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Benefits of Filing for Bankruptcy in Florida

Gainesville Bankruptcy Attorney

Bankruptcy can help you get a handle on your debt. If you file, it has the potential to discharge most of your debt, especially your unsecured debt. This can put an end to creditor harassment and collectors hounding you for payment. You may even be able to save your home if you are facing foreclosure. These are just a few of the reasons why bankruptcy can be a good way to get back on track financially. Many have found it to be their solution to unwieldy credit card debt, overwhelming medical bills, falling behind on their mortgage, and more. A reliable Gainesville bankruptcy attorney from our firm can help you decide if this is the right choice for you.

What is the automatic stay?

One of the most powerful benefits of bankruptcy is the automatic stay. This goes into effect as soon as you file and lasts as long as the bankruptcy takes to complete. If you have fallen behind on paying for utilities, an automatic stay means that companies cannot cut off your water, gas, electricity, or phone service for at least 20 days. The automatic stay can also protect against eviction, buying you a couple of days or weeks. Any lawsuits filed against you are ended when you file for bankruptcy, and creditors are not able to immediately collect from you either. This can also keep you from being charged with contempt if you cannot pay child support. The automatic stay will also put a stop to wage garnishment, even if there is more than one in place. Depending on the kind of debt that is dipping directly into your paycheck, this debt might be discharged in the bankruptcy proceedings.

If you are facing foreclosure, an automatic stay will put a pause on the proceedings. Foreclosure resumes once the process is over, however, unless the stay was long enough for you to get caught up on payments. While Chapter 7 bankruptcy will only buy you a few months to catch up, Chapter 13 bankruptcy can stop foreclosure. The lender will have to reorganize your payment plan, enabling you to pay your mortgage and back payments over the course of 3 to 5 years. Bankruptcy may enable you to avoid foreclosure and save your home.

What debts are discharged in bankruptcy?

Under Chapter 7 bankruptcy, much of your unsecured debt can be erased. You may very well be able to discharge credit card debt, medical payments, personal loans, utility bills, business debts, some taxes, and more. Chapter 13 enables you to discharge more debt, as it can eliminate debt that stems from willful or malicious property damage. Some separation debts can be erased as well, though child support and alimony can never be discharged. Bankruptcy might enable you up to pay your debt and/or have it wiped clean. It can be a way to free you from the burdens of debt and allow you to start building stronger credit, stay debt-free, and move into financial security.

If you own a small business that owes a small enough amount (roughly less than $2.4 million), then you can file for Chapter 11 bankruptcy. There are some benefits to this bankruptcy too, even though it is an incredibly complicated process. This is called business reorganization bankruptcy, and it allows you stay in business while your payment plan is restructured. In this way, you may be able to pay off all your debts. While this usually costs more than Chapter 13 bankruptcy, Chapter 11 is faster and requires fewer hearings. You can keep in business and take care of your debt. For whatever bankruptcy you want to file, you should consult a trustworthy bankruptcy attorney in Florida who can guide you through all the complexities.

Contact an Experienced Gainesville Bankruptcy Lawyer Today

To find out if any of these options can solve your financial issues, do not hesitate to talk with an attorney from our Gainesville bankruptcy firm. We can help you determine which chapter of bankruptcy you qualify for, and whether filing for bankruptcy is a viable option for you. Do you want to learn about alternatives to bankruptcy? Our team of professionals are ready to help you look at all your options. We can help you negotiate with your creditors and take of your debts apart from bankruptcy.

When you are looking to avoid losing your house, a foreclosure defense attorney from our firm can give the legal assistance you deserve. Do not delay in getting the answers you need. At our firm, we provide bilingual service, as we speak Spanish and English. Get started on your case today! Fill out a free case evaluation, and call to schedule your free consultation. To start getting a handle on your debt, contact The Law Offices of Justin McMurray, P.A. immediately.

Bankruptcy & Real Estate Attorney

We have been designated by Congress as a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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