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Choosing Between Chapter 7 and Chapter 13 Bankruptcy

Back To Bankruptcy and Debt Relief Video Help Page

Back To Bankruptcy and Debt Relief Video Help Page

As the video above points out, a key concern in choosing between Chapter 7 and Chapter 13 bankruptcy is whether your goal is to preserve assets.

At TK Law in Orlando, we provide consumer bankruptcy representation and alternative debt relief solutions beyond bankruptcy. We apply bankruptcy exemptions under Federal and Florida State laws to help families protect certain properties and assets in bankruptcy.

Under Florida personal bankruptcy law, exempt assets are the property you own that cannot be sold by the court to repay your creditors.

In Chapter 7 bankruptcy, a person’s nonexempt assets are liquidated—meaning they are turned over to the bankruptcy trustee and sold, with the proceeds going to pay off creditors. Examples of nonexempt assets that are used as payment to creditors are: cash, bank accounts, stocks and other investments, a second vehicle, a second home or vacation home, family heirlooms, and valuable collector items.

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Next, the majority of unsecured debts such as credit card debt, many personal loans, and medical bills, are eliminated. Most or all debt is wiped away. A Chapter 7 bankruptcy is typically completed in less than six months

Chapter 13 bankruptcy is a repayment plan in which secured debts, like a home mortgage or a vehicle loan, are made current, and unsecured debts, such as credit cards or medical bills, are paid back at less than full value. Many if not all of assets are protected.

Chapter 13 bankruptcy is one of many means of preventing foreclosure, vehicle repossession, and other debt related issues. A Chapter 13 bankruptcy lasts over a period of 3 to 5 years.

Understanding Florida Personal Bankruptcy Choices

As Orlando bankruptcy attorneys, we understand that every individual faces his or her own particular challenges. Choosing between Chapter 7 and Chapter 13 bankruptcy includes taking stock of your financial situation and goals:

  • Do you qualify for Chapter 7 bankruptcy?
  • Would you be able to pay your debts within 3-5 years under a Chapter 13 bankruptcy?
  • Are you being sued by creditors?
  • Are you trying to save your home from foreclosure?
  • Are you trying to keep from losing your car?
  • Do you have other property or assets you want to protect?
  • Has credit card debt spiraled out of control to the point of financial collapse?
  • Are medical bills beyond your ability to pay?
  • Are you still working? Is a steady form of income available to you?
  • Do you owe child support, alimony, student loans?
  • Do you owe tax debt?

A Bankruptcy Attorney’s Help is Critical in Choosing Options

No matter how you came to be in financial distress, you do have very practical, very workable options. If you are overwhelmed by debt, cannot make your payments, or if the bank is threatening to take your home, it is time to find out if bankruptcy is an option for you. And a critical element of bankruptcy is understanding exempt property and how that affects you.

Florida’s statutes on bankruptcy exemptions are complex. A TK Law attorney can evaluate your financial situation from every angle, and work with you and your family to determine what course will be most beneficial. We may find that in your case, debt settlement or foreclosure defense is the better solution in your situation.

If mounting debt is pulling you under, in Orlando contact TK Law today.

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The Orlando divorce lawyers at TK Law are deeply committed to the individuals and families they serve. We are here to help you resolve each legal concern so you can regain control and move forward with your life. You will also have a steadfast, accomplished advocate in your corner to fight for what matters most if a dispute goes to trial.

We know how overwhelming conflict can be and how painful it is to see a marriage end. We will guide you through this difficult process before, during and after your divorce.

Contact our offices today to schedule a confidential consultation with one or our family law attorneys, or call us at 855-572-6376.



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Roy P.
Mar. 2024
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Gastell and Kayla were awesome! They helped me make it through a very challenging time in my life with kindness and compassion. They were always available to answer my questions and kept me up to date. Their counsel was extremely helpful in aiding a resolution that I am very satisfied with.
Carmen D.
Mar. 2024
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I give this law firm a 5 star. Ray and Janelise helped us with our probate issue and made the process a lot easier for us to finalized all of it. We're very thankful to this law office and recommend them for any legal issues.Thank you Janelisse and Ray and the entire office .
Alysia T.
Jan. 2024
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I am thankful to Janelise and Kayla at TK Law for a fantastic job. Kayla guided me through every step of my divorce process. She is patient, professional, and honest. I highly recommend them!
Chris O.
Dec. 2023
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This was first experience hiring a law firm and I am very happy that I hired TK Law. My attorney Janelise and Paralegal Kayla were kind, knowledgeable and made the process easy. They were quick to respond when I needed revisions to my document and the final outcome was perfect. If I ever need legal help in the future, I will not hesitate to contact TK Law again.

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We offer payment plans, accept credit cards, are available for evening appointments and our main office is conveniently located right off of I-4, between 436 and 434. For immediate help call: 407-834-4847.


The information found here is for general information purposes only. Nothing on this site should be taken as legal advice for any situation or individual case. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.


Phone: 407-834-4847
999 Douglas Ave #3333, Altamonte Springs, FL 32714

Service Areas

Orange & Seminole County, Florida.