Bankruptcy Attorney in Orlando
Seek Relief from Overwhelming Debt in Florida
At the Law Office of Jose E. Lopez, we know how overwhelming debt can sneak up on a person. Before they know it, credit card bills are past due and debt collectors are calling. Whether you have already received collection actions or want to take action beforehand, we're here to help. When used correctly, bankruptcy in Orlando can help individuals and families seek a new financial start. Our Orlando bankruptcy lawyer is highly knowledgeable about all areas of bankruptcy law and can help guide clients through the process.
Overwhelmed with debt? Contact our firm today to learn more about bankruptcy in Orlando.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is known as liquidation bankruptcy, where a person gives up non-exempt assets to be liquidated and used to pay off debt. Once as many of your assets as possible are used to pay back debts, the rest is discharged. You will need to pass a means test to prove that your income is not sufficient for repayment in order to qualify.
Filing for Chapter 7 allows you to:
- Put a stop to collection calls
- End collection actions
- Discharge unsecured credit cards/loans
- Eliminate certain tax debt
- Eliminate medical bills
- Release wages and bank accounts
Chapter 13 Bankruptcy Lawyer in Orlando
Another method of bankruptcy is Chapter 13 bankruptcy. This type is also known as restructuring, where the consumer works to draft and negotiate a repayment plan with all of the creditors to whom they owe money. Our goal is to help our clients negotiate a plan to reduce the amount they owe and will have to pay back. Over the following three to five years, the payment structure will help those debts to be repaid.
At the Law Office of Jose E. Lopez, we are here to help guide and protect our clients. Our Orlando bankruptcy lawyer understands the need to get out of debt you simply cannot repay. Bankruptcy may offer a solution to the financial situation you are in, and we can help you explore it. Call us now to learn more.
Frequently Asked Questions
Below, we have posted answers to questions we frequently hear from our clients. Our goal is to help you work yourself back into financial independence. If you have further questions concerning bankruptcy and how to get started, we are here to help.
What is bankruptcy?
Debt can destroy a person’s well-being. While most people hope to be able to repay their debts and regain control of their finances, this doesn’t always happen. Bankruptcy is a solution to clear all debts or structure plans to repay them in order to help a person have control of their life again.
Won’t bankruptcy hurt my credit?
No, not necessarily. For most of our clients, reaching bankruptcy only occurs once the person realizes they can no longer pay their bills, meaning that their credit score is not likely very high. While Chapter 7 bankruptcy liquidates your assets, Chapter 13 does not have to significantly hurt your credit score. In these cases, the debtor agrees to pay down their debts over time through structured payments. In any case, bankruptcy only stays on your credit report for up to seven years.
Will I lose all my property in bankruptcy?
In cases of Chapter 7 bankruptcy, creditors are still within their rights to repossess unpaid property. In Chapter 13, however, you will be able to hang onto more of your valuables.
What is the difference between Chapter 7 and Chapter 13?
Chapter 7 is a debt forgiveness plan that eliminates all unsecured debt. The downside of this solution is that creditors can still claim your property to satisfy outstanding balances. For those who wish to pay down their debts but need to put an end to soaring interest rates, Chapter 13 offers repayment solutions which allow a person to agree to specific terms of repayment that will allow them to get rid of debt without
Are all forms of debt eliminated with bankruptcy?
No. Bankruptcy will not satisfy secured debt such as a home payment. You also cannot use bankruptcy to pay off child support debts, student loans, fines for breaking the law, tax debt within the last three years, and anything you fail to report on your bankruptcy filing.
How can a lawyer help with bankruptcy?
An experienced Orlando bankruptcy attorney can give you answers to all your questions, as well as help you prepare for complications you may not have considered. Your lawyer can also handle all the challenges that come with dealing with creditors to ensure you are able to sleep at night. Their goal is to make sure you have the smoothest transition possible into financial freedom.
Give our bankruptcy attorney in Orlando a call at (407) 410-3173 to schedule a consultation.
“He made me feel secure that he had my best interest at heart.”- Lisa C.
“If you want an attorney that will go the extra mile for you to get the job done right I highly recommend Attorney Jose Lopez.”- Doc M.
“Mr Jose E. Lopez went above and beyond to make sure I understood the case and all my options.”- Luis R.