Kissimmee Bankruptcy Attorney

Financial difficulties can happen to anyone, leaving you overwhelmed and unsure of where to turn for help. If you’re facing mounting debts and constant creditor harassment, it’s crucial to know your options. In Kissimmee, FL, experienced bankruptcy attorney Juan Burgos is here to guide you through the complexities of Florida bankruptcy law.

Understanding Bankruptcy Law in Florida

Bankruptcy provides a legal way to manage or eliminate debts, giving individuals and businesses a fresh start. In Florida, two primary types of bankruptcy are available:

1. Chapter 7 Bankruptcy: Also known as “liquidation” or “straight” bankruptcy, Chapter 7 allows eligible filers to discharge most debts while keeping certain assets.
2. Chapter 13 Bankruptcy: A reorganization plan, Chapter 13 enables debtors to repay a portion of their debts over time (usually 3-5 years) while keeping all assets.

Both types have specific eligibility requirements, which we’ll explore later in this guide. For now, let’s discuss the benefits and drawbacks of each type of bankruptcy:

Chapter 7 Bankruptcy: Pros & Cons

“Chapter 7 is designed for debtors who lack the ability to pay their existing debts.” – United States Courts

• Pros:
  • Quick process (typically 4-6 months)
  • Can eliminate most unsecured debts (e.g., credit cards, medical bills)
  • No repayment plan required
• Cons:
  • Risk of losing non-exempt assets
  • Not suitable for those with significant equity in property or valuable assets
  • May not be an option if you’ve filed for bankruptcy within the past eight years

Chapter 13 Bankruptcy: Pros & Cons

“Chapter 13 is designed for individuals with regular income who wish to pay all or part of their debts in installments over a period of time.” – United States Courts

• Pros:
  • Keeps all assets, including non-exempt property
  • Allows you to catch up on past-due mortgage or car payments
  • Offers flexibility in structuring a repayment plan based on your income and expenses
• Cons:
  • Longer process (typically 3-5 years)
  • Must have sufficient income to fund the repayment plan
  • Not suitable for those with high debt levels or low income-to-debt ratios

Eligibility Requirements for Bankruptcy in Florida

To file for bankruptcy in Florida, you must meet specific eligibility requirements:

1. Residency: You must be a resident of Florida (or have lived there for at least 180 days prior to filing) and intend to remain.
2. Financial Situation: You must demonstrate that you are insolvent, meaning you cannot pay your debts as they come due. This is determined by comparing your total assets with your total liabilities.
3. Credit Counseling: Within the 180 days before filing for bankruptcy, you must complete a credit counseling course from an approved agency. The course helps you understand your financial situation and explores alternatives to bankruptcy.
4. Means Test: Depending on your income level, you may need to pass a means test to determine whether you’re eligible for Chapter 7 or should consider Chapter 13 instead. The means test compares your income with the median income of Florida residents in your household size.

The experienced Kissimmee bankruptcy attorney Juan Burgos can help you navigate these eligibility requirements and guide you through the process of choosing the best type of bankruptcy for your situation.

The Bankruptcy Process: A Step-by-Step Guide

Once you’ve determined which type of bankruptcy is right for you, it’s time to navigate the filing process. Here’s a step-by-step guide to help you understand what to expect:

1. Pre-Filing Preparation: Gather all relevant financial documents, including income statements, expense reports, tax returns, and any other pertinent information. Work with attorney Juan Burgos to complete the necessary bankruptcy forms accurately and thoroughly.
2. Filing the Petition: Your attorney will help you prepare and submit the bankruptcy petition to the court. The petition includes a list of your assets, liabilities, income, expenses, and a statement of financial affairs.
3. Automatic Stay: As soon as the bankruptcy petition is filed, an automatic stay goes into effect. This legal protection stops creditors from taking collection actions against you, including foreclosure, repossession, wage garnishment, and harassing phone calls.
4. Credit Counseling & Debtor Education: After filing for bankruptcy, you must complete a debtor education course from an approved agency. This course covers budgeting, managing money, and understanding credit reports.
5. Meeting of Creditors (341 Hearing): Approximately 20-40 days after filing, you’ll attend a meeting with your creditors (or their representatives) and the bankruptcy trustee. This meeting is an opportunity for creditors to ask questions about your financial situation and assets.
6. Confirmation Hearing (Chapter 13 only): If you filed for Chapter 13 bankruptcy, the court will review your reorganization plan at a confirmation hearing. The judge will determine whether your plan is feasible and meets the requirements of the bankruptcy code.
7. Discharge: Once you’ve completed all the required steps, the court will issue a discharge order eliminating most of your debts. For Chapter 7 filers, this typically occurs around 60-90 days after the meeting of creditors. For Chapter 13 filers, the discharge is granted after completing the repayment plan.

