If calls from debt collectors are interrupting your life and you are seeking relief from overwhelming debt, filing for bankruptcy may ease the stress you’re experiencing. Having legal representation to protect your interests and ensure you follow all federal and state guidelines can further help your case.
A commercial law lawyer serving The Villages from Bogin, Munns & Munns. Our team of attorneys has served central Florida for over 40 years, and we’re ready to serve you. Contact us today for a free consultation.
Filing for bankruptcy is more common than you think. Annual bankruptcy filings in fiscal 2020 nearly hit 682,000 in the United States, according to U.S. Courts. Almost 660,000 of those were non-business bankruptcy filings.
How a Bankruptcy Lawyer Can Help with Your Case
There are plenty of benefits your The Villages bankruptcy lawyer can provide for you, including the following:
Avoiding Errors and Repeated Filings
If this is your first time filing for bankruptcy, it’s easy to make mistakes while filing documents and following the required steps in a bankruptcy proceeding. They could ultimately lead to additional filing costs and fees as you fix the errors.
In the long run, hiring our team may save you money because we will eliminate the mistakes that lead to multiple filings and extra fees.
Safeguarding the Assets We Legally Can Protect
You have the right to protect certain assets as part of your bankruptcy filing, and our team will work hard to show which assets you have that should be protected.
Additionally, we will consider any money you will be receiving in the near future, such as an inheritance or a tax refund. By correctly timing the filing of your bankruptcy proceedings, we can attempt to protect the money you will be receiving.
Negotiating with Your Debtors
Once we have started the bankruptcy process for you and work to discharge some of your debts, if appropriate, we can begin negotiations with the remaining debtors.
We can convince them to settle for a smaller amount than you owe. Some debtors may be willing to settle for less as long as they know they will receive the remaining money sooner.
Additionally, we will make sure you follow the rules for repaying debts. For example, you should not repay a large amount of debt to one creditor just before filing for bankruptcy. If the bankruptcy trustee considers this a preferential transfer, you may have to retrieve the money to satisfy some of your other debts instead.
Helping You Stay Out of Debt In the Future
We can help you obtain the education and resources you need to manage your financial situation more successfully in the future.
Learning to set up and follow a budget for your finances gives you the best chance of avoiding this financial problem again.
Determining the Best Type of Bankruptcy to File for Your Situation
For consumers, Chapter 7 and Chapter 13 are among the most common types of bankruptcy to file. Determining the right path to follow is easier when you have the advice of our team available.
Our bankruptcy lawyers in The Villages will study the facts of your case and advise you on the most appropriate course of action.
To consult with an experienced bankruptcy lawyer serving The Villages
855-780-9986
Is Chapter 7 Bankruptcy Best for You?
When you have unsecured debt, such as credit cards or medical bills, Chapter 7 often is the best choice. What’s more, the bankruptcy process goes relatively quickly with Chapter 7.
However, according to the United States Courts, you must liquidate any assets Florida law does not exempt, which you may not want to do. Some of these potentially exempt assets include:
- Retirement savings accounts
- Cash value of life insurance
- A portion of the value of bank accounts
- A portion of the value of an automobile you own
- A home
Chapter 7 bankruptcy, often called “liquidation” bankruptcy, allows debtors to discharge most of their unsecured debts, such as credit card balances, medical bills, and personal loans. In exchange, a bankruptcy trustee sells the debtor’s non-exempt assets to pay creditors. This type of bankruptcy is designed to give individuals a fresh start by wiping out their debts. However, not everyone can qualify for Chapter 7 bankruptcy due to a critical eligibility criterion known as the “means test.”
A bankruptcy attorney in The Villages from our team will explain the “means test” and determine whether you meet the criteria for Chapter 7 filing or whether filing for Chapter 13 is best for you.
Chapter 13 Bankruptcy Is an Alternative Your Attorney Will Consider
When filing for Chapter 13 bankruptcy, you can retain some of your assets while making monthly payments to your creditors. You must meet a few requirements to qualify to file under Chapter 13, such as having a regular income.
Under Chapter 13, you will continue paying your debts but will receive more time to make the payments. Consequently, the Chapter 13 process can last several years.
We can help you determine whether filing under Chapter 13 is a good idea for your situation and develop a repayment plan that matches the Chapter 13 requirements.
The Villages Bankruptcy Lawyer Near Me
855-780-9986
Let a Bankruptcy Lawyer at Bogin, Munns & Munns Handle Your Bankruptcy Case
Financial uncertainty driven by debt can take a significant emotional toll on you. Regardless of why you ended up in debt, you can file for bankruptcy and receive the protections this filing offers. With a bankruptcy filing, you may feel like you are receiving a new lease on life.
However, to receive the desired outcome from a bankruptcy filing in The Villages, it is important to have a bankruptcy lawyer on your side.
We will move your case forward as quickly as possible while protecting your interests. You can count on us to tailor our representation to your situation. Contact us today to discuss your case.
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