Drowning in a sea of debt can be a stressful and exhausting ordeal. It may seem as though everything is spinning out of control with the rising debt, increased cost of living, and relentless phone calls from creditors. Fleysher Law will help you find the best solution to reduce or eliminate your debt if you’re having trouble making ends meet. Contact Fleysher Law, an Orlando bankruptcy attorney today and get your fresh start
Any person may face emotional stress when filing for bankruptcy. It is reasonable to fear losing all you have worked so hard for, including your home, car, and other possessions. Even the idea of declaring bankruptcy might be frightening. At Fleysher Law, our bankruptcy lawyers offer sympathetic direction and professional assistance throughout the process.
For those going through financial difficulty, filing for bankruptcy is a viable option. Our Orlando bankruptcy lawyer is here to help you with your bankruptcy petition and recovery. Call us at (888) 886-0020 for a free consultation. Gain control over your financial future immediately.
When you file bankruptcy, it gives creditors a chance to get compensation. However, it depends on the assets the individual or firm can liquidate.
Federal law and courts in the United States oversee every bankruptcy case. A bankruptcy judge decides whether bankruptcy filers are eligible to petition for bankruptcy. They also determine whether they should dismiss their debts in federal bankruptcy cases.
A trustee is an officer designated by the Department of Justice’s United States Trustee Program. They administer bankruptcy cases on behalf of the debtor’s estate.
There is seldom direct communication between the debtor and the judge unless a creditor raises an issue during the hearing.
When it comes to financial difficulties, no two cases are exactly alike. This situation is also true for bankruptcy cases. There are two common types of bankruptcy in Orlando, FL: Chapter 7 and Chapter 13.
Usually, Chapter 7 bankruptcy is the quickest and easiest option. Liquidation bankruptcy, or Chapter 7, involves the sale of non-exempt assets to pay off creditors. In some cases, debtors may not have any non-exempt assets. Therefore, the court discharges their debts without having to make any payments.
When a person’s regular income is too high to meet the criteria for Chapter 7 bankruptcy, Chapter 13 bankruptcy is the better choice. It is the wage earner’s bankruptcy and is available to those with a regular income. Under it, individuals get to keep their assets and make regular payments to their creditors.
Discussing your legal options with an experienced Orlando bankruptcy attorney is crucial. Bankruptcy attorneys can help determine which type of bankruptcy is right for you. Call our law offices today if you want legal services near Central Florida and the Orlando area.
Chapter 7 is also known as liquidation. Liquidation is available to both businesses and people. It entails selling all non-exempt property of the bankrupt and distributing the money to the creditors.
Chapter 7 bankruptcy can also be “liquidation bankruptcy.” You can use it to discharge most kinds of unsecured debt like medical bills. You can also use Chapter 7 bankruptcy to stop foreclosure and eviction proceedings.
An individual applying for Chapter 7 must pass the means test to qualify. This test ensures that only those who truly cannot afford to repay their debts are eligible. Once you have filed for a petition, an automatic stay will go into effect. An automatic stay will stop creditors from pursuing collections activities against you.
You may wonder about the eligibility requirements for a Chapter 7 Bankruptcy. To file for Chapter 7 bankruptcy in Florida, you must pass what is known as the “means test.”
The means test is a calculation utilized to determine whether or not you have the ability to repay your debts. You will automatically qualify if your income is below the median income for a household of your size in Florida.
Suppose your income is above the median income. In that case, you will need to provide additional information about your expenses and debts.
An experienced bankruptcy lawyer can help you navigate the complex bankruptcy relief process. Schedule your free initial consultation and get individually tailored advice from our law firm.
Filing bankruptcy is a significant move with both advantages and disadvantages. It is a decision that requires careful consideration.
Nonetheless, Chapter 7 bankruptcy is a vital instrument for debt relief. If you have any doubts or worries about filing for one, consider the advantages and disadvantages.
A Chapter 13 bankruptcy is a payment plan supervised by the court. The debtor settles his debts based on his family income and reasonable costs. The “Chapter 13 plan” consists of monthly payments and amounts paid to various creditors.
Individuals with regular income might use it to create a plan to repay all or a portion of their obligations. Debtors propose a repayment plan to creditors for three to five years under this chapter.
Filing for Chapter 13 bankruptcy in Florida requires you to submit a repayment plan to the court. This plan will detail how you propose to repay your creditors over 3-5 years. To be approved, your payment plan must meet specific requirements.
First, you’ll need to ensure that your plan pays off all your priority debts in full. Priority debts are considered “essential” and include child support, alimony, and taxes.
You must also ensure that your plan pays at least as much as you would have if you chose to file for Chapter 7. In Chapter 7, you must sell your non-exempt assets to repay your creditors.
Finally, your plan must be feasible. It must be realistic, given your current income and expenses. If the court finds that your program is impossible, it may require you to make some changes.
If you plan to file bankruptcy under Chapter 13 in the Orlando area, you must speak with an experienced bankruptcy attorney. A skilled attorney can determine which is the right option for you. They can also assist you in creating a repayment plan that meets all requirements. Contact our law office today and get your free consultation.
Chapter 13 bankruptcy has unsecured debt limits of roughly $465,000 (2022) and secured debt limits of approximately $1,400,000 (2022).
Individuals who owe more than the stated amounts are ineligible to apply for Chapter 13 bankruptcy. Examples of unsecured debts are:
Secured debts are ones in which the creditor has an interest in your property to guarantee repayment.
Furthermore, they must have attended a credit counseling course through an accredited provider. It should also be within the 6 months preceding their applications. Additionally, the following are instances where you cannot qualify for a Chapter 13 bankruptcy:
Filing bankruptcy under Chapter 13 has many more benefits than drawbacks. One of the main advantages is that your creditors will stop bugging you. It will have a long-term impact on your credit report, which is a drawback. Here are a few more advantages and disadvantages of Chapter 13 bankruptcy:
Many unsecured debts might be renegotiated or eliminated through bankruptcy. Other debts, such as the following, cannot be canceled in bankruptcy:
The bankruptcy law allows people struggling with debt to start again through bankruptcy relief. Undoubtedly, you can file one without bankruptcy attorneys. However, having an Orlando bankruptcy attorney on your side may benefit you more. Your legal team could:
If you don’t know the potential pitfalls of filing bankruptcy, you risk losing other assets you might have been able to keep. Or worse, you could even fail to get your debts discharged
You are likely already under financial stress when thinking about filing for bankruptcy. Hence, getting legal representation shouldn't add to your burden. Our bankruptcy lawyers at Fleysher Law are committed to vigorous, unrelenting advocacy on behalf of each client. We can assist you in ending creditor harassment and starting over.
When you come to our law office, we will sit down with you and listen to your legal issues. Our years of experience in each case qualify us to give you personalized guidance and legal counsel. Additionally, an Orlando bankruptcy attorney can thoroughly assess your finances and advise you appropriately for your needs. For a free case consultation, contact us at (888) 886-0020.