Bankruptcy
Drowning in Debt?
Maybe it's time to turn the page...
And get a Fresh Start!
Call Today For a Free Bankruptcy Consultation 407-932-1115.
What is Bankruptcy?
Bankruptcy - Federal law that provides a FRESH START to a person who cannot pay his or her bills.
How Does It Work?
Most individuals will qualify for one of two types of bankruptcy:
- Chapter 7 Bankruptcy - Liquidation process in which all of your debts are discharged immediately.
- Chapter 13 Bankruptcy - Debt adjustment or “workout” plan in which some portion of your debt is paid over three to five years, and then the balance of your debt is discharged. How much you have to pay is based on your available or “disposable” income, which is computed under federal guidelines and/or the amount of your non-exempt property which you plan to keep.
Decisions about whether to file bankruptcy, which type, available exemptions, and other important issues of bankruptcy planning require qualified professional help. We can guide you through this process.
Bankruptcy and bankruptcy litigation have been a substantial part of my practice for more than 20 years. My staff and I are well qualified to assist you.
Ready for your FRESH START? Contact Me.
Frequently Asked Questions
Q. Can I still qualify for bankruptcy under the new law?
A. Most of our clients qualify for Chapter 7 Bankruptcy. Those few that don’t still qualify for Chapter 13.
Q. Will I lose my home or my car?
A. If you can afford your payments, you can keep either or both if you are current when you file and agree to abide by the terms of your mortgage or installment contract. Any equity may or may not be exempt. We will need more information to advise you on that.
Q. If I surrender my house and/or car will I be liable for a deficiency judgment?
A. No, the debt will be discharged.
Q. Will bankruptcy ruin my credit?
A. If you are facing a foreclosure, repossession or if you are seriously behind on your debts, bankruptcy will likely improve your credit over time. Without bankruptcy, judgments will remain on your record for up to twenty years, and can be enforced against your assets.
Q. Can a creditor garnish my wages or bank accounts?
A. Bankruptcy will immediately stop any efforts or proceedings (garnishments, lawsuits, etc.) to collect or enforce your debts.