Florida Bankruptcy Attorney
The Bankruptcy Process
We understand that filing for bankruptcy can be a very confusing and intimidating process. That is why we work so hard to make the bankruptcy process in Florida as easy as possible for our clients. When you hire Florida Law Advisers, P.A., you get experienced Florida bankruptcy attorneys by your side throughout every phase of the bankruptcy process. We will help you ensure your rights are protected, keep you well-informed every step of the way, and help you receive the utmost protection bankruptcy can offer. If you need a bankruptcy attorney in Orlando, you can visit our office to get more information.
Step 1: Initial Consultation With a Bankruptcy Attorney
The initial consultation is a two-way exchange of information between you and an experienced bankruptcy lawyer at our law firm. You have the opportunity to explain your current situation to us and discuss what you hope to gain by filing for bankruptcy. In return, we will explain how the bankruptcy process works in Florida and propose comprehensive, personalized solutions to solve your financial troubles. We will fully explain each possible legal option available to you, including the advantages and drawbacks that may occur with each proposed course of action. At the end of the consultation, you should have a firm understanding of all of your options and be confident in deciding which course of action is best for your needs. Whether you decide to file for Chapter 7, 13, 11, pursue negotiations with your creditors, or do nothing and weather the storm, you will never be charged for the initial consultation and everything you discussed with us will remain confidential.
Step 2: Credit Counseling
Current bankruptcy law requires debtors to complete two credit counseling sessions, one before filing for bankruptcy and another session after submitting the petition for bankruptcy. The credit counseling sessions are conducted by nonprofit credit counseling agencies that have been approved by the U.S. bankruptcy trustee. Florida Law Advisers, P.A., will provide you with a list of approved counselors in your area for each counseling session. The credit counseling should last for about an hour and can be done either in person, over the phone or online. A bankruptcy attorney at our firm will guide you through the credit counseling process and be available to answer all your questions.
Step 3: Filing the Bankruptcy Petition
After we have completed all the necessary documents, petitions, and schedules we file them with the bankruptcy court. Our Florida bankruptcy attorneys will expedite the process by electronically filing the documents with the bankruptcy court. Your bankruptcy officially begins as soon as the petition is electronically filed and you are assigned a case number by the court. At this point, the court will implement an automatic stay. The automatic stay requires all collection actions against you to stop immediately. Creditors and collection agencies will not be able to contact you, garnish your wages, or repossess your property while the automatic stay is in effect. The automatic stay will even put a stop to a scheduled foreclosure sale of your home. In most cases, the automatic stay will remain in effect until your bankruptcy case is discharged.
Step 4: Meeting With Creditors
Within 10 days of filing for bankruptcy you should receive a notice setting the date for the meeting of creditors. It is called meeting of creditors; however, in most cases the creditors will not attend and the trustee will be the only party asking questions. At the meeting you will answer questions under oath regarding your income, expenses, assets, and debts. It is usually a very short meeting, lasting only about 5 minutes. The bankruptcy trustee will be in charge of the meeting, and the bankruptcy judge assigned to your case will not be permitted to attend. You do have the right to have an attorney at your side during the meeting and you should take full advantage of this right to ensure you are not asked any improper questions.
Step 5: The Discharge of Debt
The discharge of debt releases the debtor from all personal liability to the debt. The discharge is a permanent court order prohibiting creditors from taking any collection action on debts that have been discharged in the bankruptcy. For those filing under Chapter 7, the discharge is usually granted 60 days after the meeting of creditors has taken place. For those filing under Chapter 13, the discharge is typically granted after all payments under the Chapter 13 plan have been submitted to the trustee.
Step 6: Emerging From Bankruptcy
We know that the Florida bankruptcy process can be very intimidating. Fortunately, you do not have to go through these steps alone. Our team of skilled and experienced bankruptcy attorneys will be by your side every step of the way. Florida Law Advisers, P.A., is dedicated to providing effective representation, individual attention, and affordable fees to our bankruptcy clients. All of our initial consultations are free and convenient payment plans are always available. Florida Law Advisers, P.A., is a customer-service oriented firm with a strong reputation for providing personalized attention and dedicated legal counsel. Regardless if you need help with Chapter 13, Chapter 7, or other debt relief, our professional legal team will provide you with competent legal advice you can trust.
Preparing For Bankruptcy in Florida
If you are considering filing for bankruptcy, you should consult a Florida bankruptcy lawyer as soon as possible to learn how to start preparing. Without competent legal advice, you may be unaware of bankruptcy laws that prohibit you from making specified purchases or payments to creditors prior to filing for bankruptcy. Certain payments to creditors or purchases of goods and services prior to filing for bankruptcy can allow a court to deny your right to discharge a debt. If a debt is not discharged in bankruptcy, you will remain personally liable for the debt and the creditor can proceed with collection actions against you.
If you need a bankruptcy attorney in Orlando, you can visit our office to get more information.
Florida Law Advisers, P.A., is dedicated to helping our clients have a successful, responsible bankruptcy and obtain a fresh financial start. In order to get the most out of your bankruptcy, it is important that you contact us to speak with a bankruptcy attorney as soon as possible. By getting help early in the process, we can provide a comprehensive plan for your bankruptcy and help you avoid unwanted consequences.
Under U.S. bankruptcy law, a person filing for bankruptcy may not act with the intent to hinder, delay, or defraud a creditor. In addition, bankruptcy law prohibits petitioners from transferring, removing, or concealing property from the bankruptcy court. If the court finds that this type of evasion was intentional on your part based on your actions, you may be denied a discharge or even have your bankruptcy petition denied in its entirety.
