable consumer debt
• High interest credit cards/loans

Bankruptcy may be right for you if…

• You have considerable consumer debt (i.e. credit card debt, loans, medical bills, etc.) and can only afford to make the minimum payments or no payment at all.
• You are facing home foreclosure and cannot keep up with your mortgage payments.
• You have judgments arising from lawsuits entered against you.
• You are in danger of having your wages garnished.
• You are in danger of having your car repossessed.

Filing bankruptcy may provide for forgiveness of most of the past due debts mentioned above, grants you peace of mind and allows you to enjoy a fresh financial start. However, it is important to keep in mind that filing for bankruptcy does not provide forgiveness of certain debts including the following:

• Domestic support obligations such as child support and alimony
• Certain tax debts
• Student loans (in most cases)
• Damages or restitution for willful or intentional acts
• Court fines or penalties

Chapter 7 for Individual Consumer Debtors
Informally called “straight bankruptcy,” Chapter 7, a liquidation proceeding, is the most common form of Bankruptcy filed in the U.S. today. This form of bankruptcy may be right for you if you meet the above criteria.

The Chapter 7 Process – What should I Expect?
First, an initial consultation is of utmost importance in order to evaluate your financial situation. Your debts, income, expenses and personal property will be assessed in order to ascertain whether a Chapter 7 filing is the best course of legal action for you. Once we obtain all of your relevant information and documentation, we can start preparing your Bankruptcy Petition and Schedules and subsequently file them with the appropriate court. Shortly thereafter, a bankruptcy trustee will be appointed, to whom you will turn over all non-exempt property (if any such property exists) and who will then convert it to cash for distribution among the creditors. You are entitled to keep a limited amount of property which qualifies as exempt and is protected.

The following are examples of assets which are exempt in State of Florida:

• Complete Equity in Your Homestead or a Portion of Equity in Your Homestead
• One car of limited value
• Most household items such as furniture, TV, radio, appliances with limited amount
• Personal property such as clothing or a wedding ring with limited amount
• Most Public Benefits such as Social Security, Disability, Veterans Benefits, Worker’s Compensation
• Alimony, Child Support
• Qualified Retirement Accounts and Pensions

For a more detailed list and for specific questions and amounts call for a free consultation.
954-530-7072 9:00 am to 5:30 weekdays

The Trustee is responsible for selling or “liquidating” those assets that do not fall within the allotted property exemptions, in order to repay your creditors.
From the moment your bankruptcy petitions, schedules and related documents are filed with the court, you are granted an automatic stay, which in essence is protection under 11 U.S.C. § 362 of the Bankruptcy Code. From that moment and through the duration of your bankruptcy proceeding, it is strictly prohibited for creditors to harass you. In addition, during this period, your wages cannot be garnished (any current garnishments are lifted) and mortgage foreclosures are halted.

Roughly 30-40 days after your Bankruptcy filing, you will attend a Section 341(a) Meeting of Creditors with the Bankruptcy Trustee. This meeting is brief and the trustee will ask you several questions on the record.
Usually 60 days after your Section 341(a) Meeting of Creditors you will receive a discharge of indebtedness in the form of a discharge notice for all dischargeable debts, releasing you from personal liability for those debts.

Chapter 13 for Adjustment of Debts
Also known as “Adjustment of Debts of an Individual with Regular Annual Income,” Chapter 13 provides debt relief for individuals or consumers. Chapter 13 differs from Chapter 7 in the respect that it enables you to keep valuable assets, like a house, while making payments to creditors (through the trustee) based on your anticipated income over the life of the plan (usually three to five years). At a confirmation hearing, the court either approves or disapproves the plan.

Filing under Chapter 13 of the Bankruptcy Code affords you the opportunity to repay a percentage or 100% of your debts under better terms ( i.e. lower or no interest). In essence, a Chapter 13 Bankruptcy involves the restructuring of debts which allows you to use whatever disposable income you may have in the future to pay off your creditors. Filing Chapter 13 Bankruptcy is therefore appropriate for a debtor who has a regular income, and thus can afford to request such adjustments or reductions.
The United States Bankruptcy Code gives you a ceiling of 5 years, within which your creditors must be paid back. While your attorney will safeguard your interests, the entire process is carried out under the supervision of the courts.

While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. A written plan is created giving details of all the scheduled payments that will occur, and the duration of the same. The repayment generally begins within 30-45 days after the case is filed. Usually, monthly payments are made directly to the appointed trustee who then disburses the money to the creditors as per the plan. Also, as per the law, the creditors must strictly adhere to the repayment plan approved by the court and are in fact prohibited from collecting on any claims from the debtor.
Another advantage of a Chapter 13 filing is that a repayment plan can be confirmed even if creditors are not in accordance with the terms of the plan. The creditors may object, but the court decides if such objections are merit-based.