Orlando Bankruptcy Attorney Orlando
QUESTIONS ANSWERED...

Is Filing for Bankruptcy Right for You?

Answer...

For many people, bankruptcy (Chapter 7, 11 or 13) sounds like a freeing option and also a terrifying one. It can be a complicated process, but it is the best option for many people struggling with excessive debts. Here are a few questions to ask yourself if you are considering bankruptcy or a lawyer or attorney to help you. We can talk about the average cost to file for bankruptcy in Orlando, FL as well.

Will Bankruptcy Get Rid of My Debt?

Bankruptcy does not get rid of all types of debt. It will get rid of most unsecured debt, including medical bills and credit card bills. However, bankruptcy will not discharge debts such as legal fines, child support, alimony, and student loans. If most of your debts are not unsecured debts, filing bankruptcy may not be helpful. An expert bankruptcy filing lawyer can be a critical part of this process.

Will Bankruptcy Stop the Harassing Calls and Letters?

Yes! If calls, collection notices, and other attempts to collect on debts are ruining your life, you should consider retaining an expert bankruptcy attorney locally in the Orlando area. For many people, gaining peace of mind makes the process entirely worth it.

How Will Bankruptcy Affect My Credit?

Bankruptcy definitely affects an individual's credit rating. However, it is not as bad of an effect as many people think. A bankruptcy will be on your credit record for up to ten years. In many cases, however, a bankruptcy can help you to begin rebuilding your credit score. You will never be able to gain good credit while you have more debt than you can pay. If you file bankruptcy and immediately begin building credit, your credit may be better off in the long run.

Will I Lose My Home and Car?

The answer to this question depends on your individual state laws and the type of bankruptcy (There are differences in Chapter 7, Chapter 11 and Chapter 13 that an expert bankruptcy attorney or lawyer will discuss with you) that you pursue. Some states will make an exemption for your primary residence as well as a personal vehicle. If you have concerns about whether you can keep these, talk to a bankruptcy lawyer. However, it is important to remember that many people stand a good chance of losing their home and car if they don't discharge debts. Bankruptcy can leave you enough money to continue to pay for these necessities.

Can I File Bankruptcy Without a Lawyer?

It is technically possible to file bankruptcy without a lawyer, thus paying only filing fees and other miscellaneous expenses. However, this is rarely recommended. In many cases, a lawyer will save you more money than they cost. (Call us now to find out what the average filing costs for an Orlando bankruptcy are) Many people end up complicating their bankruptcy by trying to handle it themselves, or even being denied bankruptcy because of simple mistakes. You should consider waiting to file papers until you have a lawyer to consult with.

Whether to file bankruptcy is a very personal decision that will depend on your unique circumstances. It is important to truly consider the pros and cons of the situation before making a final decision. Filing bankruptcy - or deciding not to file it - is a decision that will likely affect you for the rest of your life.

Choosing the Right Type of Bankruptcy

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While most people tend to talk about bankruptcy as a single event, this is incorrect. Bankruptcy is a process rather than a single event, and there are many different types of bankruptcy as well as expert lawyers and attorneys who specialize in this type of law. Most normal citizens who file bankruptcy file either Chapter 7, Chapter 11 or Chapter 13.

Different Types of Bankruptcy

When most people think of bankruptcy, they think of Chapter 7. In this type of debt discharge, the courts assign a trustee who liquidates your assets (if you have any) and pays off people that are owed money. Any remaining debt is discharged. Laws regarding this type of bankruptcy have been steadily getting stricter, so some people may not qualify for Chapter 7. However, there are other options such as Chapter 11 and Chapter 11, which are more a type of reorganization. Together, these three types of bankruptcy are the most common among individuals in the United States and especially in the Orlando Florida market area.

Main Differences Between Different Types of Bankruptcy

In a Chapter 7 bankruptcy, debt is virtually erased. However, all of your assets are erased as well. At the end of Chapter 7, people are left with a net worth that is neither positive or negative. In Chapter 11, a person will have their debts greatly reduced and be given more time to pay them. This is a popular choice because it is not as destructive on the credit record but it makes the constant collection calls and letters stop. Last, Chapter 13 puts your debts and assets under care of a trustee, who restructures your debts so you can reasonably pay them back, usually in three to five years. Check with us now to determine what your average cost of each type of bankruptcy filing might be.

Which Type of Bankruptcy Is Best for Me?

If you have very few assets and a huge amount of debt, Chapter 7 is often the best case. However, recent legislative changes have made it very difficult to get this type of debt discharge so it is important to talk to an expert bankruptcy lawyer. If you can pay off your debts if they are reduced or otherwise modified, Chapter 11 or 13 are likely the best. Ultimately, if you have any questions about filing bankruptcy, you should take to an accountant and/or a lawyer who is experienced in this area.

Filing the right type of bankruptcy will give you freedom from the crushing weight of debts while allowing you to get the fresh start that you need. While there are slight differences between the different chapters, all should be viewed as tools that can help you to get the freedom and peace of mind that you need. Make an appointment with a bankruptcy expert today if you have any questions about this important decision.