Filing for bankruptcy is often daunting, especially for those going through the process for the first time. However, depending on your circumstances, a bankruptcy filing can help you move forward with a clean financial slate. Our Ocala commercial law attorneys help clients navigate complex legal matters, including bankruptcy.
While not every bankruptcy filing is complicated, having an Ocala bankruptcy lawyer to help you think through your options and plan your next steps can make the process easier. They can also guide you through potential complexities and answer your questions and concerns. You can speak with a team member from Bogin, Munns & Munns to learn more about how we can help. Call us today for a free and confidential bankruptcy consultation.
How Filing for Bankruptcy Can Give You a New Start in Ocala, FL
Filing for bankruptcy can benefit one’s financial situation, but exactly how that occurs will depend on the situation and the filer’s status. Some advantages of bankruptcy include the following:
- Immediate relief from creditors. Filers under pressure to pay back their debts will get a break from demanding creditors. When you receive an automatic stay, debt collectors must stop calling and writing to you about unpaid bills. They also cannot take legal action against you once the bankruptcy process is underway.
- You may be able to keep assets, such as your property or home. Bankruptcy does not automatically mean losing everything you have. Our Ocala bankruptcy attorney can advise you on which filing allows you to hold on to some of your assets and which ones are protected under federal or state bankruptcy laws.
- Reorganizing your debts could change your financial future. Some of your debts could be dismissed once your bankruptcy case is resolved, while others can be reduced to ensure you can repay them. You will know what’s what after meeting with our attorney during your bankruptcy consultation and have a clearer idea of your debt situation and how to resolve it.
To consult with an experienced bankruptcy lawyer serving Ocala, call 855-780-9986
Our Ocala Bankruptcy Lawyer Can Manage Your Entire Case, Saving You Time
Any bankruptcy case involves strategic consideration and proper filing of paperwork. Those who file must first consider the appropriate bankruptcy chapter that applies to their circumstances. We will explain the essentials you need to know, such as what happens when you file for bankruptcy. If you are unclear on which protection you need, we will explain the difference between Chapter 7 and Chapter 13 bankruptcy.
People filing for protection must also gather and present the appropriate financial documents and appear for any required bankruptcy meetings. Our Ocala bankruptcy lawyer will help you with every step of the bankruptcy process.
We understand how bankruptcy relief could improve your financial status in Florida, and we will ensure your filing complies with any state or federal requirements. You can call a team member from Bogin, Munns & Munns to learn how we can help and receive a confidential bankruptcy consultation. Our clients receive full service from our law office. We will tailor our strategy and decades of experience according to the specifics of your case.
When our Ocala bankruptcy lawyer reviews your case, they can also discuss how they can:
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. These could include a Chapter 13 confirmation hearing, a Chapter 7 reaffirmation hearing, or other hearings that apply to your case.
While you technically can file bankruptcy in Florida yourself, it can be challenging to do so. When you hire legal representation, you don’t have to worry about saying the wrong thing when appearing before a trustee, creditors, or a court. Your lawyer can prepare you for any required appearances and speak for your interests. They can also represent you at any hearings you file or another involved party files, like a creditor or trustee.
Explain Florida Bankruptcy Laws That Could Affect Your Ocala 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 Remains on Track and Meet Critical Deadlines
A bankruptcy case involves a good deal of paperwork. You must complete many forms, detail your income, and list your debts. Our lawyer will ensure no unnecessary errors harm your case and that you file this paperwork appropriately.
Properly filing your paperwork can prevent unfavorable outcomes, such as delays or dismissal of your case. Hiring our legal professionals can also ensure your case meets all deadlines. Knowing your attorney is looking out for you and keeping your case at the forefront can provide peace of mind. This is not a quick or easy process, but the sooner your bankruptcy case is completed, the sooner you can start reorganizing your finances.
Ocala Bankruptcy Lawyer Near Me 855-780-9986
Filing for Bankruptcy in Ocala, FL? Our Attorney Can Help
As with any major financial step, bankruptcy may seem like an intimidating process. You likely will have questions about how bankruptcy works, how it will affect your credit score, and how your debt will be handled. You don’t have to handle this process alone. Our bankruptcy attorney in our Ocala office can help you.
Often, individuals or businesses in Ocala 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 block 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 on your score may last for a longer period. Chapter 7 bankruptcy can remain on your credit score for 10 years, for instance.
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Common Types of Bankruptcy Our Ocala Lawyer Can File for You
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 bankruptcy that entails liquidation, a trustee sells off many of your assets and distributes payment to your creditors. Chapter 7 is a common form of liquidation bankruptcy.
While liquidation may sound like you will have nothing after the process, this is untrue. 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. Typically, liquidation will not be involved. Chapter 11 and Chapter 13 are common types of bankruptcy that involve restructuring.
Chapter 7
Individuals who want to quickly discharge their debt commonly use this form of bankruptcy. The Chapter 7 bankruptcy process can be completed within a few months and entails selling off assets 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
Businesses often use this type of bankruptcy, but it 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 repaying creditors over time. This may be useful when a company simply requires a few more years 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 make a regular income. When you file for Chapter 13, you make a plan for repayment with a bankruptcy trustee who oversees the repayment process. Reorganizing your finances under Chapter 13 in Florida has pros and cons, but our Ocala bankruptcy lawyer can explain these to you during your consultation.
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Call Bogin, Munns & Munns for an Ocala Bankruptcy 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. We will provide legal counsel that can guide you to the financial future you seek for a new beginning.
A team member from Bogin, Munns & Munns from our Ocala law office can speak with you about how you may be able to move forward. You can learn more today by calling us today. You can also view frequently asked bankruptcy questions here.
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