If you live in Jacksonville, Florida, and find yourself overwhelmed with debt, bankruptcy might seem like an extreme option; but it could provide the fresh financial start you require. Bankruptcy is a legal tool used by individuals and businesses alike to obtain relief from debt they no longer manage – before considering bankruptcy as an option, one must understand all available choices before making the final call on which path best fits them.
Signs You Should Consider Bankruptcy
Filing for bankruptcy might offer the solution if missing payments are becoming impossible or new loans must be obtained to cover old ones. Filing can offer relief.
Legal Threats and Collection Actions
Being subjected to constant calls from creditors, lawsuits, wage garnishments or the threat of foreclosure is enough to drive anyone crazy; filing bankruptcy provides an automatic stay that stops these collection actions so you have time to address your debts.
Are You Unable to Pay the Minimum Monthly Payments on Debt?
When debt becomes unmanageable and monthly payments become impossible to afford, bankruptcy could provide much-needed relief – depending on which form it takes, your debt could even be reduced or eliminated!
Bankruptcy Options for Jacksonville Residents
Jacksonville individuals often file either Chapter 7 or 13 bankruptcy.
Here is an outline of both:
- Chapter 7 Bankruptcy: Also referred to as liquidation bankruptcy, allows individuals and companies alike to discharge most unsecured debts such as credit card balances and medical bills through this option. Assets may need to be liquidated to pay creditors off, although many can keep essential property.
- Chapter 13 Bankruptcy: With Chapter 13 bankruptcy, individuals create a payment plan to repay all or some of their debt over three to five years, providing relief while managing debt more easily. This type of bankruptcy is ideal for people with a steady income who wish to protect their properties but require assistance managing debt more effectively.
Bottom Line!
Our experienced bankruptcy attorneys will guide every step of your filing process with us in Jacksonville. By helping evaluate your current financial standing and selecting an appropriate type of bankruptcy filing procedure to represent you throughout, our support can enable a fresh start while giving control back over to you over your financial future.
While bankruptcy may appear daunting, it can provide invaluable relief in times of financial stress. By consulting an experienced lawyer and working together efficiently through the bankruptcy process, Bruner Wright PA’s Jacksonville staff can help residents understand all their options and get on track toward financial independence.
This post was written by Trey Wright, a Chapter 11 Bankruptcy Lawyer in Jacksonville FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, specializing in bankruptcy law, estate planning, and business litigation.
The information provided on this website does not, and is not intended to, constitute legal advice; all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.