Ocala Bankruptcy Lawyer

Ocala Bankruptcy Lawyers
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Filing for bankruptcy can seem daunting. However, depending on your circumstances, a bankruptcy filing can help you move forward with a clean financial slate.

An Ocala bankruptcy lawyer can help you think through your options and plan your next steps. You can speak with a team member from Bogin, Munns & Munns to learn more about how we can help. Call us today at (352) 690-7400 for your case review.

Filing for Bankruptcy

As with any major financial step, bankruptcy may seem like an intimidating process. You may have questions about how bankruptcy works, how it will affect your credit score, and how your debt will be handled.

Often, individuals or businesses will be able to clear most or all of their debts by filing for bankruptcy. While some forms of debt cannot be erased, such as child support or alimony, you may be discharged from previous financial pressures, such as credit card debt. A bankruptcy filing can even stop the home foreclosure process and stop creditors from contacting you for repayment.

However, filing for bankruptcy may come with some trade-offs. Your credit score will be affected, and depending on the type of bankruptcy you file, the impact to your score may last for a longer period of time. Chapter 7 bankruptcy can remain on your credit score for 10 years, for instance.

To consult with an experienced bankruptcy lawyer serving Ocala, call 855-780-9986

Common Types of Bankruptcy

There are six types of bankruptcy, which are known as Chapters. A few of the most common types of bankruptcy include Chapter 7, 11, and 13. Bankruptcy typically takes one of two forms: liquidation or restructuring.

With types of bankruptcy that entail liquidation, a trustee manages the process of selling off many of your assets and distributing payment to your creditors. Chapter 7 is a common form of liquidation bankruptcy.

While liquidation may sound like you will be left with nothing at the conclusion of the process, this is not the case. State laws make provisions for assets that may be exempted from liquidation during a bankruptcy filing. In Florida, several assets are protected, including a residence and personal vehicle.

Other forms of bankruptcy involve restructuring, which involves the creation of a plan to repay debts over a period of time. Typically, liquidation will not be involved. Chapter 11 and 13 are common types of bankruptcy that involve restructuring.

Chapter 7

This is one of the most common forms of bankruptcy and is often used by individuals who would like to quickly discharge their debt. The process of Chapter 7 bankruptcy can be completed within a few months and entails the selling of many assets in order to repay creditors.

Those who would like to file for Chapter 7 must file a petition with the federal bankruptcy court and pass what is known as a “means test.” This means test is intended to ensure that you do not earn above a certain income. In your petition for bankruptcy, you must include information about your income, assets, expenditures, and other documentation.

Chapter 11

This type of bankruptcy is often used by businesses but may also be relevant to individuals with complicated finances. Chapter 11 is a restructuring form of bankruptcy, which would allow a business to keep its doors open while it repays creditors over a period of time. This may be useful when a company simply requires a few more years in order to begin returning on its initial investments and debts.

Chapter 13

With Chapter 13, individuals can restructure their debts and repay them over a period of three to five years. Chapter 13 is intended for individuals who are making a regular income. When you file for Chapter 13, you make a plan for repayment with a bankruptcy trustee who oversees the repayment process.

Ocala Bankruptcy Lawyer Near Me 855-780-9986

How a Lawyer Can Help

Any bankruptcy case involves some level of strategic consideration and proper filing of paperwork. Those who file will first need to think through the appropriate Chapter of bankruptcy that applies to their circumstances, gather and present the appropriate financial documents, and appear for any required bankruptcy meetings. Depending on your state, you may also want to be aware of any state laws that could affect your bankruptcy filing.

An Ocala bankruptcy lawyer can help you with every step of the bankruptcy process and ensure that you comply with any state or federal requirements. Call a team member from Bogin, Munns & Munns to learn how we can help. You can receive a case review by calling (352) 690-7400.

Represent You in Bankruptcy Meetings

You may be required to attend only one important bankruptcy meeting, which is known as the Meeting of Creditors. However, a lawyer can represent you at any required meetings or bankruptcy court proceedings. You don’t have to worry about saying the wrong thing when you appear before a trustee, creditors, or a court. Your lawyer can prepare you for any required appearances and speak for your interests.

Explain Any State Laws That May Affect Your Case

In Florida, several laws may be relevant to your bankruptcy filing. This includes the Florida Homestead Exemption. According to Florida Statutes § 222.01, you can exempt your home, mobile home, or modular home from bankruptcy. Certain restrictions include limits on the acreage that may be protected and other requirements for ownership.

Ensure Your Case Is on Track

A bankruptcy case involves a good deal of paperwork. You will have to complete many forms, detail your income, and list your debts. A lawyer can ensure that no unnecessary errors harm your case and that you file this paperwork appropriately.

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Call Bogin, Munns & Munns for a Case Review

A bankruptcy filing can be complicated, entailing many financial and legal considerations. You don’t have to be alone in evaluating your case, filing paperwork, and appearing at meetings. An Ocala bankruptcy lawyer can be by your side every step of the way.

Let a team member from Bogin, Munns & Munns speak with you about how you may be able to move forward. You can learn more today by calling us at (352) 690-7400.

Call or text 855-780-9986 or submit our Consultation Request form today



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