Attorney Jim Monroe typical clients
Attorney Jim Monroe is a bankruptcy attorney in Orlando and he talks about who his typical client is.
Attorney Tom Olsen: My guest today is attorney Jim Monroe. He is a bankruptcy attorney. We would love to get your bankruptcy calls, questions right here in the studio right now at 844 2200965. Jim, tell listers again what your typical bankruptcy client is.
Attorney Jim Monroe: My typical bankruptcy client has a catastrophic event. That has occurred in their lives. For example, there is a job loss. There is an illness with those big medical bills we talked about earlier. There is a divorce. There is a business failure that's a typical bankrupt client.
Attorney Tom Olsen: Will that typical bankruptcy client become a chapter seven or chapter 13 client?
Attorney Jim Monroe: It depends upon the means test which is an income test imposed by congress bank in 2005 based upon the median income for a family size. Also, the amount of debts involved depending upon which chapter we value and the tax factor. Either we value into a chapter seven which is called "liquidation bankruptcy" but, it's rare that people lose property because you're allowed to keep a certain amount of property if you file bankruptcy. Or we put you into a 13, which is sort of a payment plan over time. That used for situations where there is for closure or you are above the means test or you want to pay a percentage of your creditors.