Who Gets Paid In A Bankruptcy Case?

Law Office of John Bristol - 1776 N. Pine Island Road, #224, Plantation, Florida 33322 (954) 475-2265

Since 1988, Fort Lauderdale Bankruptcy Attorney Center of John Bristol has filed more than 5,000 consumer Chapter 7 Bankruptcy and Chapter 13 Bankruptcy Cases in the Fort Lauderdale area (the Southern District of Florida). As a Fort Lauderdale Bankruptcy Attorney; John concentrates his Bankruptcy law practice only in Broward County. We offer PAYMENT PLANS and give FREE CONSULTATIONS (954) 475-2265

Some assets you have are "exempt" from attachment by the Bankruptcy Trustee.  However, some assets such as: bank accounts, stocks, bonds, tax refunds and equity in some personal property are subject to being taken to pay your creditors.   Those who get paid from the debtor's assets is determined by the claims filed in the bankruptcy case.

Those who gets paid from secured assets, normally receive a reaffirmation agreement from the debtor. If the debtor decides to reaffirm a debt, he or she must do so before the discharge is entered. The debtor must sign a written reaffirmation agreement and file it with the court. 11 U.S.C. § 524(c). The Bankruptcy Code requires that reaffirmation agreements contain an extensive set of disclosures described in 11 U.S.C. § 524(k). Among other things, the disclosures must advise the debtor of the amount of the debt being reaffirmed and how it is calculated and that reaffirmation means that the debtor's personal liability for that debt will not be discharged in the bankruptcy. The disclosures also require the debtor to sign and file a statement of his or her current income and expenses which shows that the balance of income paying expenses is sufficient to pay the reaffirmed debt. If the balance is not enough to pay the debt to be reaffirmed, there is a presumption of undue hardship, and the court may decide not to approve the reaffirmation agreement. Unless the debtor is represented by an attorney, the bankruptcy judge must approve the reaffirmation agreement.

 

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The Law Office of John Bristol has filed more than 10,000 cases in the Southern District of Florida since 1988. We concentrate our law practice on Chapter 7 (liquidation) and Chapter 13 (personal reorganization) cases in Broward County, Florida

Fort Lauderdale Bankruptcy Attorney John Bristol has filed more than 10,000 Bankruptcy cases in Florida since 1988. We concentrate Now our law practice on Chapter 7 Bankruptcy (liquidation) and Chapter 13 Bankruptcy (personal reorganization) cases in the Fort Lauderdale and Broward County area

If the debtor was represented by an attorney those who gets paid in connection with the reaffirmation agreement, the attorney must certify in writing that he or she advised the debtor of the legal effect and consequences of the agreement, including a default under the agreement. The attorney must also certify that the debtor was fully informed and voluntarily made the agreement and that reaffirmation of the debt will not create an undue hardship for the debtor or the debtor's children. 11 U.S.C. § 524(k). The Bankruptcy Code requires a reaffirmation hearing if the debtor has not been represented by an attorney during the negotiating of the agreement, or if the court disapproves the reaffirmation agreement. 11 U.S.C. § 524(d) and (m). The debtor may repay any debt voluntarily, however, whether or not a reaffirmation agreement exists. 11 U.S.C. §

Fort Lauderdale Bankruptcy Attorney Center

Law Office is on the Corner of Sunrise Boulevard and Pine Island Road

From I 95: Take Sunrise Boulevard West to Pine Island Road

From I 595: Take Pine Island Road North to Sunrise Boulevard

1776 N. Pine Island Road, #224

Plantation, Florida 33322

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The Law Office of John Bristol, 1776 N. Pine Island Road, #224, Plantation, Florida 33322 is a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.  Disclosure: The hiring of a lawyer is an important decision that should not be based solely on advertising.  Before you decide please ask us for information concerning out qualifications and experience

Serving Locations

Coral Springs, Dania, Davie, Deerfield Beach, Fort Lauderdale, Hallandale, Hollywood, Lauderhill, Margate
Miramar, Pembroke Pines, Plantation, Pompano Beach, Sunrise, Tamarac