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SECOND CHANCES

Sometimes life comes at you hard and you just need a second chance in life.  You lose your job, go through a divorce, or suffer an illness.  Are you behind on credit car payments?  Is your house about to be foreclosed on?  Is your car getting repossessed?  Did your business run into hard times and the bills are going unpaid.  Do you have medical bills that you just cannot pay?  The beauty of living in the Unites States is that there are laws that allow for second chances.

UNITED STATES BANKRUPTCY CODE

The United States Bankruptcy Code allows for you to discard your debt or make payment plans to pay off your debt.  It eliminates harassing phone calls from your creditors and the duty you have to repay your debts.  You get a second chance to start fresh.

CHAPTER 7 BANKRUPTCY

There are several types of bankruptcy cases but the most straight forward one is commonly known as Chapter 7 Bankruptcy. It is the type most people think of when thinking of bankruptcy.  Your case is assigned a trustee to evaluate your assets to determine what you can keep and what you must surrender in order to discharge your debts.

CHAPTER 13 BANKRUPTCY

Not as common as Chapter 7 bankruptcy is Chapter 13 bankruptcy.  Essentially, Chapter 13 bankruptcy applies when you do not qualify for Chapter 7 bankruptcy. Usually, it is when your income exceeds the median income for your state.  A Chapter 13 bankruptcy is powerful in that it allows you to come up with a plan to keep some of your larger assets, like your home, from being subject to foreclosure or repossession.

HOW DOES A BANKRUPTCY CASE START?

A bankruptcy case starts with the filing of a petition with the bankruptcy court at the federal level.  Although, the filing of the petition starts the bankruptcy, there are legal requirements that must be met before the petition can be filed.  And the requirements vary from state to state.  So if you are even thinking of filing for bankruptcy, it is wise to seek advice from a bankruptcy lawyer.

FREE CONSULTATION

If you or a loved one would like to discuss your bankruptcy options with a top Florida bankruptcy lawyer, contact the experienced legal team at the Law Office of Hogan & Hogan, P.A. to discuss your case in a confidential, free consultation session. We service Orlando, Clermont, Leesburg, Orange County, Lake County and all of Central Florida.