Debt can accumulate fast and quickly become insurmountable with job loss, a career change, or overwhelming medical bills. If you are facing debt that you can’t pay off with your current financial situation, our Orlando Chapter 7 bankruptcy attorneys can help. We will explain the benefits of bankruptcy protection, its filing process, and its potential timeline.
You do not have to deal with all the legalities of filing for bankruptcy alone. Our Orlando bankruptcy lawyers will represent you from start to finish with dignity and respect and without judgment. We provide innovative, comprehensive legal representation that can help you eliminate insurmountable debt. Contact Bogin, Munns & Munns today to get your free initial consultation.
Our Chapter 7 Bankruptcy Attorneys Will Advocate for You in Orlando
Our Orlando commercial law lawyers at Bogin, Munns & Munns make the bankruptcy process simple. We have over 40 attorneys on our staff with extensive experience in different areas of the law, including bankruptcy law. When you turn to us, we’ll give you a free consultation over the phone or virtually, and your court case can generally be handled virtually, as well.
The bankruptcy process involves potentially complex legal language, extensive documentation, and one or more meetings with your creditors. Seeking bankruptcy protection alone can be stressful. According to the U.S. Courts, hiring a lawyer to guide you through the process is generally a good idea.
When our experienced bankruptcy attorneys manage your Chapter 7 case, we will:
- Assess your current finances
- Assess your existing debts, including credit card debt, student loans, and more
- Manage the various paperwork
- Describe the potential timeline
- Make all appearances with you
- Notify your creditors of your filing
- Enforce the automatic stay to prevent creditor harassment
When you work with our lawyers rather than going through the bankruptcy process alone, we’ll handle all the subtleties and nuances of your case. We will help you get the debt relief you need and peace of mind from knowing your bankruptcy filing meets all state and federal legal parameters.
We’ll Ensure Chapter 7 Bankruptcy Is the Right Choice for You
Individual bankruptcy filers, married couples filing together or separately, and some business entities can select Chapter 7. One of its requirements is a means test to assess your eligibility. Our legal team will help you prepare for this mandatory examination of your financial means.
The means test involves a detailed examination that will:
- Verify your identification
- Assess your monthly income
- Deduct your allowable expenses
- Measure your disposable income
If you do not pass the means test, you can still choose to file a different form of bankruptcy to eliminate or greatly reduce debt and make it more manageable. If necessary, we can help you file bankruptcy under Chapter 13. We’ll take the time to explain the pros and cons of Chapter 13 bankruptcy and why it might better suit your situation.
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Financial Circumstances That Can Lead to Chapter 7 Bankruptcy
The mounting bills of unsecured debt can add up fast and exceed your ability to pay at an alarming pace. Some frequently cited reasons people file for bankruptcy relief include:
- Wage garnishments that greatly reduce take-home income
- Overwhelming debt incurred due to a separation or divorce
- The impending risk or threat of vehicle repossession or home foreclosure
- Sizable medical debt due to a prolonged illness or injury
Chapter 7 bankruptcy is a desirable choice because it can mean you keep your home, car, and other assets. It can also be a fast-moving way to get out from under insurmountable debt.
What You Need to Know About the Bankruptcy Timeline in Orlando, Florida
One of the benefits of choosing Chapter 7 bankruptcy is its pace. When you are ready for freedom from insurmountable debt, the Chapter 7 process can move reasonably fast. According to the U.S. Courts, the general steps in the Chapter 7 bankruptcy timeline are as follows:
- Pre-filing credit counseling
- File your petition
- Pay applicable fees
- Submit tax returns
- File statement of intentions
- Meeting of creditors
- Post-filing credit counseling
- Debts are discharged
Every case will vary, of course, so our Orlando Chapter 7 bankruptcy lawyers will take the time to assess your circumstances carefully and keep your case on track. Contact our consultation team at Bogin, Munns & Munns to learn how hard we’ll fight for your financial freedom.
Our Lawyers Can Help You Eliminate as Much Debt as Possible With Chapter 7 Bankruptcy
One of the pros of Chapter 7 bankruptcy is the amount of debt you can eliminate. Most of your unsecured debt is eligible with no upper limit. Once your debt is discharged, your creditors cannot ask you to repay it.
The Automatic Stay Means Creditors Must Leave You Alone Immediately
Creditors hounding you for repayment can be stressful, with constant phone calls, emails, and other intrusive actions. The automatic stay means your creditors can no longer pursue outstanding debt or ask you to repay it in any form.
The automatic stay begins when you file your petition and entails serious consequences for creditors who violate its protections.
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Assets That Are Eligible for Exemption for Chapter 7 Bankruptcy Filers
Chapter 7 bankruptcy is also known as liquidation bankruptcy, as some of the filer’s personal property and assets may be liquidated (sold) to pay off creditors. However, you can keep exempt property and assets after your bankruptcy is discharged. For Chapter 7 filers, these exempt assets typically include:
- Your primary vehicle
- Your primary residence
- Clothing and jewelry
- Home goods and furnishings
- Child and spousal support
- Retirement and pension accounts
- Life insurance benefits
We can help you document your assets and assess them properly. We will also help you present the right forms and schedules to the court-appointed trustee, per U.S. Courts requirements.
Assets That Are NOT Eligible for Exemption for Chapter 7 Bankruptcy Filers
If you have nonexempt property or assets (rarely the case among Chapter 7 filers), the trustee will decide what happens to them. Ineligible debt and assets can include many types of secured debts, heirlooms, a second home or car, stocks, bonds, and investments. The trustee will sell or otherwise distribute non-exempt assets among your creditors.
Get Legal Help With Your Chapter 7 Bankruptcy Filing
Bankruptcy can help you alleviate massive debt and get a fresh financial start. If you are plagued by debt that far exceeds your ability to repay, our law firm will walk you through the legal process and help you obtain bankruptcy protection.
Find out how to get life-changing debt relief with guidance and support from an Orlando Chapter 7 bankruptcy lawyer. Contact our law office at Bogin, Munns & Munns for a free review of your case.
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