It's easy to feel trapped when faced with Bankruptcy...
but Jake Noble is here to help you through it!

Bankruptcy is a process by which a debtor can obtain relief from his debts, through the courts. This relief may come in a variety of forms, including full or partial discharge of the debt, or the imposition of a payment program consistent with the debtor's financial means.

When people think of bankruptcy, they have traditionally thought in terms of "Chapter 7" personal bankruptcy. In a "Chapter 7" bankruptcy:

• A trustee is appointed to oversee your property;
• Some of your assets will likely be surrendered to the trustee, who will sell them to pay your creditors;
• Depending upon the laws of your state, you will be allowed to keep some personal property, and probably an interest in your home (although perhaps not all of your equity).
• Most debts are cancelled.

There are now also income restrictions on who will qualify for a Chapter 7 discharge, effective as of October, 2005. Assuming those restrictions do not apply, you will most likely be unable to file a "Chapter 7" bankruptcy if you have filed and dismissed a "Chapter 7" petition in the last 180 days, or if you were granted or denied a "Chapter 7" discharge in a prior case within the past six years. Bankruptcy attorney Jake Noble can discuss your case with you and find out if you qualify for an exception. 

After Bankruptcy is Declared 

After you declare bankruptcy, an "automatic stay" of your debts takes effect. Your creditors will be served with notice of the bankruptcy, and, after receiving notice, will be barred from taking certain actions against you while the bankruptcy is pending.

If you are contacted by a creditor after filing for bankruptcy, tell Mr. Noble -- it is important that your attorney know not only of improper contacts, but of any possibility that a creditor was omitted from the list of creditors you submitted with your bankruptcy petition, or of the possibility that notice was not properly served.

If a creditor is intentionally violating the automatic stay, Jake Noble can bring their misconduct to the attention of the bankruptcy court. 

Reaffirmation 

Reaffirmation is a procedure by which you agree to pay a debt that would otherwise be discharged in bankruptcy. As was previously described, you may wish to keep your car, and thus may agree with your lender to continue to be responsible for the car loan. If you make the choice to "reaffirm" a debt, you will file a reaffirmation agreement with the Court, which will evaluate that agreement. It is up to the Court whether or not the agreement will be approved.

Before a Court will approve a reaffirmation agreement, it must believe that the agreement:

• Is voluntary;
• Is in your best interest; and
• Will not create an undue hardship.

You may be able to cancel a reaffirmation agreement, within sixty days of filing it with the court, or before your bankruptcy petition is approved. Be cautious with reaffirmation, as you will continue to owe the debt as if you had never filed for bankruptcy. 

Involuntary Bankruptcy 

Under rare circumstances, creditors may petition a court to have a debtor declared insolvent. If the court grants relief, as the bankruptcy occurs without the debtor's consent, this is termed an "involuntary bankruptcy." Involuntary bankruptcies occur only under Chapters 7 and 11, and not under Chapter 13. If a petition for involuntary bankruptcy is denied, a debtor may be awarded attorney fees and costs, and may even receive punitive damages, depending upon the facts of the case.

Court Refusal to Grant Bankruptcy

While most debtors are granted relief, in certain situations a Court may refuse to grant bankruptcy. Typically, denials result when the Court concludes that:

• The debtor failed to adequately explain the loss of assets;
• The debtor committed perjury during the course of the bankruptcy;
• The debtor failed to obey the lawful orders of the bankruptcy court;
• The debtor fraudulently transferred, concealed, or destroyed property that should have been included in the estate.

The Cost of Bankruptcy  

The cost of bankruptcy will vary substantially, depending upon the complexity of your case and the type of bankruptcy you file. You will be able to obtain a "Chapter 7" personal bankruptcy for a relatively small flat fee from the Noble Law Firm, while the cost of a "Chapter 11" bankruptcy from another firm can easily exceed $15,000 in the first year. 

The Noble Law Firm is located at 4400 North Corporate Parkway in Palm Beach Gardens, Florida 33410. We represent our clients before Federal and State Courts in Miami, Fort Lauderdale, West Palm Beach, Stuart, Martin County, Port St. Lucie, Vero Beach, Jacksonville, Tampa, Orlando, Tallahassee.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.