Filing for bankruptcy may seem like the end of the line for your financial stability. However, despite the stress involved with this process, you do not need to go through this time alone. A Daytona Beach bankruptcy lawyer from Bogin, Munns & Munns can help you with the process of restructuring or paying off your debt. We can help promote your family or business’s future. To learn more, call (386) 763-2092 today.
Ways Our Team Is Prepared to Help
We want to stand with you during this difficult time. Filing for bankruptcy can seem like a complicated and monumentally overwhelming process. However, with a lawyer familiar with these kinds of cases, you do not need to worry about the things you need to do.
A lawyer from Bogin, Munns & Munns can:
- Represent you in court, as some debtors do not need to appear in person, according to the United States Courts
- Provide you some peace of mind
- Help you understand what your financial future can look like
- Implement a plan to address your financial concerns
- Help you value your assets
- Communicate with credit companies or anyone else to whom you owe payment
Consolidating your assets and determining what aspects of your life might be relevant to the court may be a foreign concept to you. Let our team help you.
The following possessions could factor into your ability to pay off, restructure, or dismiss your debts:
- Vehicles, like cars and boats
- Your home or other property
- Antiques, like art pieces
- Gold and silver jewelry with real gemstones
- Expensive electronics
- Ownership in a business or another financial endeavor
This may not serve as an exhaustive list.
To consult with an experienced bankruptcy lawyer serving Daytona Beach, call 855-686-6752
Understanding the Different Chapters of Bankruptcy
Did you know that there are multiple chapters of bankruptcy under which you can file? However, finding the one that meets the needs of your situation can be difficult without help. Below, we will discuss the details of each applicable bankruptcy chapter. However, if you have any questions or concerns regarding these chapters, feel free to contact Bogin, Munns & Munns.
Chapter 7 Bankruptcy Could Eliminate Portions of Your Debt
With this type of filing, you could eliminate certain kinds of medical or credit card debt. Some assets are protected, like retirement and college funds. Your legal team can tell you if there are any other assets that are exempt under Chapter 7 bankruptcy.
You will need to satisfy the requirements of a “means test” that will measure certain aspects of your assets and income. Your lawyer will speak to you about this and how it could affect your situation. This form of filing commonly takes only a few months to resolve.
However, it can take longer if:
- There is a related lawsuit;
- Property has to be sold; or
- You need to provide the court with more documents.
Chapter 13 Bankruptcy Requires That You Make Payments
If you make enough money, you might be able to file for Chapter 13 bankruptcy. This would require you to pay smaller payments over a period of a few years. The court will work with you to create a payment plan that will be handled by a trustee. This representative will take your payments and give them to your creditors.
Chapter 11 Bankruptcy Could Help Your Situation
If you have a complicated financial situation or want to restructure a business, you generally will end up filing for Chapter 11 bankruptcy. Upon filing a petition with all of the required documents and statements, you would be classified as a “debtor in possession.” This designation remains in place until a case trustee is appointed, your business’s reorganization plan is approved, or your case is transferred into a Chapter 7 or Chapter 13 bankruptcy case.
You might need to file a disclosure statement at this point. The statement and your plan will need to be confirmed before the case progresses. Your individual relationship to your business and your specific financial circumstances will determine how you file.
Work with a Daytona Beach bankruptcy lawyer from Bogin, Munns & Munns to learn more about what chapter of bankruptcy could apply to you. Call (386) 763-2092 today.
Daytona Beach Bankruptcy Lawyer Near Me 855-686-6752
Why Waiting Can Only Make the Situation Worse
Some people are more inclined to ignore a problem until they have the time, energy, and knowledge to deal with it. When the problem involves your finances, you do not have time to waste. We know that your situation is stressful and scary. It is important to remember, however, that you cannot resolve your debt until you confront it and formulate a plan to pay it off.
By waiting too long to take action, the following factors could impact your case:
There is an aspect of bankruptcy that can be a huge detriment for a lot of people: interest. When you started accumulating debt, you might have held the belief that you could make your payments on your own time. However, as time passed, you likely collected a fair amount of interest that only made matters worse.
The longer you wait to tackle your debt, the worse your circumstances will get. The figures you owe can only grow until you create a solid plan. Consider retaining a bankruptcy lawyer.
The Strain Can Take a Toll
Financial stress can cause relationships immense stress and end them as well. Long-term difficulties can make a significant difference in your daily stress, lifestyle, and options for the future. Over 60% of American adults state that money is a significant stressor, according to the American Psychological Association. You are not alone in your struggles, but remember that money troubles can have effects on other parts of your life aside from your wallet.
Additionally, some forms of debt can transfer to your children. You do not have to leave behind a monetary deficit for your family to handle when you are gone. We can help.
Count on Bogin, Munns & Munns
Our firm is familiar with talking to our clients through their reservations and worries. We have helped people with these kinds of cases for years. Call (386) 763-2092 to talk to a Bogin, Munns & Munns team member today about how a Daytona Beach bankruptcy lawyer could help you, your family, or your business.