When the move for bankruptcy is used correctly, it can be positive and helpful like many other debt relief strategies. Our Orlando Bankruptcy Attorneys can get individuals and families heading toward financial freedom and stability; the main goal. To reach this goal, we realize that every situation has its own distinct characteristics that play into a workable solution for debt relief.
With a Chapter 7 or Chapter 13 bankruptcy filing, it is possible to discharge the entirety of your unsecured debts or put together an efficient, manageable payment plan that will guide you toward the dissolution of your debt. We can also help you preserve or build your credit and prepare you to make careful, informed decisions going forward.
Once a petition for bankruptcy is filed, creditors are not allowed to continue trying to collect. This is called an automatic stay. A trustee is also assigned to a bankruptcy case and is trusted with administering the bankruptcy.
Chapter 7 Bankruptcy
- Is a “clean slate” filing.
- It allows an elimination of unsecured debt.
- It can end creditor harassment.
- It can possibly put assets into jeopardy.
- Some Student loans and federal tax debts can be dissolved as well.
Changes in Bankruptcy Law
Beginning in 2005, a means test is given to determine eligibility. The Mascia Law Firm conducts the means test to help you determine if a Chapter 7 filing is right for you. Even if you do not qualify, we can guide you to qualifying or explore other alternative plans.
Your circumstances are just as unique as you are, and we want to help you with your particular financial needs.
Chapter 13 Bankruptcy
- Is a repayment plan that typically goes for 36 to 60 months.
- It allows for negotiations with creditors to establish affordable incremental payments.
- A payment plan makes you able to keep you home, car, and other assets.
- After three to five years of this type of plan, remaining debt will be eliminated.
- Chapter 13 may be a better alternative to Chapter 7 if you do not meet the means test.
- Will stop foreclosure and creditor harassment.
- The complexity of a Chapter 13 bankruptcy makes it an undertaking you should not start on your own if you are considering bankruptcy as a debt relief option. It is safer to get an attorney’s expert opinion first.
- When you set up counsel with one of our attorneys, you can refer creditor calls to us.