Have you fallen behind paying your monthly debts? Is there no sign that your economic troubles will subside? Are you concerned that there is no way out from under your consumer debt? Under Title 11 of the United States Code, consumers and businesses are entitled to certain remedies to manage the assumption of debts. At Sentinel Law we want you to know that a Chapter 7 or Chapter 13 bankruptcy may be the right answer for you. People throughout Florida are able to find financial relief by filing for consumer bankruptcy. The options available to you can be confusing — please secure the advice of an experienced bankruptcy lawyer in Florida before making any decision. We can help you decide whether Chapter 7 (liquidation) or Chapter 13 (reorganization) is right for you.
CLICK HERE TO CONTACT OUR OFFICE TODAY! Before making the decision to file for bankruptcy, it is important to understand all your options and the ramifications that those choices will have on your future. We will help you gather all your financial information in order to make an informed decision about your financial future. We will focus on all relevant issues, including the following: medical bills, taxes, credit card debt, marital status, debt to income ratio, assets, etc.
Chapter 7 Bankruptcy — A Way Out of Overwhelming Debt Before filing for Chapter 7, you should discuss with an attorney all the available options. Clients must first assess their financial situation, their goals and the effects that a bankruptcy can have on their life before making any decision. In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt; however, the debtor will not be granted a discharge if he or she is guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged. For example, absent some arrangement by a debtor to surrender a car or "reaffirm" a debt, the creditor with a security interest in the debtor's car may repossess the car even if the debt to the creditor is discharged. Often called a fresh-start bankruptcy, Chapter 7 bankruptcy is your opportunity to get out from under suffocating consumer debt through the liquidation of your assets. It is available for qualified individuals who wish to pay off their creditors and discharge any remaining unsecured debts.
For People Who are Unable to Get Out from Under Their Debt
When you lose your job, are injured in an accident, suffer a serious illness or just suffer the ill effects of the sluggish economy, you have options. You don't have to continue to suffer harassing bill collector calls or threatening letters in the mail. As soon as you file for bankruptcy, all collection actions must cease.
Chapter 13 Bankruptcy — Creating a Plan to Pay Back Your Debt
For people who are not able to qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy is an option that helps them reorganize and pay back debts over a period of three to five years. This is a good option for people with certain property that would be liquidated during a Chapter 7 Bankruptcy.
Financial troubles can happen to just about anyone. When you are unable to pay your consumer debts, Chapter 13 bankruptcy — also called the wage earner plan — could be the right option for you. We will examine your financial statements, mortgages, bank accounts and earnings to determine whether this option is the correct one. Once you decide to file for Chapter 13 bankruptcy, you, a bankruptcy trustee and your creditors will create a payment plan to pay back your debts over a reasonable time period. In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.
Affordable Debt Relief through Legal Professionals
