Iona FL Bankruptcy Attorney
When you’re dealing with financial crises, it’s easy to feel like you have no options. And amidst trying to pay your bills and keep your head above water, it can be difficult to determine what to do. For many, bankruptcy may not sound appealing. But it can be a great option for you to help you regain control of your financial situation.To learn more about your options, speak to an Iona FL bankruptcy attorney at Ryan J. Really, Attorney at Law, PLLC today.
Bankruptcy Cases We Handle
Bankruptcy can provide you with relief from the stress caused by unmanageable debt. An Iona FL bankruptcy attorney can assess your case and help you develop a strategic plan. It’s important to evaluate the pros and cons of bankruptcy, as well as other options that may better suit your situation. We can help you with:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Bankruptcy for Small Business
- Foreclosure Defense
- Debt Negotiation
It’s important to work with experts who understand the bankruptcy process from submitting a petition through discharge.
Chapter 7 is often called “liquidation” or “straight” bankruptcy. It allows you to discharge all eligible debt. You will also be protected from legal action from your creditors during the process of your Chapter 7 through an automatic stay. A Chapter 7 typically takes between four and six months to complete, so it is much quicker than other types of bankruptcy.
You must qualify for Chapter 7 bankruptcy through a means test. This test assesses your income and ability to repay your debts. If you have less disposable income than average for other people in similar circumstances, then you will likely qualify. If you don’t qualify for a Chapter 7 bankruptcy, then you may be able to file another form or seek other debt management options.
Often called “reorganization” bankruptcy, Chapter 13 allows you to put your debt into a manageable payment plan and gradually repay them. It can take three to five years to complete a Chapter 13 bankruptcy. However, during this time you will not likely be harassed by creditors, as your debts will be paid according to the payment plan. At the end of your payment plan, some of your eligible debt may be discharged.
When you file Chapter 13, you will also be able to take advantage of an automatic stay. Any legal actions being taken against you will pause. Most of those debts will be incorporated in your payment plan and you should be able to keep most of your property.
Economy ups and downs can wreak havoc on small businesses. Debts can pile up quickly. If you find yourself overwhelmed with business debt, bankruptcy may be the answer for you. An Iona FL bankruptcy attorney can help you with the following small business bankruptcy options:
- Chapter 7 – If your debt is eligible for discharge, Chapter 7 can help. You may also be able to sell some of your property to repay creditors. Once a Chapter 7 is complete, the business is typically dissolved.
- Chapter 11 – If you want to continue your business after bankruptcy, Chapter 11 may the right option for you to tackle debt. This will allow you to structure debt so that it can be paid off over time.
If you are in dire financial straights, you may be worried about keeping your home, car, and other property. The bank may have threatened foreclosure or repossession. When you file for Chapter 7 or Chapter 13, the automatic stay you receive will also stop these legal actions. You will have time to catch up on payments or renegotiate with your financing company to establish a more reasonable payment plan for you. Some companies have policies that allow them to work with clients who are experiencing bankruptcy, and avoid foreclosure or repossession.
While bankruptcy has many benefits, it’s not be right for everyone. You may want to work with your creditors to get your accounts back into good standing. An Iona FL bankruptcy attorney can help you negotiate with your creditors to establish a new payment plan that is more manageable for you.
Debt negotiation often involves paying a portion of your debt and eliminating a large portion. Creditors will often shave off interest and fees that have been applied to your account, freeing you up to pay only the manageable balance. This would allow you to keep a bankruptcy off your credit report and remain in good standing with your creditors.
An Iona FL Bankruptcy Attorney Can Help
If you are overwhelmed with debt, bankruptcy as well as other debt solutions can help you get back on your feet financially. Call an Iona FL bankruptcy attorney at Ryan J. Really, Attorney at Law, PLLC today to learn about how we can help.