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Orlando Bankruptcy Lawyer

Florida Bankruptcy Court Lawyers

At Anderson & Ferrin Attorneys at Law, P.A our Orlando bankruptcy lawyers provide Florida residents with cost-effective representation in matters related to chapter 7, chapter 13, debt restructuring, repossessions, foreclosures, judgments and tax debts. We give clients our personal attention and seek timely resolutions for our clients’ legal problems.

Chapter 7

We help clients who are unable to pay off their debts file for a Chapter 7 bankruptcy. This section of the Bankruptcy Code is best suited for clients with few assets and unsecured debts. A Chapter 7 bankruptcy is ideal for clients who wish to have a fresh start in life.

Chapter 13

We provide clients with legal assistance and advice regarding reorganization bankruptcy. A Chapter 13 bankruptcy is ideal for clients who are facing foreclosure and repossession. It is also useful for those who have incurred short-term debts, which they can eventually pay off in time. We assist clients in filing for a Chapter 13 bankruptcy and creating a repayment plan that will best suit their needs.

Warning Signs of Financial Crisis

  • Every month you are having to use your credit cards to pay for necessities like food, gas, mortgage, rent, and utilities
  • You have spent all of your savings and an in some cases your retirement accounts to stay afloat
  • You have been forced to repeatedly borrow from friends and family to catch up on your debt but never seem to get ahead.
  • Your creditors are contacting you at all ours of the day harassing you as to when you will be able to make your next payment.
  • Your credit cards have increased their interest rates to astronomical amounts sometimes as high as 29%
  • You get your mail and all your see are court documents from law suits and bills you cant afford to pay
  • Your home is about to be foreclosed on
  • Your vehicle is about to be repossessed

Foreclosure

Can you afford it? If you are behind on your payments, you and your lawyer will discuss whether you should keep your home. Even if you are current on your house, you should still have this discussion. There are many people who owe more on their homes right now than they are worth. This is your opportunity to decide which past financial decisions are ones you should stick with. It is also your chance to walk away from the bad deals and just keep the good ones.

Lawsuits

Chapter 7 and Chapter 13 are the typical bankruptcies for the consumer debtor.[1] The types of debts discharged vary, depending on the type of bankruptcy filed.

If you are being sued by creditors and collectors, filing bankruptcy may put a stop or completely end the lawsuit. When a bankruptcy is filed, an automatic stay is automatic put into effect preventing creditors and collectors from proceeding with lawsuits to collect debts, garnishments, or repossessions.

The bankruptcy’s automatic stay is much like a restraining order by the court that stops creditors from attempting to collect debt. Phone calls and visits would be halted and garnishments stopped. The automatic stay is usually in effect through the bankruptcy process until you receive your discharge of your debts at the end of the case.

Short Sales

These days we hear a lot about short sales. They occur when the mortgage amount is greater than the current value of the property. To accomplish a short sale, the lender must agree to permit the sale at an amount less than the outstanding mortgage amount. So, it’s “short.” Say you owe $200,000 on a piece of property that will only sell for $80,000 in today’s market.

Mortgage Modification

For many seeking mortgage modifications, they have been, let’s say . . . disappointing. Applications lost, resubmitted, lost again. Lucky to receive a temporary modification, even fewer received permanent modifications. State court mediations have not been too successful, either.

Bankruptcy FAQs

Do I need to be behind on my debts in order to file bankruptcy?

NO. You can be current or behind and still be able to file bankruptcy. There is no requirement to be behind on your debts in order to be able to file for bankruptcy.

If I file for bankruptcy will my credit be ruined for the rest of my life?

NO. Once your bankruptcy is complete your credit will begin to recuperate. Most individuals are able to buy cars at normal interest rates shortly after their cases close.

Can I go to jail for not paying my debts?

NO. You cannot go to jail or prison for not paying your debts. What can happen is your creditors can sue you and once they receive a judgment they can garnish your wages, freeze accounts, place liens on your property, and seize assets.

A friend of mine told me that prior to filing bankruptcy I should transfer my stuff into someone else’s name to protect my stuff. Should I do that?

NO. you should not transfer property to anyone prior to bankruptcy for the sole purpose of “protecting” assets and keeping them from your creditors. When you file for bankruptcy, the law provides you certain exemptions or protections that allow you to keep certain amounts of assets. Most individuals that file are able to keep the majority of their possessions while still discharging their debt. These exemptions are different for every state and vary in amount depending on how many people are filing and whether or not you wish to keep any real property.

Can I keep my house in a bankruptcy?

The majority of the time individuals are able to keep their primary residence while still discharging the rest of their debts. It all depends on how long you have lived in Florida, when the home was purchased, and what your home is worth. Every case is different and I would suggest setting an appointment for a free consultation to discuss your specific options.

If my homestead is paid in full will I lose it if I file bankruptcy?

In most cases your homestead property is protected in bankruptcy. Again, you should set an appointment to see how your particular home will be affected by filing a bankruptcy.

Interesting Facts

  • The credit card industry makes over $30 billion in profits each year.
  • Over 80% of divorces are caused by money problems.
  • The average American carries 11 credit cards in his or her wallet.
  • The average credit card balance is $8,000.
  • Credit card issuers can increase your interest rate anytime, for any reason.
  • Almost 50% of credit card issuers use “universal default”. This occurs when you are late with a payment, your creditor increases your interest rate to it’s “default” rate, and your other credit cards do the same because you are now a “credit risk”.
  • People who pay their credit card balances in full every month are considered “deadbeats” by the credit card industry, as they provide very little profit.
  • There are over 1 billion credit cards in circulation today.
  • Americans have increased their credit card debt by more than $600 billion in the past 25 years.
  • Few Americans have saved for retirement; their resources are swallowed up by credit card payments.
  • In 2006 the Commerce Department reported that each month Americans spend 1% more than they earn.

Contact Our Orlando Bankruptcy Lawyers Today

Filing for bankruptcy is a powerful tool that can help provide relief from many types of lawsuits. Chapter 7 and Chapter 13 Bankruptcy provide different kinds of relief from debt. Which case you need to file depends on your specific situation and goals.

If you or someone you know is facing a lawsuit, garnishment, or repossession call us now to speak directly with an attorney and set up a free consultation.

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