Bankruptcy Overview

Orlando, Florida, Consumer Bankruptcy Lawyers

For more information about a bankruptcy topic, click on the heading.

Chapter 7 Bankruptcy

Under the new bankruptcy laws, you must first pass a means test to file Chapter 7 bankruptcy. If your current monthly income is below the Florida adjusted median income, then you automatically qualify. However, even if your income is above the Florida adjusted median income, you may still qualify after expenses such as car payments and retirement plan contributions are deducted from your income. Our lawyers have helped many people file Chapter 7 bankruptcy after other attorneys told them that they did not qualify due to the means test.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a debt repayment plan. When you file Chapter 13 bankruptcy, you and your lawyer create a plan to pay off a percentage of your debts over a three- to five-year period. Many people file Chapter 13 bankruptcy to protect assets they would otherwise lose by filing Chapter 7 bankruptcy.

Home Foreclosures

Filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy will stop any home foreclosure action by your lender under the automatic stay provisions of the U.S. Bankruptcy Code. However, if you are far behind on your payments, filing Chapter 13 bankruptcy may be the best option. Under a Chapter 13 debt repayment plan, you will have up to five years to bring your mortgage payments up to date.

IRS/Tax Debts

Like other forms of debt, back taxes can create a significant financial burden. Filing bankruptcy can be an effective way of reducing or eliminating that burden. In general, filing Chapter 13 bankruptcy will allow you to discharge more tax debts than a Chapter 7 bankruptcy.

Repossessions

Filing bankruptcy will stop the repossession of a car, boat, motorcycle or other asset. However, if you want to keep the asset, you will still need to sign a reaffirmation agreement and catch up on your payments. Another option that is available in bankruptcy is to renegotiate your payments. For example, if you owe $20,000 on a car that is worth $12,000, you may be able to refinance your car for $12,000.

Home Liens

If you have lien against your home due to an IRS tax debt or legal judgment, you may be able to have that lien removed by filing bankruptcy. Tax liens on your home are harder to remove than judgment liens.

Credit Card Debt

There is a lot of misinformation being spread about the new bankruptcy laws. Many credit card companies will tell debtors that credit card bills can no longer be discharged. However, this is not true. Most people with significant credit card debt can still obtain relief by filing bankruptcy.

Consumer Credit Counseling

Before you can obtain debt relief under the new bankruptcy law, you must complete a consumer credit counseling course before and after your bankruptcy filing. Our lawyers will guide you through the process and advise you every step of the way.

Discharge of Debts in Bankruptcy

It is important to list all your property and debts in your bankruptcy petition. If you do not list a debt, it is possible the debt will not be discharged. The judge can deny your discharge if you do something dishonest in connection with your bankruptcy case, such as destroy or hide property, falsify records or lie, or if you disobey a court order.

Bankruptcy in Cocoa Beach

Serving the residents of Brevard County, our Cocoa Beach location offers full bankruptcy services. Whether you qualify for Chapter 7 or 13 or are facing repossession and foreclosure, we can help you obtain a fresh start.

Free bankruptcy consultation: Call 321-406-0711 or fill out our contact form to discuss your case with a Florida consumer and personal bankruptcy attorney at no charge.