Helpful Legal Advice from a Stuart Bankruptcy Attorney
The caring team of bankruptcy lawyers at Crary Buchanan is committed to helping you find the best solution for your financial situation. A Stuart attorney from our firm will walk you through all of your legal options and provide you with the necessary information so that you can make an educated decision about your future. We have provided basic information on bankruptcy and the bankruptcy process, and we are available to discuss your situation in detail at any time.
What is bankruptcy?
Bankruptcy is a process in which businesses or consumers can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. This is a consumer protection law that is different from most laws because it provides forgiveness rather than punishment. Bankruptcy is a powerful tool for dealing with out-of-control debt and yet it must be used correctly to be effective. Our bankruptcy lawyers stay up-to-date with current bankruptcy laws, and they can explain all of the advantages and disadvantages of filing bankruptcy.
Do I qualify for bankruptcy?
The majority of individuals who have limited resources to pay off overwhelming debt will qualify for some form of bankruptcy. In order to determine if you qualify for bankruptcy, you must first determine which type of bankruptcy you want to file for. A Chapter 7 filing requires a means test to determine if your income level and the value of your assets will qualify. With a Chapter 13 filing, you must have a steady income that can support a repayment plan.
What types of bankruptcy are available to individuals?
There are three types of bankruptcy available to individual debtors in the state of Florida. Chapter 7 bankruptcy, also known as liquidation, will discharge all of your debt after you have given the court all of your non-exempt assets for sale or liquidation. Chapter 12 bankruptcy allows farmers or fisherman in Florida to create a three-to-five year repayment plan that will pay back the majority of their debt while allowing them to continue with their business activities. Under a Chapter 13 bankruptcy, you are allowed to keep all of your assets while you pay back debt during a three-to-five year plan.
Can I file for bankruptcy on my own?
Yes you can, but you are undertaking serious risks by doing so. Without a full understanding of bankruptcy law and the way it plays out in court, you may file the wrong type of bankruptcy or leave out pertinent information that could jeopardize your claim.
Will I lose my personal property if I file bankruptcy?
An attorney from our firm can explain the federal, state and local exemptions that may allow you to keep a certain amount of personal property when you file for bankruptcy. These exemptions differ state to state.
How long will bankruptcy remain on my credit report?
A bankruptcy can stay on your credit report for ten years.
To get more of your questions answered, please contact Crary Buchanan today!