Punta Gorda FL Bankruptcy Attorney
Unplanned crises — a debilitating injury, job loss, or sudden divorce — can leave you hemorrhaging money and struggling to pay your bills. Unfortunately, this can also lead to mounting debts. While it may seem like there’s no way out, you do have some options. Bankruptcy can provide you with valuable relief. But is it right for you? An experienced Punta Gorda FL bankruptcy attorney can help.
How We Can Help You Regain Control of Your Financial Future
At Ryan J. Really, Attorney at Law, PLLC, we can help you regain control of your financial future through the following debt relief strategies:
We will assess your situation and help you build a debt relief strategy tailored to your needs and goals. In addition, we will also help guide you through every step of the process.
How Filing for Chapter 7 Can Help
Often called a “liquidation bankruptcy”, filing for Chapter 7 gives you the opportunity to repay creditors by selling off property and assets. Because this type of bankruptcy only takes between four to six months to complete, it is by far the quickest and most common. Any unsecured debt remaining after your bankruptcy ends gets discharged.
In order to qualify, you must pass the Means Test, which will analyze your debt to income ratio and determine whether you hold enough disposable income to repay your debts. If the test determines that you do have enough disposable income, you may want to file for Chapter 13 instead.
How Filing for Chapter 13 Can Help
If you cannot pass the Means Test, you will more than likely qualify for Chapter 13 instead. This is because Chapter 13 gives you the opportunity to restructure your debt into a reasonable monthly payment plan that typically can last between three to five total years. At the end of your plan schedule, any remaining debt that you owe gets discharged.
Perhaps one of the greatest aspects to Chapter 13 is that you are allowed to keep any non-exempt property that you hold — whereas with Chapter 7 bankruptcy, you must sell off those assets in order to repay creditors. Non-exempt property includes such things as homes, cars, and investments.
The only requirement for Chapter 13 is that you must receive a stable income that is enough to meet your monthly payments. If you fail to keep up with those payments, you will need to come up with a new debt relief strategy in the court.
Is Your Small Business in Jeopardy?
Running your own business often means taking chances and risks. When you take on more risks than you can afford, your business may suffer from overwhelming debt. Do not risk everything you’ve work for. Our experienced Punta Gorda FL bankruptcy attorney is ready to craft the best debt relief strategy for your business. Utilizing either Chapter 7 or 11 bankruptcy, we can help you sort out your business’s finances and get back in control of things.
Overwhelming debt often means failing to keep up with your monthly mortgage payments. When this happens, your home becomes in danger of foreclosure. Never risk losing your most valuable asset.
By filing for bankruptcy, whether Chapter 7 or 13, you can effectively stave off foreclosure temporarily. How this happens is that once you file bankruptcy, the court then issues what is called an “automatic stay”. Under this stay, your creditors cannot collect any of your assets, which also includes your home. However, keep in mind that this stay is only a temporary action. You must either follow through with the entire bankruptcy process or pay off your debt to completely remove foreclosure from the picture.
Avoiding Harassment From Creditors
One of those most annoying aspects of having large amounts of debt is dealing with creditors calling and calling. Similar to foreclosure, filing for bankruptcy enacts an automatic stay which also prevents anymore harassment from creditors. Your creditors are required to speak directly to your attorney if they wish to contact you.
Consult With a Punta Gorda FL Bankruptcy Attorney
If you are sinking deeper and deeper into debt, you don’t have to struggle alone. With years of experience helping our clients find debt relief, Ryan J. Really, Attorney at Law, PLLC knows what it takes to get your finances back in order. Contact a Punta Gorda FL bankruptcy attorney today.