The Best Bankruptcy Attorney in Orlando, FL

Our Bruner Wright Bankruptcy Attorney in Orlando, FL is where expert legal solutions meet financial challenges.  Experienced bankruptcy attorney in Orlando, Florida are here to guide you through the bankruptcy process and overwhelming debt.  One of our best team is dedicated to offering tailored, effective and compassionate legal assistance to both individuals and businesses. We offer personalized solutions that meet the needs of every client, and we will guide you on the path to financial stability.

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Bankruptcy: A Brief Overview

Chapter 7, Chapter 11 and Chapter 13 are three common types of bankruptcy. Bankruptcy in Chapter 7  is usually the fastest method, as it involves liquidating assets in order to pay debts.

Chapter 11 is usually filed when a complicated restructuring of a business or a person’s finances are involved. In commercial situations, a business may be able operate for a time while reorganizing debt.

If an individual’s income is above the eligibility criteria for Chapter 7 but below that of Chapter 13 , he or she can file for Chapter 13 and pay monthly to creditors without losing their assets.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy allows the “discharge”, or elimination, of certain types of unsecured debts such as medical bills and credit card debt.

Retirement funds, such as:

  • Pensions, IRAs, 401(k)s, and other funds with restricted access are used for retirement.
  • Prepaid college tuition accounts
  • Cash value for life insurance; $1,000.00 per person for all personal property including bank accounts and $1,000.00 per person for the value of an auto (if it is not secured);
  • Homestead Real Property

To keep these assets, the debtor will need to pay on time any liens and mortgages that are attached to an automobile or a homestead property.

How to File Chapter 7

If you meet the requirements for Chapter 7 bankruptcy, including the “means test” and have debts that exceed the value of your exempted property, then you may be eligible to file.

  • You have how many dependents?
  • The geographical location of the debtor
  • Non-filing spouses

The means test allows for certain allowances in housing, transportation and food, as well as insurance. The means test will determine whether the debtor is able to pay off at least part of their unsecured loans over time, after considering all factors.

If you have the ability to pay your creditors, then you will need to file under another chapter. This is usually Chapter 13 which requires the debtor to pay them over time.

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Filing for Chapter 7 Bankruptcy Can Help

The court-appointed trustee is responsible for liquidation. Assets that aren’t exempted from liquidation and aren’t secured by a mortgage or lien are sold in order to raise funds for creditors.

Creditors that submit valid proofs of claims will receive a pro rata distribution of liquidation proceeds. The trustee may allow the debtor the possession of the assets if the debtor pays a small amount to the trustee within a short period.

Chapter 7 bankruptcy can provide relief quickly to a delinquent, as an automatic stay is triggered upon filing. The automatic stay prevents creditors from bringing or continuing legal action against the debtor who has filed for bankruptcy. 

Bankruptcy in Chapter 13 

 Bankruptcy on Chapter 13 allows debtors to keep their assets and make monthly payments to creditors over a period of three to five year.

If a debtor wants to keep their home, but needs a certain amount of time to pay off any mortgage arrears, they may want to file Chapter 13. This option is also available to someone who wants to keep their assets and avoid a Chapter 7 liquidation, or has income taxes to pay but needs time to do so.

How to File Chapter 13

Debtors must immediately file a plan after filing a petition for relief under Chapter 13. The plan outlines the proposed payments for:

  • Keep certain debts such as a car loan and mortgage
  • Repay any debts that are in arrears
  • Pay a portion, if you can, of unsecured debts, such as medical bills and credit card debt.

Once the court has approved the plan, the creditors must accept the terms. The court may reject the original plan. If so, the debtor has the option to modify it to address the concerns and objections of creditors and court.

The Chapter 13 trustee receives the payments, and not the creditors. The trustee pays the creditors.

Filing for Bankruptcy in Chapter 13  can Be a Help

In a Chapter 13 bankruptcy a debtor might be able reduce or eliminate a second mortgage on their principal residence or any other mortgages, or liens, that were recorded following a first mortgage. This depends on the value of the house, the amount due, and on other factors such as if the creditor holds a security claim on assets other than the home.

Secured claims for motor vehicles can be reduced by the value of the car, if the loan was taken out more than 910 days before the filing of a petition.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is usually a legal issue that involves large companies. The court could take some time to decide on a plan that is appropriate to reorganize a company’s affairs.

Chapter 11 bankruptcy can stop a company’s expansion plans or end its rental agreements.

How to File Chapter 11

In a Chapter 11 bankruptcy the business or organization has a good chance of planning its own reorganization. It can downsize, liquidate or renegotiate its debts. It is ultimately up to the courts whether or not its reorganization is acceptable.

To maintain the terms agreed upon by the court, the organization or company must also adhere to the reorganization plans.

How Chapter 11 Bankruptcy Can Help

Chapter 11 bankruptcy has many benefits, particularly for large companies. They can pay off their debts while continuing to operate. A company can survive and pay its debts by filing Chapter 11 instead of closing down.

It can be difficult to downsize and liquidate, but it may be the only way for a company to survive in tough times.

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What our Bankruptcy Attorney in Orlando Can Do For You?

Our bankruptcy attorney in Orland can help you if it seems overwhelming to take action after reading about bankruptcy. Bruner Wright P.A have over 30 years experience in commercial litigation collection, helping people from North and Central Florida to collect their outstanding accounts and delinquent bills.

If you decide to file bankruptcy, we can help you with the following:

  • Find out what type of bankruptcy is best for you
  • Fill out your bankruptcy form correctly and on time
  • We represent you in court proceedings
  • Protect your money, other assets
  • Collect old accounts, debts for goods and services, lines of credits, promissory note, and related debt
  • Debt collection, not always warranted.

We can handle simple or complex debt collection issues. We have a wide range of clients for debt collection, including large and small companies, banks, finance firms, accountants and landlords.

Why Choose Bruner Wright?

  • Local Insight: As a fixture in the Orlando community, Bruner Wright brings a deep understanding of local laws and regulations. This local insight ensures that your bankruptcy filing aligns seamlessly with the specific requirements of Orlando, FL.
  • Personalized Approach: Bruner Wright acknowledges that every financial journey is unique. 
  • Efficient Handling: Navigating bankruptcy involves a myriad of paperwork and legal intricacies. 
  • Courtroom Representation: If your case requires court appearances, Bruner Wright stands ready to represent you with professionalism and advocacy. Their courtroom expertise ensures they effectively communicate your interests in legal proceedings.
  • Compassionate Support: Beyond legal expertise, Bruner Wright provides compassionate support during what can be a challenging time. They comprehend the stress linked with financial difficulties and commit to aiding you in regaining control of your financial future.

Contact Bruner Wright for your Financial Recovery

If you find yourself facing financial challenges in Orlando, FL, consider reaching out to Bruner Wright for a consultation. Discover how their expertise, local knowledge, and personalized approach can make a positive difference in your financial journey. Bruner Wright: Your trusted bankruptcy attorney in Orlando, Fl will guide you towards a brighter financial future.

Bruner Wright, P.A. is led by Orlando’s top bankruptcy lawyers. Your success is our main goal. For over 30 years experience as a bankruptcy attorney in Orlando. We can help you seek a bankruptcy protection.

Contact or Call Us Now 850-385-0342