Naples Bankruptcy Attorney
Bankruptcy is a great way to eliminate or reorganize your debt so that you can obtain a fresh financial start. However, there are many steps in the process and while many cases are fairly routine, they always have the potential to become complex. To ensure this does not happen, it is critical to work with our Naples bankruptcy attorney who can help you navigate the process.
Determine the Type of Bankruptcy You Want to File
There are many different types of bankruptcy and they all have their own set of laws and rules. A Chapter 7 bankruptcy will discharge all or most of your debt, so you are no longer legally obligated to repay it. A Chapter 13 bankruptcy will reorganize your debt into a repayment plan, making it a good option for those who do not qualify for Chapter 7. Chapter 11 bankruptcy is mainly used by businesses and corporations, although individuals with high levels of debt can also file.
File the Petition
Every bankruptcy case begins when you file the petition with the court. The petition is essentially asking the court to discharge your debt or approve your repayment plan. You may also have to file additional documents such as a Statement of Financial Affairs and sometimes, a Statement of Intention.
Attend the Meeting of Creditors
Shortly after you file your bankruptcy petition, a meeting of creditors will be held. You are required to attend that meeting and it is advised that you bring a Naples bankruptcy attorney with you. The bankruptcy trustee assigned to your case, as well as your creditors, can also attend the meeting to ask questions about your financial situation.
Determine the Exemptions that Apply
If you are filing Chapter 7, also known as liquidation bankruptcy, the trustee will place non-exempt property into the bankruptcy estate. That property is then sold and the proceeds will be distributed among your creditors. It is critical to speak to a attorney before this point so you understand the exemptions that apply to your case and that can protect your assets.
Deciding to Reaffirm Debt
At any point in the bankruptcy process, a creditor may ask you to reaffirm the debt. This means you will enter into a legal agreement to repay the debt, even if it is possible to discharge it during bankruptcy. You should always speak to a Naples bankruptcy attorney before making such an agreement.
Creating the Repayment Plan
If you file Chapter 13 bankruptcy, you will have to submit a repayment plan to the court within 14 days of filing. A confirmation hearing will be held where a judge will either approve the plan or ask you to make modifications to it. Chapter 13 repayment plans must be fair to you and your creditors, as well as feasible.
Speak to Our Bankruptcy Attorney in Naples Today
If you are considering bankruptcy, it is important to seek legal advice first. At Ronald Cutler, our Naples bankruptcy attorney can help you determine which type is right for you and guide you through the process so your debt becomes easier to manage. Call us now at 386-490-9949 or contact us online to schedule a free consultation.
