The Bankruptcy Process

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Bankruptcy Information in Jacksonville | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy

Chapter 7 Bankruptcy


Bankruptcy Information in Jacksonville Bankruptcy is designed so that individuals can regain control of their life and get a fresh start. Once filing for bankruptcy, individuals no longer have to worry about the burden of creditors harassing them to repay debts. Because bankruptcy is an extremely complicated aspect of the law, it can be overwhelming for individuals to handle on their own. Courts do not grant such individuals any special treatment for undertaking a bankruptcy case without an attorney, which can further add stress to the situation. This makes the hiring of a reputable attorney that much more important in order for the outcome of the case to be successful.Two common options for individuals considering bankruptcy in Jacksonville are filing under Chapter 7 and Chapter 13. Both types of bankruptcy filings have specific qualifications that an applicant must pass before being considered. There are many lengthy and complicated definitions of these types of bankruptcy on the internet, making them incredibly difficult to understand to anyone who is unfamiliar with them. Our goal is to eliminate any confusion that surrounds bankruptcy law, which is why we define Chapter 7 and Chapter 13 bankruptcies in the simplest way possible.


Chapter 7 Bankruptcy

This is the most common type of bankruptcy that people file for and is frequently referred to as a “straight” or “liquidation bankruptcy.” The individual’s unsecured debt, such as medical expenses and credit card debt are eliminated and any assets that are not exempt are liquidated. An individual’s home is considered exempt because the Florida Constitution protects it from liquidation. Filing under a Chapter 7 bankruptcy in Jacksonville is a relatively quick process and usually takes only a few months to complete.


Chapter 13 Bankruptcy

The basis of filing under a Chapter 13 bankruptcy in Jacksonville is to repay usually a portion of your debt. Repayment plans are structured around an individual’s capability to pay, which is decided on a case by case basis. A Chapter 13 bankruptcy can be helpful in eliminating second mortgages and some IRS debts, or restructuring motor vehicle loans. Debtors typically only repay a small percentage of their unsecured debts, such as credit card debts. This type of bankruptcy filing is used most frequently to save a house from a foreclosure sale and cannot be applied to businesses.


The Difference Between Unsecured Debt & Secured Debt

These two terms are used frequently in discussions about bankruptcy in Jacksonville and can often be confusing. It is important to understand these terms. A secured debt is where an asset, like a house, is used to back a loan. A mortgage is a good example of a secured debt, if a secured debt is left unpaid, the lender takes the asset that backed the loan.  On the other hand, an unsecured debt is where money is lent without any asset backing the loan. Since there is no asset directly involved, it does not provide security for the debtor.


Free Consultation

It is highly recommended that anyone considering Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Jacksonville should seek a reputable Jacksonville bankruptcy attorney because it is a difficult process from the very beginning. Consulting with an attorney can help you determine whether or not filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy is the best option for your specific situation and if it is, to analyze your situation to see which chapter best suits your needs

The Bankruptcy Process

Attempting to learn about bankruptcy, while simultaneously going through it is extremely difficult. As opposed to filing alone, hiring an experienced lawyer will help you and your family from experiencing a severe loss of assets. Over the years, Pinkston and Pinkston, Jacksonville foreclosure defense attorneys, have been assisting hundreds of clients survive this stressful time. If you find yourself faced with bankruptcy do not wait to contact our experienced lawyers or waste time attempting to file yourself. Acting quickly will benefit you tremendously. Do not spend another night laying awake in bed worrying about how you will provide for your family or ever be able to pay your debts. Your current financial state may be disastrous, but we are here to help you through it every step of the way offering constant guidance, advice and support.Inquiring about bankruptcy from a Tampa bankruptcy lawyer is a great first step since going through the process alone is such an overwhelming and daunting task. If you were to take on the responsibility on your own, while simultaneously trying to work to earn money to pay your debt, it would feel as if you were working two jobs. Some people start off thinking they can do it all. They juggle making an income, learning about bankruptcy and filing for it all on their own because they want to save money on a lawyer. But often times they come to halt, reach a breaking point and they realize the burden of the process and end up hiring someone to do it for them anyway. To avoid wasting time and stressing contact Jacksonville to set up a free no obligation consultation. Our lawyers will be able to assist you and offer you a fair and honest quote. Obviously you are already in debt and we do not want to drag you into it even further with high and unfair prices, we want to help!By asking a lawyer about bankruptcy, you will be provided with invaluable information. Through years of experience in the legal field we have become experts on the ins and outs of the system. In this beyond difficult economy the number of people filing for bankruptcy has soared. We have extensive knowledge of Florida’s laws and will find a way to help you just as we have helped countless amounts of clients before you. We will be with you every step of the way so you will never feel lost or alone. You are not the first person in Florida to go bankrupt and you will certainly not be the last. When you hire Jacksonville we will inform you about bankruptcy and the two direct you towards one of two types, either chapter 7 or Chapter 13. We will guide you towards chapter 7 if you are limited with options to recover from your financial loses. This applies to both individuals as well as businesses. This liquidation option requires you to pay off creditors by selling off un-exempt assets with the exception of your home. When you learn about bankruptcy you will come across the Homestead Act which you will discover is a law that allows you to keep the home in which you live in. Chapter 13 is the rehabilitation option which we encourage people with a steady income to choose. This option is for people who are in a position to repay their debts. People who choose the chapter 13 option are rewarded lower interest rates and extended time without more penalties being incurred. Together we will determine which option is best for you and we will discuss how we will take action towards the next step of the process.

When it comes to doing something about bankruptcy Pinkston and Pinkston have extensive knowledge of the legal system. We are confident in our ability to represent you. Do not spend another moment anxiety ridden and fearful of your future financial well-being, call Pinkston and Pinkston today.   We will be happy to set up a complimentary no obligation consultation to discuss your current situation and will discuss our next plan of action to getting you financially stable again.

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