If you are struggling to pay off your debts, filing for bankruptcy might be a suitable option for you. Doing so will immediately stop creditors from pursuing debt collection. This protection will continue at least until your debts are sorted out according to the law. You have the right to retain one of our Orlando lawyers when filing for bankruptcy.
An Orlando commercial law lawyer with Bogin, Munns & Munns can help you decide which type of bankruptcy is best for your individual situation. Call today for a free case review. We have served Florida residents for four decades and now want to help you.
What Our Bankruptcy Attorneys in Orlando Can Do for You
Filing bankruptcy might seem overwhelming, but that is where our attorneys come in. Bogin, Munns & Munns has over 40 years of experience in commercial litigation collections, helping people in North and Central Florida collect their receivable outstanding accounts and delinquent debt.
We can take on the following tasks for you if you choose to file for bankruptcy:
- Help you figure out which form of bankruptcy best suits your situation
- Ensure your bankruptcy application is correctly filled in and on time
- Represent you in legal proceedings
- Protect your money and other assets
- Collect aged accounts, debts owed for goods and services sold, lines of credit, promissory notes, and other related debt
- Defend you against unwarranted debt collection actions
Our Firm Helps All Kinds of Orlando Clients
We handle both simple and complex debt collection matters. Our debt collection clients include both large and small corporations, banks, finance companies, accountants, landlords, condominiums, and homeowners associations.
No matter who you are or why you need to file for bankruptcy, you can rely on our bankruptcy attorneys to help you through the filing process.
We Are Dedicated to Helping Orlando Residents
The bankruptcy lawyers at our firm work to get our clients the outcome they need. As such, our clients have expressed their satisfaction with the results we have achieved for them. Here is what they have said:
- “Working with Jackie, I felt like the discharge was a breeze and her team would keep me up to date with any changes or appointments… If you are looking [for] financial freedom with Bogin, Munns & Munns, check them out, they will help you get back on your feet without the stress!” – Roger P.
- “The attorney at Bogin, Munns & Munns kept me inform of what was going on with my case, and if I ever need an attorney again, I will surely give them a call.” – Bob W.
- “Miss Anderson was very thorough, very helpful and most of all very patient.
As nervous as we were, she relaxed us constantly.” – Ernest S.
Now we want to hear your story and see how we could be of service to you and your family. Call Bogin, Munns & Munns today to get a confidential consultation at no cost to you.
To consult with an experienced bankruptcy lawyer serving Orlando, call 855-780-9986
A Brief Overview of the Types of Bankruptcy
Two common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Usually, the fastest and simplest method is Chapter 7 bankruptcy, which involves liquidating assets to pay off debts.
In situations where an individual is earning regular income that exceeds the eligibility requirements of Chapter 7 bankruptcy, they can file for Chapter 13 bankruptcy and make monthly payments to creditors while retaining their assets.
Determining Which Form of Bankruptcy Is Right for You
As part of our services to you, our bankruptcy law firm can go over the information presented below in greater detail. This can enable you to decide if bankruptcy is right for you and, if so, what chapter you should file under.
You already know what an important decision this is. You do not want to make any mistakes or have any regrets after the fact. The sooner you consult our Orlando bankruptcy attorneys, the sooner you can get out from under your overwhelming debt and rebuild your life.
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Chapter 7 Bankruptcy for Orlando Residents
Chapter 7 bankruptcy allows for the “discharge” or elimination of certain types of unsecured debts, such as credit cards and medical bills.
The Process of Filing Chapter 7 in Florida
You may be eligible for filing a Chapter 7 bankruptcy if you have debts in excess of exempt property values and if you satisfy the income eligibility requirements known as the “means test.” This test considers:
- How many dependents you have
- The debtor’s geographical residence
- Non-filing spouses
The means test provides certain allowances for housing, transportation, food, insurance, and other items. It will ultimately determine if the debtor can afford to pay for at least some of their unsecured debts over time after all applied factors to their finances are considered.
Who Is Ineligible for Chapter 7 Bankruptcy?
As the United States Courts explains, if one has the means to pay, the debtor is required to file under a different chapter, typically Chapter 13, which will require the debtor to pay their creditors over time. Chapter 7 is reserved for those who clearly have no means to pay back any of their debts.
Liquidating Assets Under Chapter 7
The liquidation occurs by the court-appointed trustee. Those assets that are not secured by a lien or mortgage and are not exempt from liquidation are sold to raise money for creditors.
