For many people in Orange City, years of overwhelming debt can eventually bring them to a breaking point. Federal bankruptcy law provides these individuals with an opportunity for a fresh financial start. Our Orange City commercial law lawyers can explain this opportunity to you.
If you have questions about the potential benefits of bankruptcy, the team at Bogin, Munns & Munns is ready with answers. An Orange City bankruptcy lawyer from our firm can review your financial situation with the respect, care, and dignity you deserve. To get started, call to speak with a team member today.
How Our Bankruptcy Attorneys Advocate for Orange City Residents
Individuals from Orange City and across the country take advantage of bankruptcy protection each year. According to the United States Courts, more than 400,000 individuals and businesses filed for bankruptcy in 2023 alone.
Despite how common bankruptcy is, it remains a frightening and mysterious process to most. Bogin, Munns & Munns wants to make things easier for you by:
Providing Attentive Representation to Orange City Clients
Our team can explain exactly what happens when you file for bankruptcy. Often, just knowing what is going on and what is expected of you can put your mind at ease.
Our bankruptcy lawyers are located right near you in Orange City, so you do not have to go far to find a legal representative who:
- Treats you with kindness and respect during a hard time in your life
- Can provide honest, open responses to your most urgent questions about filing bankruptcy
- Puts your needs first and does everything possible to secure your family’s financial future.
Going to Bankruptcy Court in Orange City on Your Behalf
Many prospective bankruptcy filers are understandably concerned about the possibility of a mandatory court appearance. While it is always possible that a debtor may have to testify in court, most do not. One of the benefits of hiring our bankruptcy lawyer is that we can represent you at most hearings.
Preparing You for the Bankruptcy Meeting of Creditors
There is one appearance that virtually every debtor must attend. This is referred to as the meeting of creditors. Also known as a 341 hearing, the meeting of creditors is not a formal court hearing. Despite the name, most creditors will not attend. Instead, the meeting of creditors is typically a meeting with the bankruptcy trustee.
Trustees may have follow-up questions about bankruptcy paperwork. This meeting provides the trustee the chance to ask these questions. Skipping this meeting could result in the dismissal of the case, but do not worry: we can prepare you for this critical moment.
To consult with an experienced bankruptcy lawyer serving Orange City
(855) 780-9986
Types of Bankruptcy Cases Available to People in Orange City
There are multiple forms of bankruptcy. For individual filings, two of the most commonly used types include Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often a good option for individuals with few assets or less complicated finances. At the completion of this type of bankruptcy, a debtor could see most of their debts discharged. Compared to Chapter 13, this is the shorter option: it could be completed in a matter of months.
Chapter 13 Bankruptcy
Where Chapter 7 typically takes a few months, Chapter 13 can last up to five years. During that time, a debtor must make and follow a plan to catch up on their debts and make monthly payments to the bankruptcy trustee.
Only at the end of this plan will a debtor qualify for a discharge. For that reason, many people that qualify for Chapter 7 may choose to pursue that route instead.
Pros and Cons of Chapter 7 and Chapter 13 Bankruptcy
There are many differences between Chapter 7 and Chapter 13 that you will need to understand before you can make the right financial decision. The bankruptcy attorneys at Bogin, Munns & Munns can illuminate these differences, including how:
- In a Chapter 7 filing, a bankruptcy trustee makes recommendations and liquidates the debtor’s assets.
- Not all assets will be sold under Chapter 7. Some people qualify as “no asset” debtors where a trustee does not liquidate any of their belongings. This is due to certain exemptions protecting specific pieces of property. There are exemptions for retirement funds, college savings accounts, automobiles, and residential homes, among other things.
- There are strict limits on whether or not a person qualifies for Chapter 7 bankruptcy. These qualifications are done through a “means test.” If a person has too much in the way of assets, Chapter 7 will not be an option, and you may need to file for Chapter 13 instead.
- Upon filing for Chapter 13 bankruptcy protection, a debtor must also file their plan. This plan must identify how much the debtor will pay to the trustee each month, how long they will make those payments, and how they will make them.
- There are certain debts that cannot be discharged through bankruptcy filings of any kind. That includes things like tax debt or child support.
- The U.S. Trustee plays an important role in Chapter 13 bankruptcies. Debtors issue their monthly plan payments to the trustee, who then disburses it to the creditors. The trustee has the power to object to the plan if it does not comply with bankruptcy laws.
An Orange City bankruptcy lawyer from our team can advise you on whether you qualify for either Chapter 7 or Chapter 13. Learn more by calling Bogin, Munns & Munns today for a free consultation.
The Importance of the Automatic Stay in Florida Bankruptcy Cases
One of the most powerful aspects of any bankruptcy case—whether you file Chapter 7 or Chapter 13—is the automatic stay. The automatic stay prevents creditors from attempting to collect debts. The stay goes into effect automatically as soon as a person files their petition. Once the creditors receive notice of the filing, they must cease collection efforts entirely.
Until the stay is lifted, creditors may not file suit against the debtor. An automatic stay can prevent a debtor from being disconnected from a utility service, stop the process of a home foreclosure, and put a stop on wage garnishment, among other protections.
Automatic Stays and Your Orange City Case
Our bankruptcy clients often have questions about what the automatic stay can and cannot do to help them. Bogin, Munns & Munns is always happy to sit down with clients and address whatever questions they have about all aspects of the bankruptcy filing process.
Orange City Bankruptcy Lawyer Near Me
(855) 780-9986
Learn How Bogin, Munns & Munns Can Handle Your Bankruptcy Case
If you are facing financial uncertainty, it is important to remember that you have options. With the help of bankruptcy protections, you could receive a new start on life, free of financial hardship.
An Orange City bankruptcy lawyer from our law firm may be able to help you move forward. To get started, call Bogin, Munns & Munns today for a free consultation. We have been helping people in Central Florida protect their rights since 1979.
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