declare bankruptcy

When you declare bankruptcy you will file a petition at the federal court. Your creditors will be notified and they must cease pursuing any debts you owe once your bankruptcy petition is filed. The court will request information from you.

  • The total amount of your debt
  • Complete list of all creditors
  • A complete accounting of your total income
  • An accounting of all your outgoing expenses

In bankruptcy court, you are allowed to represent yourself. A local bankruptcy lawyer can also be hired to represent you and assist you through the complex process of declaring bankruptcy. It can take time to have your debts discharged or reorganized by the bankruptcy court. A lawyer can help you understand the timeline for your bankruptcy case.

What Are The Advantages And Drawbacks Of Declaring Bankruptcy?

Bankruptcy can be a viable option if your debt is too high and you are unable to repay your creditors. There are many benefits and disadvantages to filing for bankruptcy relief. There are many benefits to bankruptcy protection:

  • You can make a fresh start and create a financial future that is healthy
  • You have the ability to keep most, if not all of your personal property.
  • All debt collection actions by creditors must be stopped

Not only will it stop the relentless phone calls and other debt collection attempts, but bankruptcy filings can also come with drawbacks. There are some drawbacks to filing for bankruptcy protection:

  • Bankruptcy filings remain on your credit report
  • If you do file for bankruptcy, higher interest rates may be incurred when you finally get financing
  • Court-approved credit counseling can be ordered

Every individual and business has a unique debt load. This means that each case is different and needs to be carefully examined and analyzed if they want to declare bankruptcy. A bankruptcy attorney can help you make a plan to reduce, reorganize or eliminate your debt.

The Right Bankruptcy File For You

We are proud that we represent clients in four main areas of bankruptcy relief. Each of the Chapters is different and each has its advantages and disadvantages. We help our clients to find debt relief by using the following four Chapters when filing for bankruptcy:

  • Chapter 7: Straight bankruptcy where all debts are forgiven
  • Chapter 11: Complex Business Bankruptcies and Debt Reorganizations
  • Chapter 12: Debt relief for family farmers and family fishermen and repayment plans
  • Chapter 13: Income earners can get debt relief to stop foreclosures or other looming debt recovery efforts

Your lawyer will assist you in choosing the best Bankruptcy Chapter to suit your financial situation when you declare bankruptcy. Filing for bankruptcy is complicated and time-consuming. A lawyer can assist you in understanding and navigating the bankruptcy filing process, from initial petition through final discharge.

Bankruptcy To Discharge Debt

A discharge will be granted by the court to relieve you from your obligation to repay certain creditors when you file bankruptcy protection. Your creditors can no longer contact you to try to collect your debts. All unsecured debt included in bankruptcy filings is also discharged.

The type of bankruptcy filed will affect the timing of your discharge. A Chapter 7 bankruptcy discharge order may take up to four months, while a Chapter 13 bankruptcy discharge could take between three and five years.

You and your lawyer will both receive copies of the debt discharge order if you are represented in bankruptcy filings. Your lawyer can help you understand the process of declaring bankruptcy, what to do if it happens, and which debts have been discharged through your bankruptcy filing.

Explore Your Bankruptcy Options

When you declare bankruptcy this may allow you to get the financial relief that you need. Our team represents individuals and business owners in Chapter 7 bankruptcy and Chapter 13 bankruptcy cases. We are also available to assist with Chapter 11 reorganization bankruptcy filings and Chapter 12 bankruptcy filings for family farmers or fishermen.

Contact Our Office Today

Bruner Wright is the top-rated experienced bankruptcy lawyer in South Georgia and the Florida Panhandle. Our team has more than 30 years of experience helping people file Chapter 7 bankruptcy. Chapter 11 bankruptcy. Chapter 12 bankruptcy. Chapter 13 bankruptcy. Our practice has been very successful in helping people discharge their debts. We offer a personal service that is comprehensive and thorough in all aspects of our industry. We are responsive to the needs of our clients.

Our Service Areas

Contact us today to schedule a consultation to find out if bankruptcy is the best option. A member of our team will review your case to help you make the right choice. We are focused on consumer bankruptcy. We want you to achieve financial stability.