If you’re considering filing bankruptcy in Hollywood, FL, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Qualifying for bankruptcy in Hollywood, Florida, like in any other part of the United States, involves meeting certain eligibility criteria and adhering to specific regulations outlined in the Bankruptcy Code. Bankruptcy is a legal process that provides individuals and businesses with the opportunity to eliminate or restructure their debts when they are unable to meet their financial obligations. To determine if you are qualified to file for bankruptcy in Hollywood, FL, it’s essential to understand the different types of bankruptcy and the criteria for each.

Types of Bankruptcy in Hollywood, FL:

There are primarily two types of bankruptcy that individuals commonly file for: Chapter 7 and Chapter 13.

1. Chapter 7 Bankruptcy: Chapter 7, often referred to as liquidation bankruptcy, allows individuals to discharge most unsecured debts, such as credit card debt and medical bills, by selling non-exempt assets to repay creditors. To qualify for Chapter 7 bankruptcy in Hollywood, FL, you need to meet certain criteria, including a means test.Means Test: The means test calculates your disposable income by comparing your income to the median income in Florida for a household of your size. If your income is below the median, you are eligible for Chapter 7 bankruptcy. However, if your income exceeds the median, you may still qualify if you pass a detailed means test that considers your expenses and debt obligations. If you don’t pass the means test, you might be required to file for Chapter 13 bankruptcy instead.
2. Chapter 13 Bankruptcy: Chapter 13 bankruptcy is a debt repayment plan that allows you to restructure your debts over a three to five-year period. This type of bankruptcy is typically chosen when you have a regular income and want to protect valuable assets like your home or car.

Qualifications for Chapter 13 Bankruptcy in Hollywood, FL: To qualify for Chapter 13 bankruptcy, you must meet the following criteria:

• You must have a regular source of income that allows you to make monthly payments under a court-approved repayment plan.
• Your unsecured debt (such as credit card debt) must be less than $482,200, and your secured debt (such as mortgages and car loans) must be less than $1,450,850.
• You must be an individual or a sole proprietorship; corporations and partnerships cannot file for Chapter 13.

It’s important to note that regardless of the type of bankruptcy you file for, you must also complete credit counseling from an approved agency within 180 days before filing your bankruptcy petition. Additionally, you should attend a financial management course after filing.

Exemptions in Hollywood, FL: Florida has its own set of exemptions that determine which assets you can keep when filing for bankruptcy. These exemptions include:

• Homestead exemption: Florida has one of the most generous homestead exemptions in the United States, allowing you to protect your primary residence from creditors in most cases.
• Personal property exemption: You can exempt certain personal property, such as furniture, clothing, and household goods.
• Motor vehicle exemption: You can protect one motor vehicle up to a certain value.
• Retirement account exemption: Most retirement accounts, such as 401(k)s and IRAs, are protected from creditors.
• Wages: A portion of your wages may be exempt, depending on your income and the type of debt.

Determining whether you are qualified for bankruptcy in Hollywood, FL, is a complex process. The bankruptcy laws are intricate, and the specific circumstances of each individual case can vary widely. Therefore, it’s highly recommended that you consult with an experienced bankruptcy attorney in Hollywood, FL, who can evaluate your financial situation, guide you through the process, and help you make informed decisions about which type of bankruptcy is best for your unique circumstances. An attorney can also assist you in understanding and navigating the various eligibility requirements and exemptions that may apply to your case, increasing your chances of a successful bankruptcy filing.

RESOURCES:

Do You Need a Lawyer to File For Bankruptcy in Hollywood, FL?

In Hollywood, Florida, you are not legally required to hire a lawyer to file for bankruptcy. It is possible to file for bankruptcy pro se, which means representing yourself in court. However, whether or not you need a lawyer to file for bankruptcy in Hollywood, FL, depends on several factors, and it’s essential to consider the advantages and disadvantages of doing so.

Advantages of Hiring a Bankruptcy Lawyer:

1. Expertise and Experience: Bankruptcy attorneys are well-versed in the complex bankruptcy laws and procedures. They can provide you with valuable guidance and ensure that your paperwork is accurately prepared and filed, reducing the risk of errors or omissions that could lead to complications in your case.
2. Customized Advice: A bankruptcy lawyer can assess your unique financial situation and help you determine the most appropriate bankruptcy chapter (Chapter 7 or Chapter 13) for your needs. They can also advise you on how to protect your assets within the bounds of the law.
3. Debt Negotiation: Before filing for bankruptcy, a lawyer may explore alternative debt relief options, such as debt negotiation or debt settlement, which could potentially resolve your financial difficulties without the need for bankruptcy.
4. Representation in Court: If your bankruptcy case becomes contentious or encounters legal challenges, having a lawyer by your side can be invaluable in court proceedings.
5. Avoiding Pitfalls: Bankruptcy has various rules, deadlines, and requirements. A lawyer can help you avoid common pitfalls and ensure you meet all the necessary obligations throughout the process.
6. Creditor Communication: Once you file for bankruptcy, creditors are legally required to cease collection efforts. Your lawyer can handle communication with creditors, relieving you of the stress of dealing with harassing phone calls and collection attempts.

