Important Questions To Ask Any Orlando Bankruptcy Lawyer
If you are struggling with unmanageable debt and are considering bankruptcy as a solution, you are likely already feeling a great amount of stress. Bankruptcy can provide you with a new financial start, but the process is a legal one and it can become quite complex. An Orlando bankruptcy lawyer can relieve you of a lot of that stress while also guiding you throughout the entire process. Not all bankruptcy lawyers are created equally, though. To ensure you work with the best one for your case, ask the important questions below.
Do You Have Experience Handling Bankruptcy Cases?
The bankruptcy process can become quite complicated and there are many state and federal laws that will govern your case. It is crucial that you work with a lawyer who has the experience necessary to advise you of what those laws are and how they will impact you. Always make sure your lawyer has handled many different types of bankruptcy cases in the past.
What Type of Bankruptcy is Right for Me?
There are many different types of bankruptcy and they all have their own eligibility requirements, benefits, and drawbacks. For example, if you want to discharge your debt so you are no longer liable for it, you should ask if you qualify for Chapter 7. If you you have more assets than can be protected in a chapter 7, you make too much money to qualify for a chapter 7, or there are other issues which does not make you a candidate for a chapter 7, you should ask your lawyer if Chapter 13 is a better option. If you have a very high amount of debt or your business needs to file bankruptcy, Chapter 11 may be the right option for you.
Will My Debts Be Discharged?
If you are filing bankruptcy, you are likely doing so to discharge your debt, or make it more manageable to repay in the future. Whether or not your debt will be discharged is a complicated question. Even when filing Chapter 13, which only restructures your debt, you may still be able to discharge some of your debt. On the other hand, if you file Chapter 7 bankruptcy, you may be able to discharge most of your debt but not all of it. For example, child support and most tax debt is not dischargeable in a Chapter 7 bankruptcy.
Do I Have Any Exempt Property?
During the bankruptcy process, some of your property may be sold by the bankruptcy trustee so the proceeds can be distributed among your creditors. Florida has some of the most generous bankruptcy exemptions in the country, and these can protect your property from being sold. Your lawyer should be able to advise you about the property you own that is exempt, and make sure you utilize the exemptions fully.
Our Experienced Bankruptcy Lawyer in Orlando Provides Sound Legal Advice
At Anderson & Ferrin, P.A., our Orlando bankruptcy lawyer can review all the facts of your case and develop a customized strategy that will give you the best chance of a successful outcome. Call us now at 407-412-7041 or contact us online to schedule a free consultation and to learn more about how we can help.
Sources:
uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics
law.cornell.edu/uscode/text/11/chapter-7
