Your debt might be one of your biggest concerns right now. Fortunately, a Melbourne bankruptcy lawyer from Bogin, Munns & Munns can help you create a plan for your future.
Call our team at (321) 254-3939 to speak to a legal representative. We have devoted ourselves to our clients for several decades. We are knowledgeable about Florida bankruptcy law, and we can help you understand your options.
Forms of Bankruptcy Filings That Could Be Relevant to You
There is a lot involved with filing for bankruptcy. It can be an intimidating process. You will need to account for all of your income and expenses, as well as evaluate all of your valuables and assets. You might also have to attend credit counseling, depending on your situation. A lawyer can help you figure out your next steps.
Some of the following forms of bankruptcy could apply to your case.
To consult with an experienced bankruptcy lawyer serving Melbourne, call 855-686-6752
This type of filing can help if you have medical or credit card debt. When you file, you will be asked to provide documentation that proves your income, your debts, and the value of your assets. Some assets can be exempt from liquidation, such as a home or car, as long as you are up to date on the payments for them.
You will have to pass a “means test” that will look at the circumstances of your finances and life to prove whether you can pay off your debts over time. Where you live, who lives with you, the value of your assets, and how much you make can all influence your filing options. If it is determined that you can pay your debts via a payment plan, you will be asked to file for Chapter 13 bankruptcy.
Melbourne Bankruptcy Lawyer Near Me 855-686-6752
With this filing, your debts will be analyzed, and you will be asked to create a plan to pay your creditors over the course of three to five years. This plan has to be approved not only by the court but by the creditors you owe. When it is approved, you will make payments to a trustee, who in turn, pays the creditors.
Your plan will pertain to the following kinds of debt, and in the following order:
- Priority debt: Alimony, child support, and most tax obligations
- Secured debt: Car loans and mortgages
- Unsecured debt: Medical and credit card debt
Your debts have to be under a certain limit to qualify for this kind of filing. If it exceeds the limit, you will have to file for Chapter 11 bankruptcy. Speak to the Bogin, Munns & Munns team at (321) 254-3939 to learn more about what kind of filing you might qualify for and how a Melbourne bankruptcy lawyer could help you.
Those with more complicated debt or who want to file on behalf of a business must file under Chapter 11 bankruptcy. The United States Courts says that you must fill out various forms of paperwork that lay out certain details.
Then, any of the following might occur:
- The plan you and your lawyer create regarding your debt reallocation is approved;
- Your Chapter 11 case is dismissed or converted to a Chapter 7 case; or
- A Chapter 11 trustee is appointed to receive your debt payments and settle them with the creditors.
Your lawyer will discuss with you how your personal and company finances might be related and how one will affect the other.
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Tackle Your Debt with Bogin, Munns & Munns
Your debt will not go away until you face it head-on. Our team can help you do just that. By waiting for the situation to fix itself, you are letting interest pile up and letting the stress interfere with your life.
We know how scary it can be to have to file for bankruptcy. This is why we work closely with our clients to understand their personal lives and goals. We will take your unique concerns into account when representing you.
The Ways a Bankruptcy Lawyer Can Help You
We not only want you to settle your debt, but we also want you to understand how it happens. That is why we are ready to explain the bankruptcy process so that you understand where your payments are going and what effect they can have on resolving your total debt.
Your lawyer can also take a look at all of your assets to help you assign a monetary value to things that you bought long ago and no longer have receipts for (and that could help you pay off your debt or influence your situation). Your possessions can say a lot about whether or not you can pay off your debts, which then decides what chapter of bankruptcy to file.
Additionally, we want to help you attain some financial and mental peace. Though this part of your life might have been chaotic before, our goal is to help you figure it all out. That is what we wish for all of our clients.
We Cannot Start Working for You Until You Call Us
Every person’s bankruptcy case is different, so retain a Melbourne bankruptcy lawyer to review your circumstances. Call Bogin, Munns & Munns today at (321) 254-3939 to learn more about the path ahead of you.
As soon as you call and retain our services, the sooner we can start forming your plan for financial security. A clean slate can change your life.