Disadvantages of Filing Without a Lawyer:

1. Complexity: Bankruptcy law is intricate, and even seemingly straightforward cases can become complicated. Without legal expertise, you may struggle to navigate the process effectively.
2. Risk of Mistakes: Filing for bankruptcy involves extensive paperwork, and errors or omissions can result in your case being dismissed or delayed. A lawyer can help you avoid these costly mistakes.
3. Lack of Understanding of Options: Without legal counsel, you may not fully grasp the implications of choosing Chapter 7 or Chapter 13 bankruptcy or be aware of alternative debt relief solutions.
4. Asset Protection: Lawyers can help you take full advantage of exemptions and protect your assets, such as your home or car, to the extent permitted by law.
5. Court Representation: If you face challenges during your bankruptcy proceedings, representing yourself can be intimidating and challenging, potentially jeopardizing your case.

While you are not required to hire a lawyer to file for bankruptcy in Hollywood, FL, doing so can greatly improve your chances of a successful outcome and reduce the stress associated with the process. Given the long-term financial consequences of bankruptcy, consulting with an experienced bankruptcy attorney is often a wise investment to ensure that you make informed decisions, protect your assets, and achieve the best possible outcome for your financial future. It’s advisable to schedule a consultation with a bankruptcy lawyer to discuss your specific circumstances and explore your options before making a decision.

Cost to File Chapter 7 Bankruptcy in Hollywood, FL

The cost to file for Chapter 7 bankruptcy in Hollywood, Florida, includes several fees and expenses. It’s important to be aware of these costs when considering bankruptcy as a debt relief option. The fees associated with filing Chapter 7 bankruptcy typically fall into the following categories:

1. Filing Fee: The primary cost is the filing fee, which is paid to the bankruptcy court. The filing fee for Chapter 7 bankruptcy in the Southern District of Florida (which includes Hollywood) is $390. Please note that these fees are subject to change, so it’s crucial to verify the current fee with the court or your attorney.
2. Credit Counseling and Financial Management Course Fees: Before and after filing for bankruptcy, you are required to complete credit counseling and a financial management course from approved providers. These courses typically cost around $60 to $118 each, depending on the provider. However, some providers may offer reduced fees or waivers for individuals with low income.
3. Attorney Fees: While not a mandatory cost, many individuals choose to hire a bankruptcy attorney to guide them through the process, complete the necessary paperwork, and represent them in court. Attorney fees for Chapter 7 bankruptcy can vary widely based on factors like location and complexity of the case. It’s important to discuss fees upfront with your attorney and ensure you understand the costs involved.
4. Other Costs: There may be additional costs associated with your bankruptcy, such as the cost of obtaining credit reports, mailing, notary fees, and any fees related to resolving specific issues in your case. These costs can vary depending on your circumstances.
5. Exemption Appraisal Costs: In some cases, you may need to have certain assets appraised to determine their value for exemption purposes. This could incur additional costs, although it’s not always necessary.
6. Amendment Fees: If you need to amend your bankruptcy documents or make changes to your case after filing, there may be fees associated with these amendments.
7. Reaffirmation Agreement Fees (if applicable): If you decide to reaffirm a debt (meaning you agree to continue paying it, such as a car loan), there may be legal fees associated with drafting and filing the reaffirmation agreement.

It’s important to note that if you cannot afford to pay the filing fee upfront, you may be eligible for a waiver or installment plan. To request a waiver or installment plan, you must submit the appropriate forms to the bankruptcy court, demonstrating that you meet the financial eligibility criteria.

The cost to file for Chapter 7 bankruptcy in Hollywood, FL, includes filing fees, credit counseling and financial management course fees, attorney fees (if applicable), and various other potential expenses. It’s essential to understand and budget for these costs when considering bankruptcy as a debt relief option, and consulting with an experienced bankruptcy attorney can help you navigate the process and make informed financial decisions.

Cost to File Chapter 11 Bankruptcy in Hollywood, FL

Filing for Chapter 11 bankruptcy in Hollywood, Florida, is a complex and expensive process, primarily designed for businesses and individuals with substantial assets or complex financial situations. The cost of filing for Chapter 11 bankruptcy can be significantly higher than other bankruptcy chapters due to its complexity and the legal and administrative requirements involved. Here’s a breakdown of the key costs associated with filing for Chapter 11 bankruptcy:

1. Filing Fee: The filing fee for a Chapter 11 bankruptcy case in the Southern District of Florida (which includes Hollywood) was $2,050. Please note that these fees can change, so it’s essential to verify the current filing fee with the bankruptcy court.
2. Attorney Fees: Chapter 11 bankruptcy is highly complex and typically requires legal representation. Attorney fees can vary significantly based on the complexity of your case, the number of creditors involved, and the duration of the bankruptcy process. Due to the complexity, attorneys often charge on an hourly basis or a flat fee, which can range from several thousand dollars to tens of thousands of dollars.
3. U.S. Trustee Fees: In a Chapter 11 case, the U.S. Trustee’s Office charges quarterly fees based on the debtor’s disbursements. These fees can also be substantial and depend on the size and activity of the debtor’s estate.
4. Creditors’ Committee Costs: In some Chapter 11 cases, especially those involving larger businesses, a creditors’ committee may be formed. The costs associated with the operation of this committee may be borne by the debtor.
5. Other Administrative Costs: Chapter 11 bankruptcy often involves various administrative expenses, including court-ordered appraisals, financial advisors, and other professionals to help with the reorganization process. These costs can be substantial and are typically paid by the debtor.
6. Plan Confirmation Costs: Developing and obtaining approval for a Chapter 11 reorganization plan may require additional legal and professional services, incurring further costs.
7. Post-Petition Debts: During the Chapter 11 process, the debtor is expected to continue operating its business and may incur additional debts or expenses, which need to be managed and paid.

It’s essential to understand that Chapter 11 bankruptcy is a complex and resource-intensive process, primarily designed for businesses or individuals with substantial assets or those seeking to reorganize their financial affairs comprehensively. The costs associated with Chapter 11 can be considerable, and individuals or businesses considering this option should carefully evaluate their financial situation and weigh the potential benefits against the expenses.

Cost to File Chapter 13 Bankruptcy in Hollywood, FL

Filing for Chapter 13 bankruptcy in Hollywood, Florida, involves several costs and fees that individuals should be aware of when considering this debt relief option. Chapter 13 bankruptcy is often chosen by individuals with a regular income who want to reorganize their debts and create a manageable repayment plan. Here’s a breakdown of the key costs associated with filing for Chapter 13 bankruptcy:

1. Filing Fee: The filing fee for a Chapter 13 bankruptcy case in the Southern District of Florida (which includes Hollywood) is $375. This fee covers the administrative costs of filing your bankruptcy petition with the court. It’s important to verify the current filing fee with the bankruptcy court, as fees can change over time.
2. Attorney Fees: While you have the option to represent yourself in a Chapter 13 case, many individuals choose to hire an attorney to navigate the complexities of the process. Attorney fees for Chapter 13 cases can vary widely based on factors such as location, the complexity of your case, and the attorney’s experience. These fees can range from a few thousand dollars to several thousand dollars, depending on your circumstances. Attorney fees typically include assistance with developing a repayment plan and representing you at the confirmation hearing.
3. Credit Counseling and Financial Management Course Fees: Like Chapter 7 bankruptcy, individuals filing for Chapter 13 are required to complete credit counseling and a financial management course. These courses typically cost around $59 to $120 each.
4. Trustee Fees: In a Chapter 13 case, a bankruptcy trustee is appointed to oversee the repayment plan and ensure creditors receive payments as scheduled. The trustee’s fees are typically included in your monthly repayment plan, and a percentage of each payment goes toward covering these fees.
5. Credit Report and Other Administrative Costs: You may need to obtain credit reports and provide other documentation as part of the bankruptcy process. These costs are usually minimal but should be considered.
6. Bankruptcy Court Miscellaneous Fees: There may be additional miscellaneous fees for specific actions or motions during your bankruptcy case. These fees can vary depending on the circumstances.

While Chapter 13 bankruptcy comes with various costs, it can provide significant benefits, such as the opportunity to create a manageable repayment plan, protect valuable assets, and stop foreclosure or repossession proceedings. Consulting with an experienced bankruptcy attorney in Hollywood, FL, is advisable to fully understand the costs involved and to receive guidance on how to navigate the Chapter 13 process effectively. An attorney can help you develop a feasible repayment plan and ensure that you meet all the legal requirements, increasing your chances of a successful outcome.

Reliable Bankruptcy Attorneys in Hollywood, FL

Below is a list of reputable bankruptcy attorneys in Hollywood, FL. They can help you with both personal and business bankruptcy information.

Stiberman Law, P.A. Bankruptcy, Chapter 7 & Chapter 13 Attorney – Wage
2601 Hollywood Blvd, Hollywood, FL 33020, United States

The Law Offices of Shaya Markovic, P.A.
1221 S 21st Ave, Hollywood, FL 33020, United States

Szabo Law Group, P.A.
5741 Sheridan St, Hollywood, FL 33021, United States

Debt Shield Law
3440 Hollywood Blvd Suite 415, Hollywood, FL 33021, United States

Louis A Hernandez PA – Bankruptcy Attorney
2450 Hollywood Blvd # 706, Hollywood, FL 33020, United States

Hollywood, FL Zip Codes We Proudly Serve:

 33004, 33009, 33019, 33020, 33021, 33023, 33024, 33312, 33314, 33316

---