A personal bankruptcy is the legal process in which an individual or family may seek to dissolve or restructure your debt in an effort to gain a fresh start in repairing your credit over the specific period of time.
There are essentially two main types of personal bankruptcies:
Chapter 7 Bankruptcy: If successful, a chapter 7 bankruptcy is designed to wipe out your debts, allowing you to get a “Fresh Financial Start”. Typically an individual who files for a chapter 7 bankruptcy has a large credit card debt which may include multiple credit cards, various unsecured bills with may be associated with various assets which the payment status may or may not be delinquent.
Chapter 13 Bankruptcy: If successful, a chapter 13 bankruptcy is designed to restructure of the debt in a manner which is considered manageable to repay the dept. Those who are more likely to file for a chapter 13 bankruptcy are individuals who seek to hold on to possessions such as a home, multiple vehicles, or other property or assets.
Compared to just 10 years ago, the negative stigma of a personal bankruptcy does not carry the same sting as it used to. Today, a bankruptcy is often seen as a way to get a fresh start by actually repairing your credit over a period of time.
As an experienced Orlando Bankruptcy Attorney – Lawyer, we will always work diligently to protect your legal rights and options regarding Bankruptcy Law issues or disputes in Orlando, Cocoa, Kissimmee, Orange County, Osceola, Seminole and Brevard Counties, and the surrounding Central Florida area. Learn more about your rights by scheduling a free initial consultation with an experienced Bankruptcy Attorney at The Davies Law Firm, LLC. Call my office at 407.540.1010 or send an e-mail.
A judgment by a credit card company can actually be worse for your credit than filing bankruptcy. Many of those who have filed a successful bankruptcy have reported repairing their credit in less than 3 years.
Contrary to popular belief, in a bankruptcy, you may be able to keep your car, home, or other goods.
Once you have filed for bankruptcy, any pending lawsuits against you by creditors will be halted immediately. This also stops the harassing and threatening phone calls which creditors and collection agencies often rain down upon you. After you have filed for a bankruptcy, creditors and collection agencies can no longer attempt to contact you, or they may face penalties themselves.
Bankruptcy Will Relieve the Pressure
The stress of creditor harassment or looming foreclosure that may accompany financial issues often has a negative impact on other areas of your life including relationships with your loved ones. Reducing that stress is the first step to moving on with your life. Filing for bankruptcy immediately stops creditor harassment and stays wage garnishment, lawsuits and foreclosure proceedings.
To learn more about how filing for Chapter 7 or a Chapter 13 bankruptcy will affect your life and your finances, call an experienced lawyer. Come in for a free consultation with bankruptcy attorney Kathleen Davies. Contact The Davies Law Firm, LLC at 407.540.1010 to schedule an appointment. about your situation.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code *