While filing for bankruptcy may seem like an intimidating process, it does not have to be with the help of a Clermont commercial law lawyer. Whether you are trying to reorganize your assets, liquidate your property, or understand your options, Bogin, Munns & Munns is here to help.
Our law firm can review your finances and determine what chapter of bankruptcy suits your situation, if personal bankruptcy applies, or if commercial bankruptcy is suited to your situation. Additionally, our team can protect you against creditors while the legal process develops.
Filing for bankruptcy offers many people a chance to start over. With a clean slate, you can manage your finances and work toward rebuilding your life. Whether you are experiencing difficulties with your personal finances or business, our team can help you.
Alternatives to Bankruptcy for Clermont Clients
Many think bankruptcy should always be a last resort. That depends on your personal situation. The old-school thinking is that you should wait and only file for bankruptcy if there is no other way out.
That isn’t precisely the correct way to look at your finances or life. However, it doesn’t hurt to get some advice. Bankruptcy can prevent repossession or foreclosure. However, delaying may mean you are too late. Once your interest in the property has been terminated, you are not likely to get it back.
There is value to negotiating. Other alternatives may include establishing negotiated payment reductions with your creditors, requesting mortgage modifications, or receiving an extension to your payments. Talking to a lawyer can help you understand your alternatives, the types of bankruptcy you can file, and what might be the best fit for your situation.
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A Clermont Lawyer Can Evaluate Your Bankruptcy Case
As you begin managing your finances, you may have many questions about how a Clermont bankruptcy lawyer from Bogin, Munns & Munns could help you. Our number one priority is to help you find a reprieve from your debt. Therefore, we will first begin our partnership by evaluating your situation.
Some essential facts in your case may include:
- Whether you own a business
- Whether you can liquidate any of your assets (e.g., a second home or car)
- The extent of your debt
- The identities of your creditors and what you owe them
- Any extenuating circumstances that may affect your finances, like paying child support or alimony
Once your Clermont lawyer fully understands these details, they can advise you on a course of action. There are multiple chapters of bankruptcy under which you can file. However, the specifics of this process will depend primarily on your situation. Some bankruptcy chapters are better suited to some people’s situations than others. Yet, with us, you can rest assured that your legal team will handle your case’s obligations. Feel free to reach out to our Florida law firm today to learn more.
The Chapters of Bankruptcy Under Which You Can File
Our attorneys can help you understand the difference between the bankruptcy chapters. Filing bankruptcy can be an extremely stressful time, and we know that. So let us help you go over your finances and the filing process. We have a team that can manage your case so you can relax, breathe, and look forward to a bright future.
As part of our services, we want to help you in the following areas:
- Discover which chapter best applies to your financial situation
- Help you gather the documentation you need to file
- Communicate with your creditors
- Discuss your legal options
- Appear at meetings or court hearings
- Cut through the red tape
There are six chapters of bankruptcy under which claimants can file. However, on this page, we will discuss two of the most common. You do not need to memorize each chapter of bankruptcy and what they entail.
Your lawyer can do that for you. With a Clermont bankruptcy lawyer, you can focus your time and emotional energy on stabilizing your life. All the while, our team can work to get you a “clean slate.”
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also referred to as the “liquidation” chapter, is the most common form of bankruptcy people file. Your lawyer will determine whether any of your non-exempt assets can be liquidated in this process.
The U.S. Courts explain that the proceeds from these liquidated assets will then be distributed to your creditors.
You might choose Chapter 7 bankruptcy if you have overwhelming debt and limited income, making it impossible to repay your obligations. It provides a fresh start by discharging debts like credit card bills, medical bills, and personal loans. However, certain debts, such as student loans, child support, and most taxes, are not dischargeable.
Chapter 7 is often considered when debtors lack significant assets or equity in their property. It’s a suitable option for those who cannot realistically create a repayment plan under Chapter 13 bankruptcy, which involves reorganizing debts and paying them over three to five years.
Many details will dictate whether filing for Chapter 7 bankruptcy is correct for you. Your Clermont bankruptcy lawyer can explain these details and strategize accordingly on your behalf.
The details of your payment plan will depend on the nature of your situation. Your lawyer can explain these details during your consultation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, sometimes referred to as a wage earner’s plan, lets people with a regular income create a plan to repay their debts over a period of three to five years. Unlike Chapter 7 bankruptcy, which involves liquidating assets, Chapter 13 focuses on reorganizing debts and providing a structured repayment plan.
