Are you considering bankruptcy?
Filing for bankruptcy may be the right solution to your financial problems depending on the situation. If you are heavily in debt contact the Holland Law Group for legal advice, review your finances and discuss your debt relief options, including bankruptcy. There are several steps involved in the bankruptcy process, beginning with the means test to determine if you are eligible for Chapter 7, the liquidation of assets.
If you do not qualify for Chapter 7, you may be able to file for Chapter 13 bankruptcy which allows the "restructuring" of debt through a payment plan. Before a petition can be filed, you are required to take a credit counseling class by phone or over the Internet. Your bankruptcy attorney can help arrange the class, and prepare all of the documentation for your petition. After the petition has been submitted to the court, an automatic stay will be issued that will stop:
- Creditor phone calls and letters
- Wage garnishment
Chapter 7 Basics
About 3 weeks after the case is filed, you will be required to attend what is called the "meeting of the creditors" in Tampa at the federal courthouse. After this meeting in most cases any non-exempt assets will be sold by the bankruptcy trustee. The proceeds from the sale will be disbursed, and any remaining debts will be discharged.
Chapter 13 Basics
In a Chapter 13, the Trustee will review the petition and proposed payment plan. Shortly after the case is filed you will begin sending monthly payments to the Chapter 13 trustee. Once the plan is approved the trustee will distribute the money to your creditors. Payment plans last between three and five years. When you successfully complete the plan most unsecured debt will be forgiven.
Speak With A Skilled Lawyer Today
The Holland Law Group is a skilled bankruptcy law practice that will guide you through all phases of the bankruptcy process. We have the experience necessary to help you get out of debt. Our firm can explain your legal alternatives and discuss various ways to improve your financial condition. We offer a free consultation and affordable rates, as well as payment plans.