Get Legal Advice from a South Florida & Boca Raton Bankruptcy Lawyer
Bankruptcy is a major decision that can have long-lasting consequences in a person’s life. While often given a negative connotation, filing for bankruptcy can be a wise financial decision that can set you back on course for a better financial future. If you are in a situation where you simply cannot pay back the debts that you owe to various creditors, bankruptcy can be a great way to reset your financial life and relieve the stress that comes with the collection process. Mancuso Law specializes in Florida bankruptcy cases and would be proud to work with you to find the best solution to your past debt and current financial situation.
How Our Florida Bankruptcy Lawyer Can Help
While there are many different kinds of bankruptcy filings in the state of Florida, all of them follow the same general outline.
- Petition for bankruptcy is filed by the debtor
- A means test is used to evaluate the debtor’s assets
- The court establishes the framework of repayment
- Debtor’s assets are used to repay a portion of the debt
- After payment, debtor is relieved of remaining debts
Bankruptcy is rarely a quick and easy process. Since you will be asking to have at least a portion of your debts forgiven, the court takes all factors into consideration before granting a bankruptcy request. Working with an experienced attorney like Nate Mancuso will help you in following all of the proper steps and giving your filing a good chance at being successful.
Chapter 7 Bankruptcy
To file for Chapter 7 bankruptcy in Florida, you must first pass a means test. If your current monthly income is below the adjusted median income in Florida, you will qualify automatically. However, if it is not, you may still qualify after certain expenses are deducted from your income.
Chapter 13 Bankruptcy
This is a debt repayment plan where our bankruptcy lawyer and you will create a plan to pay off a percentage of your debt by a certain date. Many people choose this bankruptcy type in order to protect assets that they would otherwise lose, if they filed for Chapter 7.
If you are married and you have a lot of debt, you may need to file a joint bankruptcy to take care of both of your debt. We can analyze your finances and explain the benefits of choosing this filing option.
Filing Chapter 7 or Chapter 13 bankruptcy will stop any foreclosure action under the automatic stay provision. For those that are far behind on their mortgage payments, filing for Chapter 13 bankruptcy may be the best choice. This will give you up to five years to bring your payments up to date.
Filing bankruptcy can be a way to reduce or eliminate tax debts. If you have a lien against your home due to this IRS tax debt, you may be able to have this lien removed by filing for bankruptcy in Florida.
Filing for bankruptcy stops the repossession of a car, motorcycle, boat, or other similar assets. If you want to keep the assets, you may need to sign a reaffirmation agreement and catch up on payments. You may also be able to renegotiate payments during bankruptcy.
Credit Card Debt
Most people with large credit card debt can eliminate this debt by filing for bankruptcy.
Discharge of Debts
All of your property and debts must be listed thoroughly on your bankruptcy papers. If you don’t list a debt, it may not be discharged. We can help ensure that you provide the proper information with your bankruptcy filing in Florida.
We can work with you to prevent your employer from garnishing your pay. This will leave you more disposable income to pay your debts and rebuild your life financially.
Contact a South Florida & Boca Raton Bankruptcy Lawyer Today
To schedule a free consultation to discuss your debt problems, call our Florida law office at 561-245-4705 (Boca Raton) or 772-497-5796 (Fort Pierce). We are only one phone call away from helping you to bring about a brighter financial future for you and your family. At Mancuso Law, P.A., we represent clients throughout South Florida and have years of experience helping them to get a fresh start right now.