Bankruptcy Attorney Orange Park FL
Filing for bankruptcy can be a confusing and overwhelming process. If you or someone you love is struggling with debt, you may feel like there is no way out. You’re probably wondering how to pay off your debt and keep everything going until the storm passes. The good news is that bankruptcy attorneys exist to provide answers to these questions. With over 40 years of experience as a bankruptcy attorney in Orange Park FL, Robert C. Bruner has helped numerous individuals get out of debt and regain financial stability. He provides useful tips on what to do if you find yourself in financial trouble. Contact Bruner Wright P.A. today to schedule an initial consultation!
You also need to know which type of bankruptcy would be best for your situation. An Orange Park bankruptcy lawyer can help you make the best financial decisions for your future.
Chapter 7 vs. Chapter 13 Bankruptcy in Orange Park Florida
There are two options available to individuals considering bankruptcy: Chapter 7 or Chapter 13. Discuss your options with a local bankruptcy lawyer to decide which type of bankruptcy suits you best.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most commonly filed form of bankruptcy by individuals. This process can be completed in less time than a Chapter 13 petition. A Chapter 7 case can be completed in approximately 4 months.
This option is available to debtors who have mostly exempt assets. The court will appoint trustees to collect your assets that are not exempt and to use the proceeds to repay your debt. Most Chapter 7 cases are “no asset cases,” which means that the trustee cannot expect to receive money from creditors. Usually, once creditors have been paid, the court will discharge or erase the debt if the trustee doesn’t find any evidence of fraud or error.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to reorganize your debts and catch up on secured loans before they are discharged. It can take much longer than filing for Chapter 7 protection and can often take more than five years.
You will need to create a Chapter 13 Plan of Reorganization. This will outline how you will deal with your creditors. It will also include details about whether you will keep or give up cars or real estate. A single monthly payment is required for the bankruptcy plan. This monthly payment is sent to the Chapter 13 trustee, who will distribute amounts to creditors according to the plan. The court will then issue a discharge when the plan is completed.
What Is a Discharge?
You can file bankruptcy to get a discharge. This will release you from any obligations regarding specific debts. Any debt you have been discharged will be forgiven.
Some debts are not dischargeable through bankruptcy. Credit card and medical debts can be discharged. However, taxes, child support, and spousal maintenance cannot be eliminated. A bankruptcy attorney in Orange Park FL will be able to help you determine which debts are eligible for discharge.
Talk to an Orange Park Bankruptcy Lawyer Today
When considering bankruptcy filings, there are many things to consider. These decisions should not be made alone, regardless of the value of your assets. Bruner Wright’s bankruptcy attorney in Orange Park FL will evaluate your situation and recommend the best course of action. Call now to arrange a confidential consultation to learn more about how our bankruptcy lawyers can assist you with Chapter 13 and Chapter 7 cases.