Experienced Orlando Chapter 7 Bankruptcy Attorney
Chapter 7 Bankruptcy Helps Relieve Debt
Chapter 7 bankruptcy is a legal process to have many debts forgiven, and it can put you on the road to financial recovery. If you’re considering this route, consulting with a bankruptcy attorney in Orlando is essential. By eliminating many of your debts, it still allows you to retain most, if not all, of your possessions. While no one wishes to file for bankruptcy, once initiated, there’s an automatic stay that prevents creditors from harassing you and seizing your belongings. A successful bankruptcy in Orlando will result in most consumer debts being discharged (forgiven), so you can begin to rebuild your credit and move forward with your life.
Too many people find themselves in a financial hole and unable to pay their debts, often through no fault of their own. Even the most responsible and hardworking people can suffer financial disaster if they are hit with unexpected health issues or laid off from their job and faced with tax issues or mounting student loan balances. Once you get behind, debts keep increasing, and you may find yourself being harassed by creditors, facing foreclosure of your home, or repossession of your vehicle. You are under tremendous stress and you don’t know where to turn.
Fortunately, there is help available to get you out of this mess. A consultation with me can provide choices and solutions that will get you past this crisis and provide the fresh start you deserve.
How do you know if bankruptcy is right for you? I will listen to your concerns and evaluate your individual situation to help you decide if bankruptcy is the best solution for you and your family. I have the knowledge, experience, and resources to help you get back on the road to financial recovery.
Chapter 7 Bankruptcy: A Fresh Start with Unmatched Asset Protection
Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” offers a lifeline for Floridians overwhelmed by unsecured debt. Whether it’s mounting credit card bills, medical expenses, or personal loans, Chapter 7 can provide the much-needed relief you seek.
How Chapter 7 Works
In Florida, Chapter 7 bankruptcy allows you to discharge most unsecured debts, effectively eliminating your responsibility to repay them. While the process may involve liquidating non-exempt assets, Florida’s generous exemptions often shield your most essential belongings.
Why Choose Chapter 7?
Debt Elimination:
Chapter 7 can wipe out most unsecured debts, giving you a fresh financial start.
Asset Protection: Florida’s generous exemptions can help you keep your home, car, and other essential belongings.
Fast Process:
Chapter 7 bankruptcy in Florida typically takes only a few months to complete, allowing you to move forward quickly.
Automatic Stay:
Filing for bankruptcy triggers an automatic stay, preventing creditors from harassing you or taking further collection actions.
Take the First Step Towards Financial Relief
If you’re struggling with debt in Florida, Chapter 7 bankruptcy may be the solution you need. Don’t let financial burdens hold you back any longer. Consult with a qualified Florida bankruptcy attorney to discuss your options and determine if Chapter 7 is the right path for you.
Remember, bankruptcy is not a sign of failure, but a legal tool designed to help you regain control of your finances and start anew. Take the first step towards a brighter financial future today.
Navigating the Path to Chapter 7 Bankruptcy: Requirements and Alternatives
Embarking on the Chapter 7 bankruptcy journey requires meeting specific criteria set forth by the bankruptcy code. These criteria serve as a filter, ensuring that Chapter 7 is the most suitable solution for your financial situation.
Income Limits: The Key Threshold
The primary factor determining eligibility for Chapter 7 is your income. The bankruptcy code employs a means test, comparing your average household income over the previous six months to the median income for a similar-sized household in your state. If your income falls below this median threshold, you generally qualify for Chapter 7.
It’s important to note that these median income figures vary by state and are periodically updated. To ensure accuracy, consult the U.S. Trustee Program website for the most current data relevant to your location.
The Means Test: A Deeper Dive into Finances
Even if your income exceeds the state median, the door to Chapter 7 may still remain open. The means test delves deeper into your financial landscape, analyzing your income, allowable expenses, and debt obligations.
This comprehensive assessment aims to determine whether you have sufficient disposable income to repay a portion of your debts through a Chapter 13 repayment plan. If the means test reveals a surplus of disposable income, Chapter 13 may be deemed a more appropriate avenue.
Who Can File for Chapter 7?
Chapter 7 bankruptcy is primarily designed for individuals seeking relief from overwhelming debt. However, it is also accessible to certain types of businesses and partnerships, although the implications differ slightly.
While individuals can obtain a discharge of their debts through Chapter 7, businesses cannot. Instead, business entities utilize Chapter 7 for liquidation purposes, selling off assets to repay creditors before ceasing operations.
Exploring Alternatives: Chapter 13 Bankruptcy
If you do not meet the eligibility requirements for Chapter 7, do not despair. Chapter 13 bankruptcy presents an alternative pathway to financial recovery.
