I’m Steve Kramer of the Kramer law firm.
I’m a Florida bankruptcy attorney. And today we’re going to talk about what do bankruptcy
attorneys look for in a case? The first thing we look for is the means test, that’s what
tells us whether you’re allowed to file a Chapter 7 bankruptcy. The means test tells
us how much income you’re making and if you fit inside the guidelines, you can file
a bankruptcy – a Chapter 7 bankruptcy. And if you don’t, you’re not going to be able
to. Now, there are some exceptions and there are some ways that we can work this rule because
sometimes you can deduct expenses against your income. But that’s a different conversation
that we need to have. The next thing we’ve got to look at are assets. We need to figure
out if a bankruptcy makes sense. Now, Chapter 7 is liquidation. That means you’re eliminating
your assets and you’re eliminating your debts. Now you’ve got a certain amount of
assets that are exempt from the bankruptcy. But let’s say you have a $50,000 car. It
might not make sense to file bankruptcy if you’ve got $50,000 in debt, because it’s
going to even out. So that’s someething we’ve got to look at. The other thing we’ve
got to look at are debts. How are extensive are the debts and can we work with them another
way? If your goal is to stay in your house because you’ve a foreclosure and you just
want some time, well bankruptcy might not be the right option for you. And if there’s
other ways to resolve your debts – let’s say you’ve got $12,000 dollars in credit
card debt – we might be able to settle that for a lesser sum like $3 or $4,000 dollars.
It depends on the case. Bottom line is we want to explore every option possible. That’s
the good thing about our firm, we do more then bankruptcy so we can give you good advice
outside of bankruptcy too. Finally, if we don’t have to file bankruptcy and it doesn’t
make sense, we’re going to look for those other alternatives. And that’s what you
want in an attorney is to give you the lay of the lands, so you know what direction to
go. Why am I telling you this? Because you need to have good advice and good direction
for your attorney. I deal with this every day. Call me at the number below and I’d
love to talk about your situation with you. Thanks for watching. Also, listen, if you
like this video and you’re watching Facebook or YouTube, click the “Like” button below
us, so that your friends and family can get the benefit of everything I’m telling you
right now. Thanks for watching, I’m Steve Kramer.