Filing for bankruptcy can be an effective way for some debtors to regain control over their finances. Unfortunately for applicants, the process can involve heaps of legal paperwork, expensive court fees, and lengthy workaround times. Without dependable legal representation, borrowers may also be at risk of losing most of their property when declaring bankruptcy. For the best results, debtors should hire only experienced bankruptcy attorneys to guide and represent them through the Florida bankruptcy process.
With ample experience representing clients throughout the state of Florida, Ken Hesser is Gainesville and Ocala debtors’ best ally when filing for bankruptcy, with experience handling Chapter 7, 11, and 13 bankruptcy cases. Contact us today to request a case consultation.
How Does Bankruptcy Work?
Bankruptcy works by allowing debtors to have their debts discharged or repaid, depending on the type of bankruptcy. Both individuals and businesses may file for bankruptcy. Once the application receives court approval, debtors are protected from lawsuits or similar legal actions from creditors while they are working on the bankruptcies. The court also prevents creditors from contacting or attempting to collect from debtors during the bankruptcy process thanks to a type of court order known as “automatic stay.”
Discharge Vs. Dismissal
In general, there are two primary outcomes in every bankruptcy case: a discharge or a dismissal. A discharged case means the court ruled in favor of the debtor, ordering to wipe out their liability to pay a debt. On the other hand, a dismissed case means the bankruptcy case was closed without discharging the debtor from a debt.
How We Can Help
We can help both individuals and businesses regain control over their finances. We can represent clients in all types of bankruptcy cases, including Chapters 7, 11, and 13 bankruptcy, in addition to any of the following bankruptcy-related matters.
- Credit Card Collection Defense
- Debt Settlement
- Discharge Of Debts In Bankruptcy
- Foreclosure Defense
- Individual & Joint Bankruptcies
- Investment Property & Foreclosure
- Lien Stripping
- Loan Modifications
- Mortgage Modification
- Reaffirmation Of Secured Debt
We can help clients navigate through the complicated bankruptcy process. Bankruptcy is not a one-size-fits-all debt relief solution. There are several different types of bankruptcies available, and some are only available under specific circumstances. Debtors must select the right kind of bankruptcy for them and complete all the legal paperwork appropriately. Contact our Gainesville & Ocala law firm to learn more and get advice about your bankruptcy options.
How Long Does It Take To Declare Bankruptcy?
Workaround times vary widely depending on the financial situation of applicants. In general, however, Chapter 7 bankruptcies are usually finalized within 4–7 months, while chapters 13 and 11 bankruptcies can take several years to close.
Can Bankruptcy Get Rid Of All My Debt?
It depends. Not all types of debt are eligible to be discharged through bankruptcy. For example, secured debts such as mortgages are typically not discharged through bankruptcy and they must be repaid if the property is not surrendered (foreclosure). Priority debts, such as alimony, child support, and student debt, are also unlikely to be discharged in bankruptcy.
When Should I Declare Bankruptcy?
In general, there is no perfect time to file for bankruptcy. However, there are multiple decisive factors that debtors should consider when deciding. Bankruptcy carries significant long-term consequences. It can remain on the debtor’s credit report for years, limiting their ability to apply for financing. Declaring bankruptcy can also be more expensive and more time-consuming than other debt relief programs. To help you make a more informed decision, contact our bankruptcy attorney today for a case consultation.
How Long Does Bankruptcy Stay On My Credit Report?
Bankruptcies may remain on a credit report for up to 7 years for Chapter 13 bankruptcies and 10 years for Chapter 7 bankruptcies. However, please note that the older a negative mark on a credit report, the less impact it has on credit score.
Will I Lose My Property If I File For Bankruptcy?
Not necessarily. If filing for Chapter 13, debtors get to keep all of their property. For Chapter 7, debtors may lose any property that is not protected by an exemption. Exemption laws typically cover property, which is essential to debtors’ every day lives, such as their homes, home furnishings, cars, clothing, retirement accounts, and any tools necessary for their jobs. An attorney can guide clients through the process of having property exempted from liquidation.
How Many Times Can I File For Bankruptcy?
Debtors may file for bankruptcy as many times as needed. However, they may only have their debts discharged in a new case if enough time has passed since the last time they filed. The required “waiting limits” between each bankruptcy case depends on the type of bankruptcy filed, as well as whether the previous case was discharged or dismissed. For more information, contact us today for a case consultation.