Florida Bankruptcy Lawyer

Schedule A Free Consultation With An Experienced Bankruptcy Lawyer For Help Determining The Best Path Forward

When you are experiencing financial difficulty, it can be overwhelming and nerve-racking. If you are having significant trouble meeting your financial obligations, you may be considering bankruptcy. Most people are unsure about the specific implications of filing for bankruptcy. The process of bankruptcy has both advantages and disadvantages. If you are thinking of filing for bankruptcy, be sure to speak with a skilled Florida bankruptcy lawyer. A legal professional will examine your financial situation and help you determine the best path forward.

At our Foreclosure Defense Law Firm, our attorneys have helped countless clients who were facing financial hardship. For some, bankruptcy represents a positive step toward a brighter financial future.

The legal team at our Foreclosure Defense Law Firm will happily answer all the questions you have regarding bankruptcy. Call us today to schedule a free consultation.

What is Bankruptcy? 

Bankruptcy Lawyer in Florida Debt Relief Foreclosure Defense Group - Top view of stressed young sitting Asian woman hands holding the head worry about find money to pay credit card debt and all loan bills. Financial problem concept. First, it is important to note what bankruptcy is not. Unfortunately, many people think of bankruptcy as the ultimate failure.

Some believe that it is the end of their financial life. This is a misconception.

Actually, bankruptcy is a tool to address certain types of economic problems. When used correctly, bankruptcy can help establish a better financial future for the person who files.

Bankruptcy is most useful when you are facing massive financial difficulties. These may arise for many different reasons.

Some of the most common circumstances that lead to financial hardship include:

  • A divorce or separation from a romantic partner
  • The death of a family member or other loved one
  • Difficulty making mortgage payments
  • Mounting medical bills
  • Other miscellaneous debt

No matter what the circumstances, you deserve to make informed decisions about your financial life.

Certain types of bankruptcy provide a way for you to discard delinquent debt. Other bankruptcy options allow you to create a repayment plan to address your outstanding balances.

A bankruptcy attorney can help you decide which option is right in your case. They will also walk you through each step of the application process and ensure that your best interests are protected.

What Are the Different Types of Bankruptcy? 

Bankruptcy is not a single or uniform process. Different types of bankruptcy are advantageous in different financial scenarios.

Most bankruptcies fall into one of two categories–reorganization or liquidation.

Chapter 7 Bankruptcy 

This is one type of liquidation bankruptcy. Chapter 7 involves liquidating certain assets in exchange for relief from debt.

Rather than only forgiving qualifying debt, the trustee is given the right to sell certain property. This helps them to recover the money that they are owed.

Not every type of property is eligible for liquidation. Certain types of assets are exempt under state law.

The most common exemptions are assets needed to continue maintaining a household. For instance, furniture, clothing, and a vehicle are typically exempt from liquidation.

In Florida, most people who file Chapter 7 bankruptcy are eligible for certain other exemptions. For instance, Floridians who file for bankruptcy can invest up to $160,000 in a homestead property to exempt those assets.

A Florida bankruptcy lawyer can explain other potential exemption opportunities.

Chapter 7 bankruptcy does not discharge every type of debt. Liabilities that cannot be relieved through Chapter 7 are known as “nondischargeable debts.”

Some common examples include:

  • Child support and spousal support payments
  • Income taxes from the past three years
  • Injury and wrongful death awards following a DUI
  • Student loan debt

Chapter 7 bankruptcy is not only available to individuals. Businesses are permitted to file for this type of bankruptcy, as well.

In fact, according to the American Bankruptcy Institute, there were 18,960 bankruptcy filings in Florida from January to July of 2021. An overwhelming 74% of those bankruptcy filings were Chapter 7.

If you have questions about chapter 7 bankruptcy and whether you qualify, contact us today to arrange a free consultation with an experienced Florida bankruptcy lawyer.

Chapter 13 Bankruptcy

This type of bankruptcy is also known as a “wage earner” approach. Rather than liquidation, Chapter 13 is a type of reorganization bankruptcy.

To be eligible for Chapter 13 bankruptcy, you must show that you have a reliable income.

This approach allows the debtor to propose a repayment plan. Typically, these repayment plans last between three and five years.

The minimum payment amount will vary depending on the debtor’s income level, total debt, and the value of the non-exempt property.

The Chapter 13 option entails certain debt limits. Debtors are not eligible for this option if they have more than $1,257,850 in secured debt. The limit on unsecured debt is $419,275.

Some people choose a Chapter 13 repayment plan to deal with delinquent house or car loan payments. In some cases, bankruptcy can help prevent the possibility of repossession.

If you believe that Chapter 7 or Chapter 13 bankruptcy is right for you, do not wait. Contact one of the skilled bankruptcy attorneys at our Foreclosure Defense Law Firm to explore all your legal options.

Other Common Types of Reorganization Bankruptcy 

Although Chapter 7 and Chapter 13 are the most common forms of bankruptcy, other options exist.

Chapter 11 Bankruptcy 

This type of bankruptcy is usually employed by businesses that are struggling financially. Chapter 11 is a type of reorganization bankruptcy.

This option is also available for individual debtors whose debt exceeds the threshold for Chapter 13 bankruptcy. If you believe that Chapter 11 is the best option for you, it is important to speak with a lawyer.

Chapter 12 Bankruptcy 

This bankruptcy option shares similarities with Chapter 13. However, to qualify, at least 80% of the relevant outstanding debt must result from the operation of a fishery or farm.

If one of the less common bankruptcy options is right for you, an accomplished bankruptcy lawyer at our Foreclosure Defense Law Firm can help. Our skilled legal professionals have experience handling all types of Florida bankruptcies.

How Can a Florida Bankruptcy Lawyer Help Me? 

Some bankruptcy cases are more complicated than others. Regardless of how complex your case is, a bankruptcy lawyer can help to ensure that the process goes as smoothly as possible.

Usually, the difficulty and complexity of bankruptcy will depend on the following factors:

  • The unique facts of the case
  • Whether you are seeking liquidation or reorganization bankruptcy
  • Whether the trustee will liquidate your property
  • Whether you are a small business owner
  • Whether the case involves bankruptcy litigation

Be sure to consult with an attorney who has a successful track record of overseeing similar cases.

A knowledgeable lawyer will help you to understand all your legal rights and obligations. The best attorneys provide sound and trustworthy advice throughout the bankruptcy process.

For example, bankruptcy is not the right financial decision for everyone facing debt. If it is, there are many factors to consider.

A knowledgeable legal professional will clearly communicate the advantages and disadvantages of pursuing bankruptcy in your case.

Additionally, they will prepare and file all the required legal paperwork to get you started. If there are difficulties or delays in your case, they will offer guidance and help throughout the process.

Bankruptcy laws and statutes vary by state. The Florida bankruptcy lawyers at our Foreclosure Defense Law Firm have a detailed knowledge of the relevant state requirements for bankruptcy.

Arrange A Free Consultation With A Florida Bankruptcy Lawyer Today

When you are facing significant financial difficulties in Florida, it is important to understand that you have options. To determine the best path forward, contact our Foreclosure Defense Law Firm.

Our accomplished legal team boasts more than five decades of combined experience and an A+ rating from the Better Business Bureau. No bankruptcy case is too complex for us, and no situation is too difficult.

We understand the difficulties that many debtors face. That is why we offer a free legal consultation. Contact an experienced bankruptcy lawyer at our Foreclosure Defense Law Firm today to schedule your no-cost case evaluation.