While you are technically allowed to do so, filing bankruptcy by yourself in Florida can be challenging. Many forms of bankruptcy involve extensive paperwork, legal knowledge, research, and financial documents that may seem overwhelming if you are unfamiliar with the process.
If you consider filing bankruptcy, you may find it useful to seek out advice from a bankruptcy attorney at our firm.
Understanding the Benefits of Bankruptcy
When you declare bankruptcy, you claim that you will not be able to repay your creditors because you owe more money than you have.
Filing bankruptcy can be helpful because it can erase many different forms of debt, including:
- Certain medical bills
- Credit card bills
- And more
Declaring bankruptcy also stops creditors from pursuing the money you owe them, offering you a much-needed sense of relief.
What Your Creditors Do When You File for Bankruptcy
While your debts are frozen:
- The IRS cannot attempt to garnish your wages
- The bank cannot repossess your secured assets
- Other aspects of your property will be protected
Your debts will continue to be frozen until your bankruptcy case reaches its conclusion.
These responses from creditors are only a few of the outcomes of filing bankruptcy—and the process is not as simple as it sounds. A bankruptcy lawyer with our firm can help you better understand the road ahead of you.
To consult with an experienced bankruptcy lawyer today, call 855-780-9986
Common Types of Bankruptcy
Depending on your specific needs and the extent of your debts, people generally file three types of bankruptcy: Chapter 7, Chapter 11, or Chapter 13.
As described by the United States Courts (USC), here is a closer look at some of these bankruptcy options:
This form of bankruptcy involves selling off your assets to pay off your outstanding debts. If your yearly income is too high, you may not qualify for Chapter 7 bankruptcy. In that case, you will need to file Chapter 13 bankruptcy.
This form of bankruptcy primarily deals with business-related ventures, like restructuring your company or prioritizing your finances. If you meet the necessary requirements, you may be able to continue operating your business while your debts are frozen.
If your average income is too high, you will need to file Chapter 13 bankruptcy instead of Chapter 7. Chapter 13 bankruptcy allows you to keep certain assets while you make a monthly payment to repay your debts over a period of three to five years.
Before you proceed with any type of bankruptcy, an attorney with our firm can help you understand what each type of bankruptcy means. You should know about the short- and long-term effects of your bankruptcy, as well.
How a Florida Bankruptcy Lawyer From Our Team Can Help
We represent clients throughout the central Florida region, helping everybody from small businesses to landlords to entrepreneurs and beyond. You do not have to accept being hounded by relentless debt collectors. Together, we can work to find a solution that works for you.
In doing so, we can:
- Help you understand which type of bankruptcy you qualify for and what it will mean for your mortgage, cars, and other valuable possessions
- Make sure your application is filled out properly
- File your paperwork by the corresponding deadlines
- Represent you in court proceedings
- Protect all your assets
Our legal team has decades of experience with debt collectors, and we will do everything in our power to get you the help you need. We want you to walk away from this process with a renewed sense of confidence and optimism about your financial future.
The Widespread Use of Bankruptcy Across America
According to the USC, approximately 544,000 people filed for bankruptcy across the United States in 2020. These filings were down almost 30% from the previous year, with roughly 775,000 bankruptcy filings in 2019.
However, there were 8,333 Chapter 11 filings in 2020. 7,786 of those filings involved business reorganizations. That was an increase of 19% from the 7,020 Chapter 11 filings in 2019.
As these statistics show, bankruptcy is far from the cultural taboo some people think it is. In fact, bankruptcy is a viable solution to your financial troubles when you find yourself in overwhelming debt. You can learn more about what bankruptcy can do for your future by speaking to a Florida bankruptcy lawyer on our team.
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Bankruptcy Lawyers at Bogin, Munns & Munns are Ready to Fight for Your Future
If you are thinking about filing bankruptcy in Florida, the attorneys at Bogin, Munns & Munns can be there to advise you throughout the entire process.
For more information about our bankruptcy services at Bogin, Munns & Munns, contact one of our team members today at (407) 578-1334. You can get started with your initial consultation and case review.