Posts tagged with "chapter 7 lawyer orlando fl"

Disadvantages of Florida Chapter 7 Filing

chapter 7 lawyer orlando flIn a previous blog post, we discussed the advantages of a Florida Chapter 7 bankruptcy in the event of a financial crisis. Although there are many positives to filing for bankruptcy if you are dealing with financial troubles, we encourage you to seek professional legal guidance from our Chapter 7 lawyer in Orlando, FL. The Law Offices of J. Craig Bourne can help you navigate through your financial issues and help you make the right choice for your situation. Below we discuss the disadvantages of Florida Chapter 7 filing.

Cons

  • If you have non-exempt property or you wish to keep your secured assets, such as your home, Chapter 7 bankruptcy is not for you. Your non-exempt property would be sold by the trustee. Additionally, if your secured assets are not covered entirely by your Florida bankruptcy exemptions, you would not be able to file for Chapter 7.
  • For individuals who are facing foreclosure on their home, Chapter 7 filing would only be a temporary solution to your problem.
  • Co-signors must file for bankruptcy protection if they want to eliminate the option of being stuck with your debt.
  • Once you file for Chapter 7 bankruptcy and become discharged of your debt, you must wait a minimum of eight years before you can file again.

If you are interested in learning more about our Chapter 7 bankruptcy services, contact us today at (407) 894-6750.

Advantages of Florida Chapter 7 Filing

chapter 7 lawyer orlando flOur Chapter 7 lawyer in Orlando, FL, believes financial troubles should not be managed alone. The Law Offices of J. Craig Bourne is here to be a trusted source for legal options during your time of financial stress. Our law firm understands your needs in regards to bankruptcy protection and strives to provide the correct choice that best fits your needs. Chapter 7 bankruptcies are a common choice for many who no longer can afford payments on credits cards or are being sued. Below we discuss the advantages of a Florida Chapter 7 filing.

Pros

  • You will have a fresh start to your financial life. Once the bankruptcy is cleared, you will only be responsible for paying secured assets, which is upon signing a “Reaffirmation Agreement.”
  • On the date of filing, you secure protection against creditor’s collection efforts and wage garnishments.
  • The new wages and property you earn after the stated bankruptcy file date is completely yours. You do not owe the creditors or bankruptcy court unless you have an inheritance.
  • To file for a Florida Chapter 7 bankruptcy, you do not have to have a minimum debt.
  • These cases are often considered short in length and last only three to six months.

If you are interested in learning more about our Chapter 7 bankruptcy services, contact us today at (407) 894-6750.