Chapter 13 involves creating a structured repayment plan that allows you to catch up on missed payments and potentially reduce the total amount owed. This option is particularly valuable for individuals with a steady income and a desire to retain assets, such as homes or vehicles.
Remember, the decision to file for bankruptcy is not to be taken lightly. Contact me for a free consultation. As an experienced bankruptcy attorney, I can provide the crucial knowledge you need to navigate the complexities of the process and choose the most appropriate path for your unique circumstances.
Roadblocks to Chapter 7 Bankruptcy: Factors That May Disqualify You
While Chapter 7 bankruptcy offers a valuable lifeline for many, certain factors can hinder your eligibility and prevent you from obtaining the debt relief you seek. Understanding these potential roadblocks is crucial when considering this path to financial recovery.
Recent Bankruptcy Filings: A Cooling-Off Period
The bankruptcy code imposes limitations on how frequently you can file for bankruptcy protection. If you have received a discharge in a Chapter 7 case within the past eight years, you are generally ineligible to file again. Similarly, if you have received a discharge in a Chapter 13 case within the past six years, you must wait before pursuing another Chapter 7.
These waiting periods are designed to prevent abuse of the system and ensure that bankruptcy remains a tool for genuine hardship situations rather than a recurring financial strategy.
Non-Dischargeable Debts: Certain Obligations Remain
While Chapter 7 can discharge a wide array of unsecured debts, certain types of obligations are exempt from this relief. These non-dischargeable debts include:
- Recent Tax Debt: Unpaid income taxes incurred within a specific timeframe typically cannot be discharged through bankruptcy.
- Child Support and Alimony: These family support obligations are considered top priority and cannot be eliminated through bankruptcy.
- Student Loans: Student loan debt is notoriously difficult to discharge in bankruptcy, requiring a separate legal proceeding to demonstrate undue hardship.
Understanding which debts are non-dischargeable is essential to avoid false expectations and make informed decisions about your financial future.
Fraudulent Behavior: Honesty is Paramount
The bankruptcy process is built upon a foundation of trust and honesty. Engaging in fraudulent activities, such as concealing assets, transferring property before filing, or providing false information to the court, can have severe consequences.
If the court suspects any fraudulent intent or discovers dishonest actions, it can deny your bankruptcy case altogether. This not only leaves you burdened with your existing debts but also jeopardizes your ability to seek bankruptcy protection in the future.
Navigating the Complexities: Seek Professional Guidance
The intricacies of bankruptcy law can be overwhelming, and the consequences of missteps can be significant. To ensure you navigate the process smoothly and avoid potential pitfalls, it’s crucial to consult with an experienced bankruptcy attorney.
As a qualified attorney I can assess your individual circumstances, guide you through the eligibility requirements, and help you explore all available options. Whether it’s Chapter 7, Chapter 13, or another debt relief strategy, as your attorney I can advocate for your best interests and pave the way to a brighter financial future.
Florida Bankruptcy Exemptions: Your Shield for a Fresh Start
Florida stands out with its unique and generous bankruptcy exemptions, designed to protect your assets and provide a genuine opportunity for a fresh financial beginning. However, understanding the specific exemptions available and their nuances is crucial to maximizing your benefits.
Eligibility for Florida’s Exemptions
To qualify for these exemptions, you must meet the residency requirement, meaning you have been a Florida resident for at least two years prior to filing for bankruptcy. If you fall short of this requirement, don’t worry, as you may still be eligible for exemptions from your previous state of residence.
Key Bankruptcy Exemptions: Safeguarding Your Assets
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Unlimited Homestead Exemption:
This is the crown jewel of Florida’s exemptions. It protects your primary residence, including houses, mobile homes, and burial plots, from creditors. There’s no limit on the equity you can shield as long as you’ve owned the property for at least 3.5 years, and it meets specific size restrictions (½ acre in a municipality or 160 acres outside).
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Personal Property Exemption:
A variety of personal belongings are exempt up to $1,000 in value, including furniture, art, electronics, and more. If you don’t utilize the homestead exemption, this “wildcard” exemption increases to a generous $4,000, allowing you to safeguard additional personal assets.
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Additional Personal Property Exemptions:
Florida goes further to protect specific categories of personal property:
- Education savings, health savings, and hurricane savings accounts.
- Prescribed health aids and medical savings accounts.
- Earned Income Credit from your tax refund.
- Funeral costs and certain partnership property.
- Pensions and retirement accounts, often fully exempt.
- Public benefits, alimony, child support, and insurance policies.
- Motor Vehicle Exemption: You can protect up to $1,000 of equity in your primary motor vehicle, or a higher amount if you’re married and filing jointly. This exemption ensures you have reliable transportation after bankruptcy.