Debtors might choose Chapter 13 if they have a steady income and wish to keep their assets, such as a home or car, that might otherwise be lost in Chapter 7.
If someone is facing foreclosure, this plan allows them to catch up on missed mortgage payments over the repayment period. Additionally, Chapter 13 can help individuals who have non-dischargeable debts, like certain taxes, child support, or student loans, by incorporating these into the repayment plan.
The process begins with the debtor filing a petition and proposing a repayment plan to the court. Creditors can object, but the court ultimately approves the plan if it meets legal requirements. The debtor then makes regular payments to a court-appointed trustee, who distributes the funds to creditors.
Chapter 13 offers several advantages, including stopping collection efforts, protecting co-signers, and potentially reducing the amount owed on secured debts. This option provides debtors with an opportunity to manage their finances responsibly while retaining their assets and achieving long-term debt relief.
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How a Bankruptcy Lawyer from Our Team Can Serve You
While considering your options, you may be inclined to handle your legal matters independently. Yet, without adequate knowledge of the bankruptcy process, this may not work in your best interest. First, there is a lot of paperwork involved with filing for bankruptcy.
Some forms are not clear on what information they want you to provide. Others are subject to deadlines that you may not know. A lawyer can manage the documentation associated with your case so that errors and inaccuracies do not mar the proceedings.
Additionally, your lawyer can:
Protect You Against Creditors
Right now, your days may be filled with calls from angry creditors or business partners. While filing for bankruptcy, your lawyer may be able to halt creditors’ attempts to contact you, depending on your case’s circumstances. They can also handle all phone calls from other parties involved with your case.
Filing for bankruptcy in Clermont is meant to provide you with a fresh start. While you manage your money-related matters, you should not have to deal with harassment or personal threats. Your bankruptcy attorney can take these calls for you.
Explain What Properties Are Exempt from Bankruptcy
Depending on what chapter of bankruptcy you want to file, some properties may be exempt from liquidation, while others are not. Your lawyer can give insight into your finances and chart a course of action on your behalf. You do not have to worry about losing your home or car in some bankruptcy situations. A representative from our Clermont firm can explain more when you call us today.
Represent You in Any Clermont Bankruptcy Hearings
You may be asked to attend hearings with creditors or legal representatives. These hearings can seem intimidating––especially if you do not fully understand your legal options. However, at Bogin, Munns & Munns, we are prepared to guide your case to the finish line.
If that means speaking with creditors, trustees, and government officials in person, we have no reservations. You need not worry about anything except rebuilding your life when our Clermont attorneys are working on your case.
Can Bankruptcy Get Rid of My Student Loans?
Generally, no. Most of the time, student loans are not discharged as part of filing bankruptcy. However, the rules regarding bankruptcy allow for some hardship exceptions in which student loans may be removed if the debtor can demonstrate that repayment creates an undue hardship.
The relief of student loans is not an automatic determination. As a debtor, you must seek services to determine if you meet such hardship requirements. While you may not include your loans as part of the bankruptcy, Chapter 13 could negotiate a lower payment amount and possibly stop current wage garnishments.
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Knowing What Bankruptcy Can Do for You
It can be difficult when economic troubles push you into a corner. Understanding what bankruptcy can and can’t do for you and your situation is critical to making the right decision for your situation. You don’t want to go into it having false expectations. Bankruptcy is not a magic wand.
Let’s consider how bankruptcy can help in some situations:
- Filing bankruptcy may discharge your current debt obligations to give you a fresh start.
- Bankruptcy may stop a foreclosure on your Clermont home. You would be given a chance to resolve the default.
- Filing bankruptcy can prevent repossessions.
- Wage garnishment and other collections are halted when you file.
- Utility services can be restored if they have been terminated.
- Some of your debts may be lowered through negotiation.
Limits of Filing for Bankruptcy in Clermont
Bankruptcy is not designed to protect you in the following instances:
- Generally, student loans are not included in a bankruptcy proceeding.
- Child support cannot be discharged, modified, or extended.
- Court restitution orders, criminal fines, or alimony cannot be filed in bankruptcy court.
- Most taxes cannot be filed on or discharged through bankruptcy, with few exceptions.
- Discharging a loan through bankruptcy does not remove the responsibility of the loan from the cosigner. The cosigner is still responsible for the loan.
Call Our Bankruptcy Team Today to Learn More
A Clermont bankruptcy lawyer can help you with the process of liquidating or restructuring your finances. Filing for bankruptcy does not have to be stressful with our team on your side. To begin, call Bogin, Munns & Munns today.
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