Creditors who file valid proof of claims receive a pro-rata distribution of the liquidation proceeds. In many instances, the trustee will allow the debtor to retain possession of these assets, provided the debtor pays the value to the trustee in a short time frame.
Assets Exempt From Chapter 7 Liquidation
Liquidating assets does not mean you will lose everything. There are many exemptions, including:
- A pension, IRA, 401(k), and similar funds that are restricted access for retirement
- Child support and alimony
- Tools or equipment you need to do your job
- Cash value of life insurance and other kinds of insurance benefits
- Homestead real property (of course, the debtor must remain timely on any liens or mortgages for an automobile or homestead real property to keep those assets)
How Filing Chapter 7 Bankruptcy Can Help
Chapter 7 bankruptcy is thought of as providing rapid relief to a debtor since an automatic stay may occur on filing. This prohibits creditors from initiating or continuing any legal actions against the filing debtor. All debts incurred and assets acquired after the filing, subject to very few limitations, are not subject to bankruptcy.
In other words, the moment your bankruptcy filing is accepted, you will no longer be subject to debt collection efforts from your creditors. They cannot file a lawsuit, request wage garnishment, or take any other action against you.
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Chapter 13 Bankruptcy for Orlando Residents
Chapter 13 bankruptcy is an individual reorganization that allows a debtor to retain their assets while making monthly payments for the benefit of creditors for three to five years. Chapter 13 is available to people whose regular income exceeds the income eligibility requirements of Chapter 7 bankruptcy.
A debtor may file for Chapter 13 when they wish to:
- Retain their home but need a period of time to pay any arrearages on the mortgage
- Keep certain assets and not be the subject of a Chapter 7 liquidation
- Buy more time to repay any income taxes or other debts they owe
The Process of Filing Chapter 13
After filing a bankruptcy petition seeking relief under Chapter 13, debtors must promptly file a payment plan. This sets forth the proposed payments to:
- Maintain certain debts like a home mortgage and car loan
- Cure any arrears on these debts
- Make provisions to pay a portion of, if not all, unsecured debts, such as credit cards and medical bills
Implementing Your Bankruptcy Payment Plan
The court must approve your plan. Once approved, creditors are required to accept the terms of the payment. If the court rejects the initial plan, the debtor is given the opportunity to amend the plan to meet the objections and concerns of creditors and the court.
Payments are made to the Chapter 13 trustee, not directly to creditors. The trustee then pays the creditors.
How Filing Chapter 13 Bankruptcy Can Help
In a Chapter 13 bankruptcy, a debtor may be able to eliminate or reduce a second mortgage, other mortgages, or liens on a principal residence that were recorded after a first mortgage. The valuation of the home, the amount owed, and other factors, such as whether the creditor has a security interest in assets other than the residence, will all influence how much debt you can eliminate.
Secured claims on motor vehicles may be reduced to the value of the vehicle, depending on whether the loan for the vehicle was incurred more than 910 days preceding the filing of the petition.
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Do You Really Need to File for Bankruptcy in Orlando?
This is a reasonable question, as filing bankruptcy is not without consequences. While it can help you escape overwhelming debt, bankruptcy also:
- Wreaks havoc on your credit score, even years after you file
- Is a very complicated and stressful process that may involve many steps, including collecting paperwork and negotiating with debt creditors
- Comes with a heavy emotional burden that may make people ashamed or embarrassed to seek legal assistance
Filing for Bankruptcy Is Nothing to Be Ashamed Of
Whatever the cause of your financial worries, you deserve help. An Orlando bankruptcy lawyer from Bogin, Munns & Munns can offer respectful, caring legal guidance. We can even help you consider bankruptcy alternatives that you might not have known about, such as debt consolidation.
If you do end up deciding that bankruptcy is the best or only option for you, our legal team can stay in open communication with you throughout your case and make sure that all of your legal needs are met.
Our Orlando Legal Team Considers All Your Financial Options
When you are considering filing for bankruptcy, you are already stressed out about money. Seeking legal representation should not add to your burden.
We can help you discover which type of bankruptcy you qualify to file and which path presents the best possible solution. You have nothing to lose by talking to our firm and educating yourself about your options.
Start Working With Our Bankruptcy Lawyers Near You
If you are considering bankruptcy, our attorneys serving Orange County can help you throughout the filing process. To learn more, give us a call today. One of the Orlando bankruptcy lawyers at Bogin, Munns & Munns would be glad for the chance to learn about your situation and help you improve your family’s financial future.
Call or text 855-780-9986 or submit our Consultation Request form today
