Despite our best efforts to make ends meet, an unexpected reduction in income would send most of us into a debt spiral that would be hard to escape. If you're in this situation, a Jacksonville bankruptcy lawyer may be able to provide some advice to clear your debt and help you start over.
Despite the fact that a bankruptcy filing can help eliminate your debt and start over, the decision to file for bankruptcy can be a tough one to make. The legal processes, forms, and rules behind bankruptcy can be confusing and even treacherous for debtors filing their case pro se (without a lawyer).
Seeking legal counsel from an expert, such as an experienced local Jacksonville bankruptcy lawyer, can provide insight into the benefits and pitfalls of bankruptcy. A good bankruptcy lawyer will advise you on how, when, and under which chapter of bankruptcy to file so you can make the best of your filing and bankruptcy discharge.
When you're looking for honest and informed legal advice, call Fleysher Law at (888) 886-0020 to book your free consultation.
The attorneys at Fleysher Law provide comprehensive bankruptcy assistance. From the free initial consultation to rebuilding your credit, our legal team will be by your side throughout. Here's how our Jacksonville lawyer can help you get through this challenging time:
Our bankruptcy law firm offers more than just bankruptcy law assistance. As a debt relief agency, we also provide legal help for estate planning, short sale, foreclosure defense, and more.
While there is a wide variety of bankruptcy cases in Florida, Chapters 7 and 13 are the most commonly sought debt relief solution by many South Floridians.
Chapter 13 of the bankruptcy code is also known by some people as the wage earner's plan. This bankruptcy type allows individuals with a regular source of income to repay their debts.
The repayment plan is usually spread over three to five years. Chapter 13's repayment scheme is similar to Chapter 11 or business bankruptcy. However, Chapter 13 is reserved solely for individuals earning a regular income.
Before you decide on filing a Chapter 13, it's best to consult with a Chapter 13 lawyer first. They can help you recognize the risks and benefits of this type of bankruptcy.
Chapter 7 of the bankruptcy code is known to many as liquidation bankruptcy. This type of bankruptcy is suitable for individuals with little to no disposable income.
In Chapter 7, the court will assign a trustee to oversee your case. The trustee's job is to sell your nonexempt assets and use the proceeds to pay your creditors. Once all creditors have been paid, you will be discharged from your obligations, and your case will be closed.
Since this bankruptcy type risks losing all your assets, consulting with a Chapter 7 lawyer is vital. They can help you identify alternatives to bankruptcy and help you keep your property.
There are many ways bankruptcy might be able to help alleviate your situation.
Despite the advantages presented by bankruptcy, not everyone can qualify for it. Because of this, consulting with Jacksonville lawyers is essential to ensure that bankruptcy is the ideal option for you.
Qualifying for bankruptcy in Florida requires you to pass a means test. The means test analyzes your financial situation to see if you qualify for Chapter 7 bankruptcy.
If your income lies below the median income, you will pre-qualify for Chapter 7 bankruptcy. If your income sits above the scale, you'll need to complete the means test to see if you can still file for Chapter 7 bankruptcy.
To complete the means test, you'll need to gather financial information, such as your income, expenses, and debts. Once you have this information, you must fill out the means test form and submit it to the court.
If you don't qualify for Chapter 7 bankruptcy, you may still be able to file for Chapter 13 bankruptcy.
By now, you already understand that the court cannot eliminate all of your debts. These non-terminable debts are commonly secured debts. Some examples of these are:
The application of these non-dischargeable debts may be different for everyone. Discussing your situation with Jacksonville bankruptcy attorneys can help you understand how these debt regulations apply to you.
Similar to most laws, bankruptcy law contains various exemptions. Qualifying for some, or even all, of these exemptions can significantly minimize asset loss and preserve rights. Here are some of the Florida Bankruptcy Exemptions:
Jacksonville bankruptcy lawyers are proficient and well-versed in all aspects of bankruptcy law. They can help you understand how these exemptions apply to your case and help preserve your rights.
Debtors are allowed to file a bankruptcy case without an attorney in Florida. However, hiring bankruptcy attorneys in Jacksonville is highly advisable as they have the knowledge, expertise, and resources to handle your case seamlessly and successfully.
Some law firms, such as the Fleysher Law, allow flexible payment plans and 0% down to make quality legal representation more affordable.
The bankruptcy process will not terminate all of your debts. However, it will give you a clean slate by discharging most of your financial obligations. Furthermore, you may apply for legal exemptions to relieve your debt without losing assets.
Filing for bankruptcy protection will inevitably hurt your credit score. However, this is only temporary. Once you’ve completed the bankruptcy process, you can rebuild your credit score by paying your bills promptly and maintaining a good credit history.
Filing for bankruptcy yields costs such as legal services fees, filing fees, credit counseling fees, and mandatory financial management course fees. However, some of these fees may be waived if you can’t afford to pay them.
Most unsecured debts, such as medical bills and credit card debts, can be discharged through bankruptcy.
Not necessarily. You can file for bankruptcy protection even if your spouse doesn’t. Moreover, filing for bankruptcy without your spouse can protect your spouse’s assets from creditors.
You will only need to proceed to court if your creditors file an objection to your bankruptcy case.
Once you’ve filed for bankruptcy, creditors and collectors are prohibited from contacting you. This is because of the automatic stay, a court order that immediately stops all collection actions against you.
If you're on Google searching for a "bankruptcy attorney near me," the team at Fleysher Law can help. We offer a free consultation and 0% down payment plans to give you the legal assistance you need without breaking the bank.
Our knowledgeable and experienced Jacksonville bankruptcy attorney will guide you through every step of bankruptcy relief, from filing to discharge. Call us now at (888) 886-0020, or you may also reach us through our website's contact page.
We also provide legal assistance in family law disputes, real estate law challenges, and business law disputes.
