Bankruptcy is tough emotionally as well as legally challenging. Be sure you choose professionals to handle your bankruptcy case who understand your rights! Reach out to the professional attorneys at Alliance Legal Group by chatting, the online form or by phone call TODAY!
Are you tired of receiving collection letters and phone calls? Are you being threatened with repossession or foreclosure? Alliance Legal Group can help. We focus on helping our clients get back on track by stopping such creditor actions.
Cases are filed under the Bankruptcy Code. Our attorneys specialize in Chapter 7 and Chapter 13. The Federal court system has exclusive jurisdiction when it comes to bankruptcy cases. Such cases cannot be filed in state court.
The Benefits of Bankruptcy
The most important benefit of bankruptcy is that debtors may obtain a brand new financial start. Consumers who are eligible for Chapter 7 may be forgiven (discharged from) most unsecured debts. A secured debt is one which the creditor is entitled to collect by seizing and selling certain assets of the debtor if payments are missed, such as a mortgage or car loan. With those two major exceptions, most consumer debts are unsecured.
Collection efforts must stop as soon as you file for bankruptcy under Chapter 7 or Chapter 13. As soon as your petition is filed, there is by law an automatic stay, which prohibits most collection activity. If a creditor continues to try to collect the debt, the creditor may be cited for contempt of court or ordered to pay damages. The stay applies even to the loan that you may have obtained to buy your car. If you continue to make payments, it is unlikely that your creditor will do anything. However, if you miss payments your creditor will probably petition to have the stay lifted in order to either repossess the car or renegotiate the loan.
In order for you to be eligible to file for personal bankruptcy under Chapter 7, your income must be under a certain level. This chapter of debt relief was specifically designed for individuals who have little to no money invested in real properties. State and federal law require petitioners to seek the assistance of a bankruptcy attorney in Florida to help them determine whether they qualify for Chapter 7 debt relief. If you meet the eligibility criteria, any non-exempt assets in your possession will be liquidated and the proceeds used to pay down your debts. Once your Chapter 7 process is complete, many unpaid debts are “discharged,” meaning that you no longer have to pay them.
- There are several assets that are exempt to liquidation under Chapter 7, including homestead exemptions, vehicle exemptions and personal property exemptions. An in-depth examination of your finances will be required to determine which assets you may or may not be able to retain.
If your income is too high to file Chapter 7, or if you are wanting to save your home from foreclosure, you may wish to consider a Chapter 13 bankruptcy. Also known as the “payment plan,” Chapter 13 proceedings allow petitioners to pay off their debts over a three to five year period. This chapter of debt relief is most often sought by those with regular sources of income and significant property investments. Once all of the payments under the repayment plan have been submitted, petitioners are entitled to have any remaining balances on specified debts discharged.
- Payment plans under Chapter 13 must be developed by your bankruptcy lawyer in Florida, and then approved by the courts. Your attorney will work directly with your creditors to establish an acceptable payment schedule.
By picking up the phone and calling Alliance Legal Group, you assure yourself an experienced attorney, individualized legal support, and peace of mind. Our attorneys have an intimate knowledge of the bankruptcy process. Divorce, health issues, unemployment, you name it and Alliance Legal Group has seen it. It is very common for people to become overwhelmed with credit card debt, medical debt or any other debt. Is it entirely possible that you will be facing foreclosure and repossession or wage garnishment because of your debt? Relief is just a phone call away.
Maybe it’s time for you to hear about the benefits of bankruptcy.
Let us help you get the fresh start you deserve. The number to call is 1 (877) 560-4440.