Bankruptcy Lawyer in Orlando, FL
Dealing with financial troubles is a stressful situation for anyone to be in. When you are in over your head, turn to someone you can trust by working with J. Craig Bourne Attorney at Law. At our firm, our bankruptcy lawyer in Orlando, FL, is here to help you understand each of your options. With our information regarding bankruptcy protection, you will make the right choice for every situation. Schedule a consultation with us today to take back control of your life.
The Bankruptcy Protection Information You Need
If you are considering filing for bankruptcy, it is important to speak with a bankruptcy law firm to filter what is true from what is false. Our bankruptcy attorneys’ fees are supervised and regulated by the courts, and they are available to clients for a reasonable rate.
Chapter 7 Bankruptcy
Chapter 7 is what most people picture when they think of bankruptcy. If you are no longer able to afford payments on your credit cards or you are being sued, it may be time for a fresh start. Chapter 7 bankruptcy takes about 4 months to complete, and most clients are able to achieve a credit score of more than 700 within 2 years of the case.
To qualify for Chapter 7 bankruptcy, you must demonstrate the following:
- Your income is less than the median income for a household of similar size in Florida.
- If your income is higher than the median income, you have fixed expenses (for items such as mortgages, alimony, child support or health care) which leave you with less than $167/month in disposable income even without paying minimum payments on unsecured debt.
- Your debts are primarily related to failed business ventures or bad investments.
Under Chapter 7, a trustee is appointed to determine whether you have any assets which exceed the limits of what you are allowed to exempt (keep) under Florida law. Our bankruptcy lawyer is available to speak with you about which of your assets qualify.
Chapter 13 Bankruptcy
Under this “readjustment” bankruptcy, clients will receive different remedies than they do under Chapter 7. Chapter 13 allows you 36 to 60 months to use your disposable income to catch up on secured debts that have become delinquent, to pay what you can afford to your debts, and to restructure secured loans on vehicles and other assets.
At our bankruptcy law firm, we find many clients file Chapter 13 bankruptcy to restructure a high-interest car loan. If you have owned a vehicle for more than 910 days, the Court can reduce the balance of the loan to the current NADA value of the car, and reduce the high-interest rate to a more reasonable 5.5% APR.
For many clients, a Chapter 13 is a better fit. If you earn too much income to qualify for Chapter 7, or if you have too many non-exempt assets, a Chapter 13 will allow you to keep your assets as long as unsecured creditors are receiving interest-free payments that total at least $1 more than the value of the assets.
Mortgage Modification Mediation
Filing for bankruptcy does not have to ruin your life. Our bankruptcy lawyer also offers services to help those negotiate a better deal. Our local bankruptcy judges and trustees have established a highly effective Mortgage Modification Mediation Program. We are happy to work with you to determine if you qualify for this program.
Debt Settlement Services
While the thought of a fresh start may seem tempting, in some cases it is easier to reach a settlement with your credits. Our bankruptcy lawyer has extensive experience settling debts in a variety of situations. We are available to speak with you about these debt negotiation services to find a solution you are comfortable with.
Contact us in Orlando, Florida, to schedule a consultation with our bankruptcy lawyer today. We provide bankruptcy protection and other services for those facing difficult situations throughout the area.