Examples of this include:
- Transferring property to friends or family in an attempt to prevent a house, car, or other asset from being liquidated by the bankruptcy trustee
- Purchasing luxury items within 90 days of filing for bankruptcy
- Paying debts owed to friends and family in preference of money owed to other creditors
- Withholding financial records from the bankruptcy court
Life After Bankruptcy in Florida
A bankruptcy may stay on your credit report for up to 10 years; however, this does not mean you have to wait 10 years to get a new credit card or buy a new home. With the help of a bankruptcy lawyer at our firm, you can start to quickly rebuild your credit and put the bankruptcy behind you. At Florida Law Advisers, P.A., we provide a comprehensive strategy to help our Florida clients rebuild their credit after declaring bankruptcy and keep their lives on track. A bankruptcy attorney at our firm will develop a customized credit restoration plan based on your specific needs. When developing a plan for you, we consider all of the circumstances of your case, including your short-term and long-term credit objectives to create a plan that is right for you.
If you need a bankruptcy attorney in Orlando, you can visit our office to get more information.
Creating a Savings Account
Most credit cards are unsecured loans, meaning there is no collateral the lender can repossess if you fail to pay. Lenders typically have tougher qualifications and charge higher interest rates for loans without collateral. If you are not able to obtain an unsecured credit card, you should start a savings account at a credit union and make regular deposits. Even depositing $10 a month will begin to build up your savings account. Then, after a few deposits, you may be able to get new credit using the savings account as collateral.
Obtaining New Credit
Credit bureaus like to see that lenders are extending you credit and that you are able to pay them back on time. In most cases, the more credit you have that is being paid back on time, the higher your credit score will be.
Realistically, you may not qualify for large amounts of credit immediately after filing for bankruptcy. However, this should not prevent you from seeking small amounts of credit. For instance, new credit cards with a balance of only $300 can help improve your credit score. While many credit card companies will be skeptical about extending credit so soon after bankruptcy, some retailers may be more willing. Retailers (such as gas stations, for example) will often have less restrictions for new applicants in comparison to the banks.
Credit Monitoring
We will get a copy from each of the three credit bureaus (Experian, Transunion, and Equifax) to ensure that all of the debts you discharged in bankruptcy are correctly reported. You can get a head start in rebuilding your credit by ensuring your credit report is accurate and updated immediately after declaring bankruptcy. In addition, we can help you send written explanations to the credit bureaus explaining why you filed for bankruptcy as well as informing them of the result of your case. This strategy may help limit the immediate effect that filing for bankruptcy can have on your credit.
Famous People Filing for Bankruptcy
You should not feel alone or embarrassed if you file for bankruptcy. Over 1,000 new bankruptcy cases are filed each week in our area. Bankruptcy provides a great opportunity for a new financial beginning. In fact, many well-known public figures have filed for bankruptcy and moved on to accomplish great things.
If you need a bankruptcy attorney in Orlando, you can visit our office to get more information.
For instance, the following famous people have filed for bankruptcy:
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Frequently Asked Questions
Yes, filing bankruptcy does not prevent you from obtaining a new home mortgage. However, the government mortgage programs such as VA, FHA, and Fannie Mae have a 24-month waiting period for eligibility after bankruptcy. Other mortgage programs may have a shorter or longer waiting period, depending on their specific guidelines.
New credit cards with a balance of only $300 can help improve your credit score after bankruptcy. While some banks may be skeptical about extending credit so soon after bankruptcy, some retailers may be more willing to do so. Retailers (such as gas stations, for example) will often have less restrictions for new applicants in comparison to the big banks.
Bankruptcy is designed to give borrowers a fresh start and provides the opportunity to discharge bills, collection accounts, and judgments. When the debts are discharged and removed from your report, the credit score should increase. Many borrowers will see a substantial increase in their credit score within just a few months after bankruptcy.
Yes, many car loan lenders will have no restrictions or waiting periods after bankruptcy. There are many car loan lenders who will provide financing for a new car the same day your bankruptcy is completed.
Consult a Bankruptcy Attorney in Florida
If you are having a difficult time meeting your financial obligations Florida Law Advisers, P.A., may be able to help. Our Florida bankruptcy attorneys have years of experience helping people just like you solve their financial problems and obtain a fresh start. We dedicate all of our experience and skills in the courtroom to help achieve the results our clients need and deserve. When you hire Florida Law Advisers, P.A., you don’t just get legal advice, you get experienced attorneys by your side every step of the way.
Our bankruptcy attorneys know there will be challenges to regaining a high credit score. That is why we always provide our clients with reasonable expectations. If you are considering filing for bankruptcy or need help restoring your credit due to bankruptcy, do not hesitate to contact Florida Law Advisers, P.A., for help. A bankruptcy lawyer at our law firm will be glad to answer your questions, discuss all of the possible options with you, and help you regain your financial strength. Our initial consultation is free, and we offer flexible, low-cost payment options for all of our clients. Our Florida attorneys will help you keep your life on track after filing for bankruptcy.
Florida Law Advisers, P.A., is a customer-service-oriented firm with a strong reputation for providing personalized attention and dedicated legal counsel. Regardless if you need help with Chapter 13, Chapter 7, or other debt relief, our professional legal team will provide you with competent legal advice you can trust. For questions about bankruptcy law or to schedule a free consultation with a bankruptcy lawyer call, email do a live chat, or fill out a contact form through our website today!
