If you are tired of facing the burden of overwhelming debt or the dread of receiving a call from your creditors, the protection of the bankruptcy code might be for you. Titusville residents file for bankruptcy each year in an effort to stave off creditors and discharge their debts.
If you are ready for a fresh financial start, a bankruptcy lawyer from our Titusville office can help. Our firm is ready to help you prepare for your filing and develop a plan that is right for you. We look forward to helping you relieve the heavy burden of debt that is on your shoulders.
How a Bankruptcy Attorney on Our Team Could Help
There are many different ways an attorney with our firm could prove to be invaluable during the course of your bankruptcy. Each stage of bankruptcy is complex, and our guidance can help make this process smoother.
Planning Your Bankruptcy
Much of the work in your bankruptcy case will be done before anyone ever files anything. For starters, this could involve considering other options besides bankruptcy. Arguably the most important step your attorney could take is to help the debtor determine which type of bankruptcy might be right for you.
If you are considering Chapter 7 bankruptcy, one of the most important tasks your attorney can take on is the calculation of the means test. This process involves applying federal law to ensure that you qualify for liquidation bankruptcy.
After Filing the Petition
Initiating the bankruptcy process involves filing a bankruptcy petition. This petition includes a series of documents known as schedules. These schedules provide the court with your assets, liabilities, and other financial information relevant to your bankruptcy. Additionally, the schedules list your creditors and provide your contact information.
Once the petition has been filed, you participate in a meeting with your creditors. This meeting involves a sit-down with the bankruptcy trustee. During this meeting, the trustee will ask questions about your case. You have the right to have your attorney present throughout the meeting.
Your attorney could also negotiate with your creditors during the process. This is helpful in Chapter 13 cases where convincing creditors to accept less than the full amount of debt could be critical to having the bankruptcy plan approved.
To consult with an experienced bankruptcy lawyer serving Titusville, call 855-686-6752
Chapter 7 vs. Chapter 13
As a consumer, there are two primary options available to you under the bankruptcy code. These options include filing for Chapter 7 or Chapter 13 bankruptcy. While there are other types of bankruptcy, those are typically reserved for commercial entities.
There are significant differences between Chapter 7 and Chapter 13. While each potentially could lead to a discharge of your debt, the process and timeframe of each type of case will vary substantially. A bankruptcy lawyer in Titusville could advise you on both types of claims.
Chapter 7 is more commonly known as liquidation bankruptcy. This type of bankruptcy earns its name from the fact that the bankruptcy trustee has the power to sell off your assets to pay your debts. Once your assets are liquidated, the remaining debt is typically discharged.
While that might sound harsh, the reality is that there are many exemptions that could apply in your Chapter 7 case. These exceptions could protect specific assets from liquidation, including your clothing, your vehicle, and even your home. Due to these exemptions, most people are not forced to liquidate much of their assets.
Many people favor Chapter 7 because of how quickly these cases can be resolved. It is not unusual for a Chapter 7 case to take as little as a few months from beginning to end. At the end of these cases, any remaining debt will largely be discharged.
The downside to Chapter 7 bankruptcy is that not everyone will qualify. Unlike Chapter 13, liquidation bankruptcies are means-tested. In other words, you must fall below a certain income threshold to be allowed to pursue Chapter 7. Calculating whether or not you meet the means test is done with a document known as Form 122A-2. Debtors that do not qualify for Chapter 7 have the option to convert their case to a Chapter 13 bankruptcy.
A Chapter 13 bankruptcy also has the potential to eventually wipe out your remaining debt as well. However, the process of obtaining a discharge through this type of bankruptcy is very different. According to the United States Courts, typically, debtors must make a plan to pay back their creditors each month over the course of three to five years. This allows them to pay back a portion of those debts before discharging the rest.
Chapter 13 is common for debtors with substantial assets along with their debts. In cases where debts are secured by collateral, the Chapter 13 process can allow a debtor to either get caught up on these debts or make arrangements to surrender the collateral.
Chapter 13 bankruptcy involves a plan that is created by the debtor and approved by the court. The plan will outline how much the debtor pays to the trustee each month and how those funds are distributed.
Titusville Bankruptcy Lawyer Near Me 855-686-6752
Pursue a Fresh Financial Start Through the Help of a Bankruptcy Attorney
If you have questions about how bankruptcy could impact your life, our firm is ready with the answers.
The team at Bogin, Munns & Munns is proud to help provide the financial fresh start our clients deserve. We work tirelessly to ensure the bankruptcy process goes as smoothly as possible. If you are ready to face down your debts, hire a Titusville bankruptcy lawyer from our firm today. Call us at (321) 567-5470.