Fox & McAdams
Professional Limited Liability Company
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201 S Orange Ave Suite 900
Orlando, FL 32801
112 W New York Ave DeLand, FL 32720
27499 Riverview Center Blvd
Bonita Springs, FL 34134
389 Palm Coast Parkway SW, Suite 4
Palm Coast, FL 32137
2210 W. King Street
Cocoa, FL 32926
Orlando
Volusia
Lee / Collier
Flagler
Brevard
Contact Us: >>
Your Name
Telephone
E mail
Orlando 407-841-4560 Brevard 321-213-0491 Volusia / Flagler 386-237-0876 Lee / Collier 239-444-3113
Chapter 7
Generally, a chapter 7 bankruptcy wipes out most of your debts. However, potential filers should realize that the filing of a Chapter 7 bankruptcy may result in the loss of property. In Chapter 7 the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay creditors. The debtor is allowed to keep certain "exempt" property. Individuals as well as businesses may qualify for Chapter 7 relief; however, there are procedures used to see if a debtor qualifies for Chapter 7.
Chapter 13
Chapter 13 permits individuals to pay all or a portion of his or her debts over a 3 or 5 year period. Chapter 13 offers individuals an opportunity to save their homes from foreclosure by stopping foreclosure proceedings. A Chapter 13 filing may cure delinquent mortgage payments over time.
Chapter 11
Chapter 11 permits either individuals or businesses to pay creditors over time. Individuals with unsecured debts of at least $336,900 or secured debts of at least $1,010,650 may file Chapter 11. A corporation, partnership or LLC usually proposes a Chapter 11 plan of reorganization to keep its business alive and pay creditors over time.
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