If you are facing overwhelming debt or are dealing with an unlivable financial situation, one of our Melbourne commercial law lawyers can provide the attentive, respectful support you deserve. Filing for bankruptcy protection could protect your livelihood and provide the fresh financial start you need.
If you are considering bankruptcy, a Melbourne bankruptcy lawyer from our local office can help. You do not have to let the weight of crushing debt prevent you from living your life. The protection of the bankruptcy code could allow you to get back on firm financial footing quickly. Call now to learn more for free.
Let Our Melbourne Law Firm Protect You During Bankruptcy
No one wants to have to file for bankruptcy, but you do not have to face this challenge alone. The lawyers at our Melbourne office can help you figure out what is the best option for you. We support clients like you by:
- Explaining what happens when you declare bankruptcy
- Helping you weigh the pros and cons of each type of bankruptcy filing
- Exploring alternatives to filing for bankruptcy, if any are applicable to your situation
- Working closely with you throughout your entire case, making sure that we always prioritize your needs and goals
- Representing you in meetings with the court and your creditors—you do not have to face high-power attorneys or legal officials alone
- Negotiating with others to get you the best possible terms
To consult with an experienced bankruptcy lawyer serving Melbourne
855-780-9986
The Benefits of Bankruptcy in Brevard County
Many residents of Melbourne file for bankruptcy each year. They do so for good reason: bankruptcy can offer protection from creditors that would be otherwise unavailable. Some of the benefits these filers may enjoy include the following:
The Automatic Stay Takes Effect Immediately After Bankruptcy Filings
The first benefit of filing for bankruptcy kicks in the moment your petition is filed. The automatic bankruptcy stay protects you from collection efforts by your creditors immediately upon filing for bankruptcy. It will prevent your creditors from:
- Garnishing your wages
- Filing lawsuits against you
- Making collection calls
- Repossessing your property
- Foreclosing on your home
While the stay does not cancel the debt you owe, it freezes any efforts by your creditors to collect on that debt. The automatic stay allows the bankruptcy process to unfold without the pressure of aggressive creditors complicating the process.
The Automatic Bankruptcy Stay Protects You in Other Ways
Not only does the automatic stay prevent future collection actions against you, it also protects you from ongoing proceedings as well. Lawsuits or foreclosures that have already begun will be paused by the court during the course of the bankruptcy process.
The automatic stay is temporary. In fact, certain debtors could attempt to lift the stay in an effort to pursue secured debts that you owe them. Our Melbourne bankruptcy attorneys can advise you on when these exceptions are available and how they could impact your case.
Discharge of Melbourne Debts
Ultimately, the goal of a bankruptcy case is for a debtor to discharge their debts. When a debt is discharged, it is no longer acknowledged under the law. Creditors may not collect on discharged debts. Essentially, you can proceed as if you never owed the money in the first place.
Not all debts are dischargeable, as certain types of debts will survive a bankruptcy case. Some examples include student loans and unpaid child support.
Being Able to Keep Your Property in Florida and Elsewhere
Many people assume that filing for bankruptcy will cost you everything you own. That is not the case. While there are types of bankruptcies that can require you to liquidate some of your assets, the law provides for many exemptions that could protect your property from liquidation.
Furthermore, filing for bankruptcy could put you in a position to keep property that you might have otherwise lost to your creditors. You could restructure a mortgage or get caught up on your car payments during the process. An attorney from our Melbourne office can advise you on how bankruptcy could improve your chances of keeping the property that matters to you.
The Downside of Bankruptcy: Effects on Your Credit Score
It is true that filing for bankruptcy will harm your credit score for a period. The act of filing for bankruptcy could remain on your score for up to 10 years after filing.
However, the reality of the situation is often not so bleak. If your score is already especially low, there might not be much room for it to fall due to a bankruptcy filing. Over the long term, filing for bankruptcy could have a positive impact on your credit score by enabling you to make your payments to your creditors on time in the future.
Melbourne Bankruptcy Lawyer Near Me
855-780-9986
Types of Bankruptcy Cases that Melbourne Residents May File
There are several different types of bankruptcies under federal law. Each type of bankruptcy case is covered in a different chapter of the bankruptcy code. The types of bankruptcies that are a common option for most individuals are Chapter 7 and Chapter 13.
Call Bogin, Munns & Munns today for a free consultation to learn about your options.
Filing for Chapter 7 Bankruptcy in Melbourne
Chapter 7 bankruptcy involves liquidation as a means of addressing bankruptcy, according to the United States Courts. This type of case is intended for those individuals without any assets to pay back their creditors.
That does not mean you can only file if you are destitute. However, there is a means test that could prevent you from pursuing a Chapter 7 case if you earn too much, according to the Florida Bar. Chapter 7 cases can last less than a year.
Filing for Chapter 13 Bankruptcy in Melbourne
Chapter 13 bankruptcies can take much longer than a Chapter 7 case. In some cases, these bankruptcies will last for years. This type of case also requires that you pay back more of your debt before you are entitled to a discharge.
During the course of a Chapter 13 bankruptcy, you will work with the U.S. Trustee to pay some of your creditors back through monthly payments. At the end of your case, the court may discharge what is left of your debt.
Differences Between Chapter 7 and Chapter 13
As discussed above, the main difference between these two bankruptcy types is that Chapter 7 allows you to discharge your debt without paying it back. Chapter 13 requires you to come up with a plan for repaying at least some of what you owe over a period of several years.
Which Bankruptcy Type Is Right for You?
A Melbourne bankruptcy lawyer from Bogin, Munns & Munns can answer that question for you. Our team can analyze your situation, explain more about the differences between Chapter 7 and Chapter 13, and assist you in making the right decision for you.
We recognize that this is a very difficult time for your family. You can always turn to us for questions and legal advice: we make a point of being accessible to our clients when they want our help most.
Our Brevard County Team Can Help You Seek Protection Under the Bankruptcy Code
If you have questions about what bankruptcy could mean for you, let the attorneys of Bogin, Munns & Munns help you to understand what to expect. The bankruptcy process might seem foreboding, but we can help it go smoothly. We can ensure clients avoid any pitfalls while seeking the fresh financial start they deserve.
If you are ready to get started, contact a Melbourne bankruptcy lawyer from our firm right away for your free, confidential consultation.
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