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Wage Exemption:
For heads of households, Florida exempts a significant portion of wages, either up to $750 per week or 30 times the federal minimum wage, whichever is greater. This protects your income from creditors and ensures you can meet basic living expenses.
Federal Nonbankruptcy Exemptions: Additional Protections
Certain federal exemptions are recognized in Florida, providing additional layers of protection for specific individuals. These exemptions may apply to military personnel, government employees, or those receiving Social Security benefits, safeguarding retirement benefits, death or disability benefits, and survivor’s benefits.
No Asset Cases and Exemption Optimization
In some cases, your assets may be entirely exempt under Florida law, resulting in a “no asset” case. This means your creditors wouldn’t receive any proceeds from the liquidation of your assets.
To maximize your protection, it’s crucial to consult with an experienced bankruptcy attorney. I can analyze your individual circumstances and tailor a strategy to utilize the exemptions most favorable to you.
Unlocking a Brighter Financial Future
Florida’s robust bankruptcy exemptions are a powerful tool for rebuilding your financial life. By understanding and leveraging these protections, you can discharge debts, safeguard your assets, and create a solid foundation for a fresh start.
Don’t let overwhelming debt dictate your future. Contact me for a free phone consultation. I can guide you through the process, ensuring you make the most of Florida’s unique benefits and achieve the financial freedom you deserve.
Chapter 7 Bankruptcy Attorney Answers FAQs
When faced with filing for bankruptcy, you are bound to have many questions. These are best addressed at your initial consultation, but to get you started, here are some answers to questions I am often asked:
To determine if you are eligible for Chapter 7 bankruptcy protection, your income and debt will be subjected to something called a “means test.” Your average income must be below the state’s median income for your household size, and this amount changes periodically.
Yes, these are called “nondischargeable debts” and may include:
- Child support
- Most student loans
- Certain tax debts
- Debts incurred through fraud or theft
While bankruptcy may not relieve you of every debt, it allows you to discharge medical, credit card, and several other forms of consumer debt, which makes it easier to pay nondischargeable debts that remain.
Chapter 13 is another frequently used type of consumer bankruptcy: This is a repayment plan where your debts are consolidated so you can repay some or all of them affordably over a three- to five-year period. This plan is best for people who don’t qualify for Chapter 7 and who have a steady income, temporary financial problems, and a desire to repay some of the debt in order to keep an asset such as a car or a house.
No. After filing your bankruptcy petition, you will be required to attend a hearing called a First Meeting of Creditors where a bankruptcy trustee asks you questions about your bankruptcy papers and financial situation, and creditors are permitted to do so as well. I will prepare you and accompany you to this meeting. But the good news? This meeting is over the telephone. It is very rare for a client to ever appear in person in court during their case.
Secured debt is debt that is backed by property used as collateral, like a car or a house. Should you default on the loan or debt repayment, creditors can take the collateral instead.
While bankruptcy filing typically involves court and lawyer fees, I will work out an affordable way to manage the cost. Most people are able to afford my fees by no longer making credit card payments they were struggling to manage. In addition, after successfully discharging your debts, you will wind up in a much better position than you were in before filing to start rebuilding your credit.
When you have me on your side, I will be there to answer all your questions as they come up.
What’s Included in Our Chapter 7 Bankruptcy Legal Services
Once you retain me, I will start working for you immediately. I will:
- I meet with you to discuss your debt situation and determine which type of bankruptcy or other debt relief solution may be best for you.
- I examine all your finances and assets to see what exemptions you may qualify for to protect your property and what will happen to property you cannot exempt.
- I file all paperwork promptly and attend all court appearances in accordance with state and federal bankruptcy law.
- I am there for you to answer questions and ensure you meet all requirements (such as credit counseling) so your bankruptcy can be completed and your eligible debts discharged.
Do not delay, as your debt situation can only get worse if not addressed. Take the first step to start working toward a brighter financial future today: (407) 749-0080
Everyone’s’ financial situation is different, but I will work with you by looking at your income, your debts, and your goals to make sure you know all your options and determine whether Chapter 7 or some other debt-relief solution is best for you.
Call me today to get started on the right path to a brighter future.
Attorney Lewis Roberts
The weight of debts that one cannot pay carries financial stress into every waking moment. It is time for this to end. Lewis Roberts, PA, offers solutions to relieve these worries. With over 20 years of experience in helping individuals overcome the burden of debt, bankruptcy attorney Lewis Roberts presents a range of options tailored to each unique situation. Clients can trust his advice on any matter related to debts, as he identifies appropriate options and explains the paths to debt relief clearly and carefully. This ensures that clients make the best decisions for their future. [ Attorney Bio ]
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Lewis Roberts, PA
999 Douglas Ave #2214
Altamonte Springs, FL 32714