Bankruptcy In Tallahassee
It doesn’t matter if you are a consumer, a business, or an individual. When you are facing the never-ending wave of phone calls and letters from creditors, you are probably facing extreme stress, pressure, and emotional confusion. What is the best thing to do? What is the practical next step? How can you make all of these issues go away! When you are faced with constant calls and letters, you may have already considered that filing for bankruptcy might be the best way to make all the harassment end and get a fresh start for yourself or your business. If you have considered bankruptcy as an option to help yourself, then you may have heard that the bankruptcy laws have changed recently, so you may be wondering if there are any new benefits for filing. Thankfully for those living in Tallahassee, Florida has a lot of generous bankruptcy exemptions, which means you may have more protections than you thought. Whether it is a Chapter 7, Chapter 11, or a Chapter 13 bankruptcy filing that you or your business are looking to file, you can rest assured that finding an attorney that is an expert in bankruptcy in Tallahassee is your best way to make sure your bankruptcy protections are as thorough as possible.
What A Bankruptcy Will Do For You
Whether you are filing as a business or an individual, the federal bankruptcy laws will offer a variety of protections. One of the immediate protections you will receive when filing for bankruptcy is an automatic stay that immediately goes into effect once you file. This stay will put a stop to creditors calling you, sending letters, or trying to take any legal action against you or your business in order to collect your debt, besides the bankruptcy proceedings. What this means is you will be free from having garnished wages, levies put against your bank accounts, and even repossessions and foreclosures on your vehicles and home. These protections all guard against you being sued for repayment of credit card debts. If your filing qualifies for Chapter 7 protection, you will be able to discharge a lot of your debts in an exchange for a sale of your non-exempt assets. However, there are some debts that are not dischargeable during Chapter 7 proceedings. Some of these debts include child support, student loans, and some tax obligations.
Understanding How Bankruptcy Works
One of the first steps when filing for bankruptcy is deciding which kind of filing will be the best for your specific debts and current situation. For some, seeking to have some debt discharged under a Chapter 7 filing is the best bet, however, for some businesses a Chapter 11 filing in order to reorganize your debt might be best, likewise for a consumer with a Chapter 13 filing. With the new bankruptcy laws, those who wish to file for Chapter 7 bankruptcy must demonstrate to a bankruptcy court that they are unable to, or lack the means to repay their creditors over a three-five year repayment period. However, if you instead choose to file for a Chapter 11 or even a Chapter 13, your bankruptcy attorney will work with you and your creditors in order to reorganize your debts into a repayment play that falls within your current means.
Finding Life After Bankruptcy
While there may be a widely held belief that filing for bankruptcy is a life-ruining act. This is actually far from the truth. In fact, filing for bankruptcy can be one of the best acts an individual can take in order to put their life back on track. Within a lot of situations and in the eyes of a lot of creditors, the act of filing for bankruptcy is actually seen as being a positive step towards a more responsible financial future. Much better than not paying your bills, or not taking any actions to resolve your debt problems. When it comes to filing for bankruptcy, the vast majority of creditors know that there are lots of reasons people file. Whether it is because of illness or injury, divorce, or loss of a job. Especially during the times of COVID-19, there are countless reasons why a debtor may file for bankruptcy in order to seek a fresh start.
While it is true that a lot of creditors will wait a bit to make sure that you are taking actions to fix your financial issues, they will be a lot more concerned with your ability to reach your obligations post-bankruptcy rather than the issues that lead you down the road to bankruptcy in the first place. So, if you are able to show a solid employment record and an ability to make payments on time, as well as a record of doing this, you will soon become eligible for credit once again. For further questions or if you are looking for an attorney that is an expert in bankruptcy in Tallahassee contact us today.