Alico FL Bankruptcy Attorney
When unexpected problems arise in life, debt can quickly spiral out of control. Whether you’re facing a serious accident, a job loss, or a divorce, you may find yourself weighed down by crushing debt. And the more your bills pile up, the harder it may seem to regain control of your finances. But you do have some options. Filing for bankruptcy can help. To learn more, speak with an experienced Alico FL bankruptcy attorney today.
We Can Help You Regain Control of Your Finances
At Ryan J. Really, Attorney at Law, PLLC, we have handled many bankruptcy cases throughout the years. We can help you analyze your situation and formulate the best debt relief strategy that suits your needs. Our areas of expertise include the following:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Small Business Bankruptcy
- Foreclosure Defense
- Debt Negotiation
An Alico FL bankruptcy attorney can help you determine which chapter to file as well as how to navigate the filing process.
What Is Chapter 7 Bankruptcy?
Chapter 7 is known as a liquidation bankruptcy because it lets people to sell away their assets in an effort to repay their creditors. This chapter typically only takes a total of four to six months to finish, so it is the fastest and most common.
If you wish to file under Chapter 7, then you will be required to take the Means Test. During this test, your monthly total income will be compared to the amount of debt you owe. If you have enough disposable income each month to pay off your debt, you will not qualify for Chapter 7. You may want to consider filing for Chapter 13 instead.
What Is Chapter 13 Bankruptcy?
Many people who do not qualify for Chapter 7 can still qualify for filing under Chapter 13. This type of bankruptcy is referred to as a reorganization bankruptcy since it allows people to reorganize their debt into a monthly repayment plan that can last from three to five years. In addition, you’ll also gain the following benefits from Chapter 13:
- Protection from foreclosure and creditor harassment;
- The creation of an affordable repayment plan;
- Debt discharge once your payment plan expires.
Perhaps the best part of Chapter 13 is that it allows debtors to keep their non-exempt property. So if you own property, a home, cars, or any investments that you wish to keep, Chapter 13 may be the best option for you.
Running a small business may mean taking on a few risks — one of which is taking on debts. If your business is sinking in debt, an Alico FL bankruptcy attorney can help you explore your options and help you get your business back on track. Small businesses can take advantage of either Chapter 7 or Chapter 11.
If you have been unable to keep up with their monthly mortgage payments, that leaves your most valued asset open to foreclosure. You do not want to add losing your home onto your already mounting debt. That will only make matters worse. If your home is suddenly in danger of foreclosure, filing for any type of bankruptcy can help.
In bankruptcy, the administrative law judge (ALJ) will immediately issue an “automatic stay.” This court order will effectively halt any of your creditors from collecting on your assets, including your home. However, keep in mind that this order is only temporary, and you must take further steps to fully protect your home.
In addition to foreclosure defense, the automatic stay will also prevent any further harassment from creditors. Creditors will need to speak directly to your lawyer if they wish to contact you for any matter.
One alternative to bankruptcy is debt negotiation. Through debt negotiation, you can speak with creditors and negotiate the amount of debt you owe. However, there are some things to remember when working with a debt negotiation service.
First off, most debt negotiation services will not consider your best interests when negotiating with your creditors. In fact, we have seen many instances where a particular service actually lead customers deeper into debt. Secondly, while many services will claim that your creditors are willing to negotiate, that is a flat-out lie. Not all creditors will negotiate.
Consult a Alico FL Bankruptcy Attorney
Contact an Alico FL bankruptcy attorney at Ryan J. Really, Attorney at Law, PLLC today.