When you are considering bankruptcy, you might want to consider having legal representation on your side to protect your interests and ensure you are following all of the federal and state guidelines.
A bankruptcy lawyer serving The Villages at Bogin, Munns & Munns is ready to help you undertake this process.
How We Can Help with Your Bankruptcy Case
There are plenty of benefits your bankruptcy lawyer can provide for you, including the following:
Avoiding Errors and Repeated Filings
If this is your first time filing for bankruptcy, it’s easy to make mistakes while filing documents and following the required steps in a bankruptcy proceeding. They could ultimately lead to additional filing costs and fees as you fix the errors.
In the long run, hiring our team may save you money, because we will eliminate the mistakes that lead to multiple filings and extra fees.
Safeguarding the Assets We Legally Can Protect
You have the right to protect certain assets as part of your bankruptcy filing, and our team will work hard to show which assets you have that should be protected.
Additionally, we will make sure to take into account any money you will be receiving in the near future, such as an inheritance or a tax refund. By timing the filing of your bankruptcy proceeding properly, we can attempt to protect the money you will be receiving.
Negotiating with Your Debtors
Once we have started the bankruptcy process for you and work to discharge some of your debts, if appropriate, we then can begin negotiations with the debtors that remain.
We can convince them to settle for a smaller amount than you actually owe. Some debtors may be willing to settle for less, as long as they know they will receive the remaining money sooner.
Additionally, we will make certain you follow the rules for repaying debts. You should not repay a large amount of debt to one creditor just before filing for bankruptcy, for example. If the bankruptcy trustee considers this a preferential transfer, you may have to retrieve the money to satisfy some of your other debts instead.
Helping You Stay Out of Debt Going Forward
We can work to give you the education and resources you need to handle your financial situation more successfully in the future.
Learning how to set up and follow a budget for your personal finances in the future gives you the best chance of avoiding having this type of financial problem again.
Determining the Best Type of Bankruptcy to File for Your Situation
For consumers, Chapter 7 and Chapter 13 are among the most common types of bankruptcy to file. Determining the right path to follow is easier when you have the advice of our team available.
Our bankruptcy lawyers will study the facts in your particular case to provide advice on the smartest way to move forward for you.
What is Chapter 7 Bankruptcy?
When you have unsecured debt, such as credit cards or medical bills, Chapter 7 often is the best choice. What’s more, the bankruptcy process goes relatively quickly with Chapter 7.
However, according to the United States Courts, you will need to liquidate any assets that Florida law does not exempt, which you may not want to do. Some of these potentially exempt assets include:
- Retirement savings accounts
- Cash value of life insurance
- A portion of the value of bank accounts
- A portion of the value of an automobile you own
- A home
Chapter 7 bankruptcy requires that you meet income eligibility requirements and have a certain ratio of debt to income and assets. Our team will be able to help you determine whether you meet the criteria for Chapter 7 filing and whether it is the best formula for your needs.
What is Chapter 13 Bankruptcy?
When filing for Chapter 13 bankruptcy, you will be able to retain some of your assets, while making monthly payments to your creditors. You will need to meet a few requirements to qualify to file under Chapter 13, such as having a regular income.
Under Chapter 13, you will continue paying your debts, but you will receive more time to make the payments. Consequently, the Chapter 13 process can last several years.
We can help you determine whether filing under Chapter 13 is a good idea for your situation and come up with a repayment plan that matches the Chapter 13 requirements.
You will Not Be Alone Filing for Bankruptcy
The process of filing for bankruptcy is more common than you may think. Annual bankruptcy filings in fiscal 2020 nearly hit 682,000 in the United States, according to U.S. Courts. Almost 660,000 of those were non-business bankruptcy filings.
Bankruptcy Can Provide a Fresh Start
Financial uncertainty driven by significant debt can take a significant emotional toll on you. Regardless of why you ended up in debt, you have the option of filing bankruptcy and receiving the protections this filing offers. With a bankruptcy filing, you may feel like you are receiving a new lease on life.
However, to receive the desired outcome from a bankruptcy filing in The Villages, it is important to have a bankruptcy lawyer from Bogin, Munns & Munns.
Call Us to Discuss Your Options Today
We will move your case forward as quickly as we can while protecting your interests. You can count on us to tailor our representation towards the situation you are facing. Call us today at (352) 391-6031 to discuss your case.
Call or text 855-780-9986 or submit our Consultation Request form today