Florida Bankruptcy Attorney
Financial situations change, sometimes steady sources of income turn dry and unexpected costs spring up and become large drains on funds. Being in these uncertain situations can put a lot of pressure, stress, and anxiety on an individual, couple, or family. To make matters worse, searching for a Florida bankruptcy attorney to help guide you through the situation can be an extraordinarily hard endeavor; there is a huge pool of bankruptcy lawyers in Florida offering generalized, cookie-cutter services to turn over as many clients as possible. Couple this with the fact that the different chapters of bankruptcies can often be some of the most confusing and complicated matters to navigate in the entirety of law and the situation starts to look even more dire. However, there still exist lawyers who prioritize their clients over all else and do the utmost to analyze their financial situation and obligations from top to bottom. Bruner Wright P.A. is one of those firms! We pride ourselves on our investigative ability and we leverage that to your advantage, no financial detail or source of income goes unnoticed by our lawyers in our search to find you the best bankruptcy solution possible! We decided to go over a few of the most prominent differences between the two most popular bankruptcy chapters in Florida, Chapter 7 and Chapter 13 bankruptcies!
Chapter 13 V.S. Chapter 7 Bankruptcy
Before we begin, it is important to preface and understand that no bankruptcy chapter is superior to any other overall, they were created for different purposes and situations. The two most prominent bankruptcy cases we see in Florida are usually chapter 13 and chapter 7, and there are a few notable differences that set these bankruptcy chapters apart from each other. The foremost difference is how they operate: Chapter 7 bankruptcy relies on a liquidation approach, the courts will review your list of assets and deem what is unnecessary for daily use (ie. for going to work and back home on a daily basis). They will liquidate these assets and around 3-6 months after filing for the bankruptcy the courts will discharge whatever is remaining of your debts! Chapter 13 bankruptcy works differently, instead of mass liquidation, your debts are consolidated into a single monthly payment! You are put on a payment plan and must pay this same payment over a 3 to 5 year period, after which you’ll be good to go! As you can see, chapter 7 bankruptcy is more focused on helping those in rather grim circumstances with outstanding debts while chapter 13 helps those that still have a good monthly income reconsolidate and pay down the debts in an easier way. Both chapters of bankruptcy have their applications!
Still searching for a Florida bankruptcy attorney? Look no further than the lawyers at Bruner Wright P.A., with countless years of experience handling bankruptcy cases across Florida, our lawyers have the most expertise with handling the various chapters of bankruptcy! Let us navigate you through your bankruptcy case, contact us today!