BANKRUPTCY LAWYERS IN ORLANDO, FL
If you’re having financial troubles, filing for bankruptcy can be the best way to start over, especially if you’re trying to keep your house. The two types of bankruptcies available give you two options. Chapter 7 mandates the liquidation of your estate, and Chapter 13 reorganizes your debt. If you’re eligible for Chapter 13, you may be able to save your house while discharging other debt.
Between January and April of 2019, almost 9,000 bankruptcies have been filed in the Middle District. This area includes Orlando, Tampa, Fort Myers, and Jacksonville. To learn more and find out if bankruptcy could help your financial situation, fill out this form for a free case evaluation.
If you rent or you do not want to keep your home, filing Chapter 7 and liquidating most of your assets is an option. This is the shortest way to get out of debt, only taking a few months. To qualify for Chapter 7, you must have very little or no disposable income. You are allowed an exemption of up to $1,000 in equity in one vehicle unless you are behind on payments on the vehicle. You may exempt up to $1,000 in personal property, including furniture, electronics, and art if you are claiming the homestead exemption. Otherwise, the exemption is $4,000, as of May 2019.
Under Chapter 13, you’re able to reorganize debts and have a better chance of keeping your home, even if you’re behind on payments. Certain exemptions are available in Chapter 13, as well. Once you file, you must complete a plan that shows your disposable income and how you will repay some of your debts. The plan may run for three or five years. All debts will be discharged by the end of the plan, even if you didn’t pay everything off. While you can’t get your mortgage discharged, you can add arrearages to the plan.
The bankruptcy discharge
If you meet all the requirements for bankruptcy, the court will issue a discharge. In Chapter 7, this means that all allowed debt that was included in the proceeding is wiped out. In Chapter 13, you may have paid all or some of the debt back. Allowable debts are discharged regardless of the amount still owed.
Disallowed debts include some tax debt, student loans, alimony, and child support. You may be able to get some tax debt and student loans discharged, but it’s very difficult to do so. You will have to prove a hardship will continue for the life of the loan. Moreover, child support and alimony are never exempt and must always be paid.
Contact Florida bankruptcy lawyers in Orlando
When you’re behind on payments, life can get stressful. Don’t go through this alone. Morgan & Morgan will assess your individual financial situation and help determine if bankruptcy is the best course of action. Our bankruptcy attorneys are passionate about alleviating financial troubles and granting you and your family a clean slate to start over.
Having the right law firm on your side can make all the difference – all law firms are not the same. More than 100,000 clients trust Morgan & Morgan. Find out what we can do for you by filling out this form for a free case evaluation.