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Orlando Bankruptcy Attorney

If you have incurred a significant amount of debt and can no longer manage it, bankruptcy could be the solution to give you a fresh financial start. Creditors are prohibited from calling you or contacting you in any manner as soon as you file any type of bankruptcy. They also cannot contact you until your case is officially closed. You have the right to legal representation when going through any type of bankruptcy, so it is important to speak to an Orlando bankruptcy attorney first.

Understanding Chapter 7 Bankruptcy

Also known as a liquidation bankruptcy, Chapter 7 will discharge, or eliminate, most or all of your debt. It is known as liquidation because during the process, some of a borrower’s property may be sold so the proceeds can be directed to the creditors to help cover a portion of the debt. Still, the law in Florida outlines many different exemptions that can protect the property of borrowers. Exemptions can protect pensions, prepaid college tuition accounts, and the equity in one’s home. It is not uncommon for people to file ‘no-asset’ cases and keep all of their property.

The means test is one of the eligibility requirements for Chapter 7. The means test was part of bankruptcy reform introduced in 2005 and it is meant to prohibit people from filing Chapter 7 when they are able to repay their debt. The means test will compare your median income with the state’s average to determine if you are eligible. If you do not qualify for Chapter 7, you will have to file another type of bankruptcy.

Understanding Chapter 13 Bankruptcy

Also known as a wage-earner’s bankruptcy, a Chapter 13 will not discharge your debt but rather, it will restructure it into a repayment plan. The repayment plan will span anywhere between three and five years. You draft the repayment plan during the Chapter 13 process and you must submit it to the court within 14 days of filing. If a judge approves the plan, your creditors are forced to accept the terms. The judge may also ask you to make changes to the plan and resubmit it. To be eligible for Chapter 13, you must have a regular source of income.

Understanding Chapter 11 Bankruptcy

Chapter 11 bankruptcy is usually filed by businesses, although there are rare times when individuals file, as well. Chapter 11 involves creating a repayment plan like in Chapter 13 but there are no time limits on these plans. Chapter 11 bankruptcy allows businesses to continue operating while the case is ongoing. For this reason, small businesses that do not have sufficient revenue may have to explore other options, such as Chapter 7. Creditors can also force businesses to file Chapter 11.

Our Bankruptcy Attorney in Orlando Can Help Determine the Right Solution for You

At Ronald Cutler, our Orlando bankruptcy attorney can help you determine what type of bankruptcy is right for you and guide you through the process to obtain the most favorable outcome. Call or text us now at 386-490-9949 or contact us online to schedule a free consultation.

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