Exemptions: Protecting Your Assets in Bankruptcy

In Florida, bankruptcy exemptions help protect your assets from liquidation or seizure during the bankruptcy process. Some common Florida exemptions include:

• Homestead Exemption: Protects an unlimited amount of equity in your primary residence.
• Personal Property Exemptions: Covers items like clothing, appliances, and furniture up to a certain value.
• Wildcard Exemption: Allows you to protect a specific dollar amount of any property not covered by other exemptions.

Attorney Juan Burgos can help you understand and apply these exemptions to maximize the protection of your assets during bankruptcy.

The Impact of Bankruptcy on Your Credit Score

Filing for bankruptcy will have a negative impact on your credit score. However, it’s essential to understand that financial difficulties and high debt levels can also negatively affect your credit. In many cases, individuals find that their credit scores improve after filing for bankruptcy because they’re no longer burdened by excessive debts.

Here are some key points to consider regarding the impact of bankruptcy on your credit score:

• Duration: Bankruptcy stays on your credit report for seven to ten years, depending on the type of bankruptcy filed. However, its impact on your credit score lessens over time.
• Rebuilding Credit: After bankruptcy, you can take steps to rebuild your credit by establishing new lines of credit responsibly, making timely payments, and maintaining a low credit utilization ratio.
• Alternatives: While bankruptcy can help you manage or eliminate debts, it’s crucial to consider all available alternatives, such as debt settlement, debt management plans, or negotiating with creditors directly.

Conclusion: Why Choose Juan Burgos for Your Kissimmee Bankruptcy Needs?

Financial struggles can be overwhelming, but you don’t have to face them alone. With the expert guidance of experienced bankruptcy attorney Juan Burgos, you can navigate the complexities of Florida bankruptcy law and find relief from debt.

At our Kissimmee bankruptcy attorney office, we’re committed to providing personalized service and tailored solutions for each client’s unique situation. We understand that every case is different, and we take the time to listen to your concerns and develop a strategy that addresses your specific needs.

Don’t let financial difficulties control your life any longer. Contact our office today to schedule a consultation with attorney Juan Burgos and start your journey towards a fresh financial beginning.

Contact Us

Juan Burgos, P.A.

Address: 401 Orange St #307, Kissimmee, FL 34741

Phone: (407) 847-5461

Email: info@kissimmeebankruptcyattorney.com

Website: kissimmeebankruptcyattorney.com

Frequently Asked Questions (FAQ)

1. What debts can bankruptcy eliminate?
   

   Bankruptcy can discharge unsecured debts such as credit card debt, medical bills, personal loans, and some tax debts. Secured debts like mortgages and car loans may be modified or eliminated under certain conditions.

2. How long does the bankruptcy process take?
   

   The duration of the bankruptcy process depends on the type of bankruptcy filed, the complexity of your case, and your specific circumstances. On average, Chapter 7 takes about 4-6 months, while Chapter 13 takes 3-5 years.

3. Can I keep my property if I file for bankruptcy?
   

   In most cases, yes. Bankruptcy exemptions protect a certain amount of equity in your property. Additionally, you can reaffirm agreements to keep secured debts like mortgages and car loans.

4. Will I lose my job if I file for bankruptcy?
   

   No. It is illegal for employers to discriminate against you because you’ve filed for bankruptcy. However, some professions may have restrictions on individuals who have filed for bankruptcy.

5. Can I file for bankruptcy more than once?
   

   Yes, but there are specific time limits and requirements depending on the type of bankruptcy you’ve previously filed. In general, you must wait eight years to file another Chapter 7 after a previous discharge, or six years if you’re converting a Chapter 13 to Chapter 7.

If you have additional questions about bankruptcy law in Florida or would like to discuss your specific situation with attorney Juan Burgos, please don’t hesitate to contact our Kissimmee bankruptcy attorney office today. We’re here to help you find the relief and fresh start you deserve.