If you’ve been struggling to make ends meet and are considering filing for bankruptcy. In order to file, you must speak to an attorney specializing in bankruptcy. There are several advantages to filing a Chapter 7 bankruptcy instead of Chapter 13.
Hiring a chapter 7 lawyer Orlando FL can help you get started on a Chapter 7 bankruptcy and a fresh start. There are income restrictions to filing a Chapter 7 that must be met and a lawyer can help you navigate it. But if you do obtain one, the personal liability for the majority of the debt is gone. Some liens such as mechanic and tax liens remain.
The debtor does not have limitations in place on the amount filed with Chapter 7. Without debt limits, the debtor has a greater chance of discharging most of their debt instead of only a portion.
Quick Debt Discharge
In as little as three months, most debtors have their debt discharged. The court issues the discharge order roughly 60 to 90 days after completion of the case. The case closes once the property of the debtor is given to unsecured creditors by a trustee.
Without a repayment plan, you can actually work to have a fresh start. The debt is no longer the responsibility of the debtor.
Keep Future Income
Future property usually does not get included in the bankruptcy case except in certain cases. It is safe to wait to acquire property until after 180 days post-bankruptcy.
Bankruptcy may be the option for you to help you get out of crippling debt when your income is insufficient. Speak with a trained attorney to determine the right bankruptcy to file. Chapter 7 offers the debtor more advantages, but has its own limitations and may not be an option for everyone.