Orlando Bankruptcy Attorney
The thought of filing for bankruptcy can be daunting, but living a life of fear and financial burden can drive individuals to their breaking point and the feeling that there is no way out. We can help you find your way out and see the other side. A side where you’re not overwhelmed every time you check your mailbox or constantly dodging phone calls and emails.
Bankruptcy is a Federal law that gives people a fresh financial start when their debts overwhelm them. It works like a restart button. It is a legal remedy that you are entitled to use to stop your creditors in a fair and honest way. It allows you to get rid of debt in its entirety or to restructure debt in ways that fit your income and situation.
Times of financial hardship can be overwhelming, with many obstacles to overcome. When you find yourself in a financial hardship that makes paying your debts and living expenses difficult, it is important to have an experienced Bankruptcy Attorney on your side.
When people think of Bankruptcy, it is often thought of as the end of the line for your financial future. But Bankruptcy is a legal tool that allows people to have a fresh start in their finances. Individuals and families can utilize either a Chapter 7 or Chapter 13 filing under the Bankruptcy Code to get this fresh start.
- Bankruptcy, Chapter 7 allows a person to discharge their unsecured debt while retaining any exempt property.
- Bankruptcy, Chapter 13 allows a person to pay all or part of their unsecured debt through a court-supervised payment plan and at the end receive a discharge of any remaining debt. Creditors for both the secured and unsecured debt are paid in a monthly plan.
Getting a Fresh Start with Bankruptcy
Understanding your debts and assets are the cornerstones of a solid financial future. Debts, in particular, generate the most confusion and misinformation. Many people think that tax debt and student loans cannot be a part of a Bankruptcy proceeding. However, some tax debt can be discharged and student loans can be modified in a bankruptcy proceeding.
Bankruptcy is also a great tool that you can use to stop a foreclosure proceeding and negotiate with the lender to try to reach a solution, such as loan modification.
An experienced Bankruptcy Attorney can advise you on the updates to laws and the tools available to you. When you schedule a consultation with a Bankruptcy Attorney, you will receive legal advice and information on whether Bankruptcy is a good option for you, which Chapter of Bankruptcy is the best fit for you and your goals, and how to proceed forward with a plan that will help you meet your goals.
Understanding your assets and debts in Bankruptcy
There are 2 main types of debt or loans that people can obtain: Secured and Unsecured:
- Secured Debt is backed by a personal asset as collateral that, in the event of defaulting on the debt, can be used to satisfy it. The most common examples of secured debt are mortgage loans and auto loans.
- Unsecured debt is not backed by any collateral. If a borrower defaults on this kind of debt, a lawsuit is initiated to collect this debt. Examples of unsecured debt is credit cards, medical bills, and student loans.
If you receive a notice that a lawsuit has been filed against you, it is critical to consult with an experienced attorney immediately. Failure to act could result in you losing certain rights or in the entry of a judgment against you. If you are being sued by a creditor, call us at 407-678-7887 and schedule a consultation with a Bankruptcy Attorney.
- Deed in Lieu
- Loan Modification
- Mortgage Deficiency Judgments
- Strategic Default
- Short Sale
As part of the foreclosure defense strategy planning, we will also consider whether bankruptcy is recommended in order to modify the mortgage loan, restructure the debt, or discharge a deficiency judgment.
Exempt vs Nonexempt Assets in Bankruptcy
In a bankruptcy proceeding, you have to disclose all of your property and some of this property may be liquidated or sold to pay your creditors. Exemptions are available and can be applied to certain types of property to prevent it from being liquidated. Exemptions vary state by state. Some exemptions that are available in Florida include:
- Retirement and pension accounts
- Stimulus funds under the CARES Act
- Homesteaded Property
- Social Security and Veteran benefits
- Alimony and Child support
- Personal property up to a maximum of $1,000.00
- Vehicle up to a maximum of $1,000.00
Non-exempt property can be liquidated and used to pay your creditors. Examples of non-exempt property include:
- Non homesteaded property or second, investment real estate property
- Valuable artwork
- Investments not held in a retirement account
During your consultation with a Bankruptcy Attorney, we will be able to advise you on what exemptions apply to your circumstances and how they can be used to accomplish your goals.
Why is a Bankruptcy Consultation Needed
Every person’s details and finances are unique, therefore a consultation with a Bankruptcy Attorney is needed to gather all information, discover your goals, determine if Bankruptcy is the right fit for you, and determine which chapter best fits your situation and goals. We will need to gather information such as income, debt, and all property you own to determine which Chapter in the Bankruptcy is appropriate in accordance with Bankruptcy code. As a part of your consultation, your attorney will empower you with information regarding the types of debt that can be eliminated in a Bankruptcy proceedings as well as which asset you will be able to keep. Contact us at 407.647.7887 to schedule a consultation with a Bankruptcy Attorney.
Frequently Asked Questions Regarding Bankruptcy
Does having a Bankruptcy on your record destroy your credit score?
Oftentimes in a financial crisis your credit score is already damaged. A Bankruptcy does lower your score temporarily. But, you will able to rebuild your credit and move on with your life faster than of you struggled with trying to solve each debt separately.
What is a creditors meeting?
A creditors meeting is a chance for the Bankruptcy Trustee and creditors to ask questions pertaining to the Bankruptcy petition and documents required by the Bankruptcy trustee. Your Bankruptcy Attorney will prepare you for this meeting, attend it with you, and guide you through the questions.
What is a Bankruptcy Trustee?
A bankruptcy trustee is a Court appointed individual entrusted with evaluating the information and documents regarding the Bankruptcy petition and the debtor’s financial situation. The trustee will manage the bankruptcy case and make recommendations about exemptions claimed and liquidation of assets, in accordance with Bankruptcy code.