At Orlando Bankruptcy Law Firm, we understand the stressful circumstances you are experiencing when considering bankruptcy. It is never easy to file for bankruptcy because there are so many decisions to make. The law provides for several different types of bankruptcy, called chapters, because the provisions that govern them are contained in different chapters of the Bankruptcy Code. Knowing the basics is simply not enough because bankruptcy laws are complex and the majority of pro se cases (a debtor files their own petition) are dismissed because of the amount of errors made. You can file for bankruptcy without an attorney but because of the complications, it is not generally advised. Mistakes can be very costly and by putting your trust with Attorney Robert Pflueger, after a confidential and detailed interview he will thoroughly review your finances to determine which strategy will best help you obtain your financial freedom. His years of experience and personal attention can assure you that he will provide the expertise necessary while mitigating any potential negative results. Only a qualified bankrupt attorney can provide the legal advice necessary to save you the problems of dealing with issues, errors, or omissions which if not filed correctly can lead to Bankruptcy Fraud charges. Not only can he help you make the initial decision whether to file for bankruptcy or not, Robert Pflueger will guide you through the entire process to ensure your rights are always protected.
Chapter 7 is the bankruptcy provision most frequently used by individuals because it is usually the fastest and most straightforward form of bankruptcy. In a Chapter 7 bankruptcy case, you will file a petition asking the court to discharge your debts. Chapter 7 involves a liquidation of your eligible assets to pay off creditors, although much of your property is likely to be protected and creditors may not be paid off in full from the proceeds of liquidation. In a Chapter 7 bankruptcy, you may wipe out most types of unsecured debt such as credit cards, personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, and medical bills. You are allowed to keep your secured debt if you wish including your home, car, as long as you make the payments. and second purchases such as appliances, furniture, and jewelry, etc. as these debts are allowed to “pass through” bankruptcy without being affected. This process is called “reaffirmation”, because you are reaffirming the debt by saying to your creditors that you want to keep the debt and that you are responsible for paying the debt off without protection from bankruptcy. If you decide you do not want to keep certain secured debts, you can surrender the property and any debt associated with that surrender, such as a deficiency balance, or extra charges for returning the property in less than perfect condition, is forgiven completely.
In simple terms, the basic idea in a Chapter 7 bankruptcy is to wipe out or discharge your debts in exchange for you giving up property, except for the exempt property, which the law allows you to keep. The goal of Chapter 7 bankruptcy is to eliminate your debt while allowing you to keep your home, your car, and your protected personal belongings. There are many exceptions under Florida law that are allowed and it is important to know that the determination of the exemptions you may qualify for can only be accomplished on a case-by-case basis.
Filing for Chapter 7 liquidation bankruptcy is challenging and one among many options to help you recover from your financial problems. Filing this type of bankruptcy petition allows the courts to take control of any and all assets you may have including in some cases, your home, car, business inventory, valuables sold at auction, and the proceeds divided up amongst your creditors. Fortunately, with the help of a solid attorney such as Robert Pflueger, you can easily be granted exemptions that allow you to retain ownership of your possessions while moving through the process. During your initial consultation, Robert H. Pflueger will discuss your household income, the value of your assets, and your debts. He will explain your rights and obligations in terms you can understand because he is dedicated to helping you succeed both in the courtroom as well as in your personal financial life. Call today and schedule an appointment at Orlando Bankruptcy and take the step you need to take to experience a future free from unmanageable debt. A Chapter 7 bankruptcy can result in all your debt being immediately negated with no need to ever pay it off. Attorney Robert H. Pflueger will work to save any asset you want to keep and he will not be satisfied until you are satisfied. With his help, you can confidently move on to the next phase of your life so instead of letting debt defeat you, call Orlando Bankruptcy today at 407-339-2022.