The Orlando bankruptcy attorneys at the Kramer Law Firm have helped hundreds of people in our community deal with overwhelming debt. We offer consumer bankruptcy services including Chapter 7, Chapter 11 and Chapter 13 representation, and alternative debt relief solutions beyond bankruptcy. Each person’s debt situation is unique; and for many situations, there are choices that may be better than, or just as effective as bankruptcy.
Personal Bankruptcy
Our attorneys will develop a personal bankruptcy plan to end creditor harassment or stop foreclosure, or find an alternative solution that fits your needs. Filing for bankruptcy gives the individual the opportunity to start over financially. In fact, most people’s credit scores actually improve after filing a bankruptcy. If you are a homeowner facing foreclosure or an individual considering bankruptcy, we will present all legal options to you.
Chapter 7
Chapter 7 bankruptcy is designed to help you eliminate most kinds of unsecured debt. Types of unsecured debts include credit card debt, many personal loans, and medical bills.
In order to file for Chapter 7 bankruptcy, you must pass a "means test" in which your household income must be lower than the Florida median income. Chapter 7 bankruptcy is typically completed in less than six months, and our Orlando bankruptcy attorneys will help you through the entire process.
Means Test
The means test determines if you are eligible to file a Chapter 7 bankruptcy based on your income. Experienced handling of the means test is important to your case, as it serves as a cut-off between Chapter 7 and Chapter 13 bankruptcy eligibility. Many factors play in to the computations, and our Orlando bankruptcy attorneys will guide you through each step.
Chapter 11
Chapter 11 bankruptcy is generally used by businesses and corporations. It is designed to give business owners an opportunity to restructure their financial obligations and the way they do business, while keeping possession and control of their assets. A formal repayment plan must be submitted to the bankruptcy court and approved by creditors.
Chapter 13
In Chapter 13 bankruptcy, you do not eliminate any debts. Instead, you make a consolidation repayment proposal to the courts, where you pay back the debts over three to five years. Secured debts, like a home or a vehicle, are made current, while unsecured debts, such as credit cards or medical bills, are paid back at less than full value.
Because payments are restructured, Chapter 13 bankruptcy can be useful for homeowners who wish to avoid foreclosure. Also, if you have a second or third mortgage and your home is now valued at less than the first mortgage, Chapter 13 may allow for lien stripping, where the second or third mortgages may be removed. The Orlando bankruptcy attorneys at the Kramer Law Firm are well prepared to help you evaluate whether Chapter 13 bankruptcy is right for you.
Florida Bankruptcy Exemptions
Under Florida bankruptcy law, certain types of assets are exempt from bankruptcy loss. Florida bankruptcy exemptions of property can be complicated, and many exemptions may not be apparent. Our bankruptcy attorneys will ensure that you apply all of the correct exemptions that you are allowed in your case.
Wage Garnishment
Credit card companies, creditors and even the IRS can take legal action to garnish your wages to pay off outstanding debt. If you are struggling with debt and need to stop creditors from taking money out of your paycheck or straight out of your bank account, we can help. Once bankruptcy is filed, whether it is Chapter 7 or Chapter 13, an automatic stay is issued.
This means creditors cannot take any action to enforce a claim against you. We also aggressively defend our clients in lawsuits from creditors, as well as protect your rights in FDCPA claims. We can also fight against garnishment without filing for bankruptcy.
Foreclosure
Our Orlando bankruptcy attorneys take foreclosure cases very seriously. We have helped dozens of homeowners throughout Orlando and central Florida fight and beat foreclosure actions. Foreclosure defense law offers many options. Filing for bankruptcy can be a reasonable option for homeowners facing mortgage foreclosure.
A homeowner that files for Chapter 7 bankruptcy may be able to delay the foreclosure long enough to find other methods of payment. A Chapter 13 bankruptcy is a good alternative if a borrower is still working and can make mortgage payments.
While bankruptcy can be the right option for some, often it is better to defend the foreclosure, or both defend the foreclosure and file a bankruptcy. We help clients understand their options and determine whether they are in a position to pursue:
- Loan modification
- Mortgage workouts
- Forbearance
- Short sale
- Deed in lieu of foreclosure
- Lender liability lawsuit
- Defenses and counterclaims to fight foreclosure
We will help you find the best solution and assist you every step of the way.
Debt Settlement
Our Orlando bankruptcy attorneys are adept at finding solutions to help you to deal with debt issues without resorting to bankruptcy.
We routinely help clients settle debt for considerably less than what is owed through means such as debt settlement, debt modification, foreclosure defense and asset protection.
In the right situations, these tools offer better solutions than bankruptcy, without the same collateral damage such as liquidation, or long-term payment plans.
If you are struggling with debt, do not hesitate. Call to speak with the Orlando bankruptcy lawyers at the Kramer Law Firm.
