Orlando Bankruptcy Lawyer
Financial stress can make your day to day an unbearable experience. Michael A. Paasch is here to guide you through getting financial relief. Florida bankruptcy laws can be confusing to navigate, especially when dealing with the stress of harassing calls, possible home foreclosure, and wage garnishment. Get the advice you need now, so that you can get on the road to debt relief. Contact us today for a free consultation.
Chapter 7 Bankruptcy
Chapter 7, the most common type of bankruptcy, is also referred to as liquidation. Available to both businesses and individuals, liquidation involves selling all non-exempt property of the debtor and distributing the proceeds to the creditors. Filing a bankruptcy petition automatically suspends most existing legal actions and debt collection activity. In consumer liquidation cases, a means test to determine disposable income is normally required to determine eligibility. Other important aspects of individual liquidation include the dischargeability of certain debts, the statement of intention regarding secured loans, and lien avoidance with respect to exempt property. To find out if bankruptcy is right for your financial situation, it is important to seek counsel from an experienced bankruptcy lawyer. Call Michael A. Paasch today for your free consultation.
Chapter 13 Bankruptcy
The most important thing about a Chapter 13 bankruptcy is that it will generally allow you to keep valuable property as long as you adhere to an acceptable repayment plan. Chapter 13 bankruptcy allows you to reorganize and usually prevents repossession of your property provided you make payments as directed by the Court.. A Chapter 13 bankruptcy plan often requires unsecured creditors to take only a small percentage of the debts owed them in reduced payments over a 3-5 year period of time. Chapter 13 bankruptcy may also provide the opportunity for lien stripping on certain property. If you are facing serious financial challenges, it is important to seek the advice of an experienced bankruptcy attorney. Call Michael A. Paasch today to see if filing Chapter 13 is right for you.
Bankruptcy May Stop Foreclosure
Keeping families in their home is always a priority. Filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy results in an automatic stay which generally suspends any home and investment property foreclosure actions by your lender. However, if you are far behind on your payments, filing Chapter 13 bankruptcy may be the best option. Under a Chapter 13 debt repayment plan, you will have up to five years to bring your mortgage payments up to date.
As your bankruptcy attorney, Michael will clearly explain the advantages of non-bankruptcy alternatives as well, including short sale and deeds in lieu of foreclosure. He can also show you how Chapter 13 bankruptcy can help you strip a second mortgage or association lien in certain situations to make your current house payment more affordable. Give him a call today for a free consultation.
Call Michael A. Paasch When You Need Help With
- Bankruptcy Chapter 7
- Bankruptcy Chapter 11
- Bankruptcy Chapter 12
- Bankruptcy Chapter 13
- Bankruptcy Fraud
- Bankruptcy Litigation
- Bankruptcy Mediation
- Business Bankruptcy
- Consumer Bankruptcy
- Creditors Rights
- Debt Relief
- IRS Tax Issues
- Loan Workouts
- Out-of-Court Debt Restructuring
- Personal Bankruptcy
- Protection of Assets
Free Consultation on Florida Chapter 7 and Chapter 13
To arrange a free initial consultation to discuss your financial situation and explore your options, call (407) 425-9044 or contact our office online.