You may have many questions about how filing for bankruptcy works and whether or not a bankruptcy filing is right for you or your business. A Saint Cloud bankruptcy lawyer can provide counsel and strategies to help you take the best steps to protect your assets.
Call a team member from Bogin, Munns & Munns to learn more about how we may help. We can help you navigate Florida bankruptcy law and tell you how these laws may affect your filing outcome. Call someone from our team today at
Common Types of Bankruptcy Filings
Filing for bankruptcy allows you to recuperate your finances, preventing creditors from collecting from you. With a bankruptcy filing, part (or all) of what you still owe can be discharged. Certain forms of payment may not be discharged through bankruptcy, however, including student debt. Bankruptcy filings are processed through the federal court system.
Several forms of bankruptcy apply to individuals and businesses. A lawyer can help you determine which type is right for your circumstances.
This form of bankruptcy often works faster than many other forms. Here, the process involves liquidating an individual’s non-exempt assets to repay debts. A lawyer can advise you on which assets may be exempt in your particular situation.
For instance, essential assets such as a home or a car may be protected from liquidation. In the state of Florida, there are a few common exemptions that may be applied to your bankruptcy filing. The Florida Homestead Exemption allows you to protect the equity in a home up to a certain acreage, according to Florida Statutes § 222.05. Florida Statutes § 319.30(e)(1) allows you to protect a car up to $1,000 in value. Here, the intention is to ensure that those who file for bankruptcy are not left without the basic needs of home and transportation.
To begin filing, you will have to demonstrate your income through a “means test” to show that you qualify for bankruptcy. You may also have to go through bankruptcy counseling.
In this case, bankruptcy takes the form of a financial reorganization rather than liquidation. While Chapter 11 bankruptcy often applies to businesses, it may also be relevant in cases where an individual has more complicated financial circumstances. To continue to stay in business, this form of bankruptcy typically allows a business to create a plan to repay its debts over time.
Those who earn a regular income may consider Chapter 13 bankruptcy. In this case, while you will not see an immediate discharge of your debts, you will be able to repay your debts over a three or five-year period of time. You will also receive protections from lawsuits and will not have to face garnished wages. With a Chapter 13 filing, your assets are not sold off to repay debts, as is the case with Chapter 7 bankruptcy.
To consult with an experienced bankruptcy lawyer serving Saint Cloud, call 855-686-6752
Common Questions for Bankruptcy Filing
As with any major financial decision, you may have several questions about the bankruptcy process. You may wonder if all of your debt will be erased, how bankruptcy will affect your credit score, and if you need a lawyer in order to file for bankruptcy.
A lawyer will be able to answer these and many other questions for you. However, among these most commonly asked questions, you should know that your debt will not automatically be erased, and bankruptcy will affect your credit score for a period of time.
Among the forms of debt that can be discharged through a bankruptcy filing include medical debt, unsecured loans, and credit card debt. However, several forms of debt cannot be discharged, such as tax debt and child support. You could also face negative impacts on your credit score for up to ten years after you file. However, this length of time will vary based on the type of bankruptcy you file.
Working with a Saint Cloud bankruptcy lawyer is not required in order to file for bankruptcy. However, this can be a complicated process with many legal and financial considerations. You may want to think about working with someone who can guide you through the process, help protect your assets when possible, and advise you on any important laws or procedures that may apply to your case.
You can speak with a representative from Bogin, Munns & Munns to learn how you can get started today. Call us at
Saint Cloud Bankruptcy Lawyer Near Me 855-686-6752
How Bogin, Munns & Munns Can Help You Start the Process
Filing for bankruptcy may sound like a challenging step to take. You may wonder how a bankruptcy filing will affect you, including how your assets will be affected, and how bankruptcy will impact your credit score. A lawyer can help you understand how bankruptcy will affect you and guide you through every step of the process.
When you begin the process of working with a lawyer, they will assess several aspects of your finances. To do so, they will ask you to share certain documentation.
This could include a list of creditors with a breakdown of what you owe to those creditors. The more information you can provide, the more you’ll be able to help your lawyer understand your situation.
You will also be asked to provide a list of your assets. This will include your real estate, trusts, financial accounts, retirement accounts, vehicles, and anything else that could be relevant as you file for bankruptcy. Again, sharing all relevant information will go a long way to help your case and to allow a lawyer to help you.
Additionally, you will need to share documentation of your income. You will need to share your most recent pay stub, including details of your gross income, net income, and year-to-date earnings. Those with income from self-employment can show their earnings through estimates for the past six months, which should reflect profits and losses for each month.
Finally, there are other various forms of documentation that your lawyer may request, including proof of spouse’s income and documentation of any current lawsuits you may be involved in.
Call Bogin, Munns & Munns Today for a Consultation
While it is possible to take on your own bankruptcy case, a lawyer can help ensure that your bankruptcy process is in order and that you are aware of important laws that may affect your filing outcome. You don’t have to go through the process alone. At Bogin, Munns & Munns, we understand Florida bankruptcy law and help you navigate your filing from start to finish.
A Saint Cloud bankruptcy lawyer may be able to help. Contact someone in our office today for your consultation at