American College of Attorneys Best of the Bar Award
10.0 Avvo Superb Lawyer Rating
Top 100 Trial Lawyers Award
Orlando Top Lawyers 2012 - 2024
Best Lawyers in America Award
Super Lawyers 2024 Award
Florida Legal Elite Award
Best Lawyers 2024 Award
Orlando Sentinel Best Bets Lawyer Award

When Bankruptcy May be the Wrong Answer for You

Video Script Below

I’m Steve Kramer of the TK Law Firm. I’m a Florida bankruptcy attorney. Let’s talk about when bankruptcy may be the wrong answer for you. One of the factors when determining whether bankruptcy is a good option or a bad option is the amount of assets that you have. A Chapter 7 bankruptcy – which is what most people are looking at – is a liquidation of your assets and debts. Now you have a certain amount of assets that are exempt from the bankruptcy, but they’re relatively small. So if you’ve got significant assets then bankruptcy may not make sense for you. Also, it depends on what your assets are in respect to and relation to your debt. If you got $100,000 in assets and $10 million dollars in debt bankruptcy might be a very good option. On the other hand, if you’ve got $100,000 in assets and $10,000 in debt then it doesn’t make sense to wipe away the $100,000 to get rid of $10,000 of debt. The next factor you have to figure when filing for bankruptcy, is the amount of the debt. If there’s not enough debt to justify the bankruptcy then it doesn’t make sense and we shouldn’t do it. And this is a relative term. If you’ve got $100,000 in debt but you’re only making $15,000 a year that is a mountain to climb. But if you’re got $100,000 of debt and you’re used to making $300,000 a year bankruptcy might not make sense because it does leave some collateral damage sometimes. Third is bankruptcy may not be a good option if there’s nobody coming after you. If you don’t have creditors calling you, if you don’t have a lawsuit pending from a creditor, it may be a little bit preemptive. You may be able to settle that debt into a structured settlement. You may able to hire a firm to settle that debt for what could be pennies on the dollar to something more significant. But in any case it may be viable alternative to bankruptcy. And lastly, it may not be a good idea to file bankruptcy here in Florida if you have not lived here long enough because you’re going to be wasting your time and money. If you have not lived here long enough to satisfy the jurisdictional requirements – which basically means that you are subject to the jurisdiction of the federal courts in Florida – then bankruptcy is not for you. Or you may not get the benefits of Florida law in respects to the bankruptcy because you get a couple of extra exemptions for living in Florida, which are to your advantage because you can keep more assets. Why am I telling you this? Because this is important information for you to consider when you file a bankruptcy. You can go to plenty of attorneys that will put you into bankruptcy if you ask for it. But if you come to us we’re going to make sure it’s the best option for you before we get you into bankruptcy. We want to make sure it’s going to work for you and get you the best result. And if there’s another option we’re at least going to discuss it. If you have any questions, call me at the number below. I would love to talk with you and help you out in any way I can. Also, if you’re watching this video on Youtube or on Facebook, click the “Like” button below, that way your friends and family can share in the information that I’m giving you right now. I’m Steve Kramer of the TK Law Firm. Thanks for watching!

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
.

Free Case Review

All free case evaluations are reviewed by our legal team. For immediate assistance, please call us at 407-834-4847.

quick Links

HOW TO GET STARTED

Make Your Best Decision Today

STEP 1

Schedule your case review so we can help you.

STEP 2

Consultation

During your consultation we’ll review your options and see if we’re a right fit for you.

STEP 3

Representation

If we take on your case, you’ll be represented by the best.

Get Your Free Case Evaluation Today

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.

407-834-4847

#1 RATED DIVORCE LAW FIRM IN SEMINOLE COUNTY*​

Our best awards are
client victories

Roy P.
Mar. 2024
Read More
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
Read More
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
Read More
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
Read More
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.

*Top-rating from clients and award publications such as Orlando Weekly, US News & more.​

GET YOUR FREE CASE EVALUATION TODAY

Schedule Your Case Evaluation

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.

Disclaimer

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.

Contact

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

Service Areas

Orange & Seminole County, Florida.

Resources