If you are tired of facing the burden of overwhelming debt or the dread of creditor harassment, the protection of bankruptcy laws might be for you. Titusville residents file for bankruptcy each year 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. Call us today for a free consultation so you can learn more about what our Titusville commercial law lawyer can do for you.
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 your bankruptcy. Each stage of bankruptcy is complex, and our guidance can help make this process smoother.
Planning Your Bankruptcy with a Bankruptcy Attorney
Much of the work in your bankruptcy case will be done before anyone 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 calculating the means test. This process involves applying federal law to ensure 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 meet 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
(855) 780-9986
Filing for Chapter 7 vs. Chapter 13 Bankruptcy
As a consumer, two primary options are 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
Chapter 7 is more commonly known as liquidation bankruptcy. This type of bankruptcy earns its name because 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 many exemptions 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 essentially 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 who do not qualify for Chapter 7 can convert their case to a Chapter 13 bankruptcy.
Chapter 13
A Chapter 13 bankruptcy also has the potential to eventually wipe out your remaining debt as well. However, obtaining a discharge through this type of bankruptcy is very different. According to the United States Courts, typically, debtors must plan to pay back their creditors each month over 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 debt repayment plan created by the debtor and approved by the court. The plan outlines how much the debtor pays the trustee each month and how those funds are distributed.
Pursue a Fresh Financial Start Through the Help of a Bankruptcy Attorney
Filing for Chapter 7 or Chapter 13 bankruptcy can be complex and overwhelming. Hiring an attorney can provide invaluable assistance and increase the chances of a successful outcome. Here are the key benefits of hiring an attorney for bankruptcy filing:
- Expert Knowledge and Experience: Attorneys have a deep understanding of bankruptcy laws and procedures, ensuring that all paperwork is filed correctly and on time.
- Personalized Legal Advice: They offer tailored advice based on individual financial situations, helping clients choose the type of bankruptcy (Chapter 7 or Chapter 13) that best fits their needs.
- Protection from Creditors: Attorneys handle communications with creditors, providing relief from constant harassment and ensuring compliance with legal protections.
- Accurate Asset Valuation: They assist in accurately valuing and categorizing assets, which is crucial for both types of bankruptcy filings to protect exempt property.
- Error Prevention: Legal experts help avoid common mistakes that can lead to dismissal of the case or loss of property.
- Representation in Court: Attorneys represent clients in court hearings, ensuring their rights are protected and presenting their case in the best possible light.
- Negotiation Skills: They negotiate with creditors for more favorable terms in Chapter 13 repayment plans.
- Peace of Mind: Having a professional handle the complex process reduces stress and allows individuals to focus on rebuilding their financial future.
Hiring an attorney can streamline the bankruptcy process, making it more manageable and increasing the likelihood of a favorable outcome.
Titusville Bankruptcy Lawyer Near Me
(855) 780-9986
Call Bogin, Munns & Munns to Begin Your Journey to Debt Relief
Many people facing significant debt assume there is no way out. Others understand bankruptcy could be an option but are concerned it might not be suitable for them. If you have questions about how bankruptcy could impact your life, our firm is ready with the answers.
The Bogin, Munns & Munns team is proud to help provide the fresh financial start our clients deserve. We work tirelessly to ensure your bankruptcy filing 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 today for your free initial consultation.
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