Low-Cost Bankruptcy Attorneys in Orlando
Restoring Your Financial Freedom
Financial distress can affect anyone. Even the most frugal can fall victim to insurmountable debt after some unforeseen event such as a job loss or market crash. Our lawyers understand how overwhelming it can be to endure harassment from creditors while you frantically try to budget your way back to financial stability. When diligent saving and careful spending is no match for your debt, filing for bankruptcy can provide relief.
Learn how filing for bankruptcy could help you settle your debt, and how our firm can assist you throughout the process. Contact Conti Moore Law, PLLCfor affordable counsel today.
Chapter 7 Bankruptcy: Liquidation
Chapter 7 bankruptcy filings allow qualifying individuals and businesses to liquidate their assets in order to satisfy their debts. However, not all property is sold to repay debt. Florida allows an applicant to keep:
- Alimony and child support
- An unlimited amount of equity in their homestead, so long as the property isn’t larger than half an acre in a municipality or 160 acres elsewhere
- Certain partnership properties
- Funeral costs
- Prescribed health aids
- Savings for education, health, and hurricanes
- Specific pensions
- Specific public benefits
- Tax credits and tax refunds
- Up to $1,000 in vehicle equity
- Up to $1,000 of personal property
- Up to $4,000 of additional protection of personal property if the applicant is not using their homestead exemption
- Up to $750 per week of their wages, or 75% or 30 times the federal minimum wage, whichever is greatest
Other exemptions exist, allowing people to retain their damages from personal injury lawsuits, insurance policies and annuities, and more. Our attorneys will help you evaluate your property to determine what can be protected under state exemptions.
People are only eligible for Chapter 7 bankruptcy if a court finds that they are financially unable to repay their debt. The court will judge one’s ability to pay back all that they owe based on their income compared to the state average, and the individual’s disposable income.
Chapter 11 Bankruptcy: Reorganization
Chapter 11 bankruptcy is most commonly used for businesses and corporations who have run into some financial troubles. It’s an ideal solution for those with too much debt to qualify for Chapter 13.
Through a Chapter 11 bankruptcy, the organization is allowed to continue operations as they work to repay their debt through an approved plan. Filers undergo this process with the goal of bringing their company out of financial ruin and becoming profitable once more.
Chapter 13 Bankruptcy: Repayment with Regular Income
In Chapter 13 bankruptcy, an individual or business creates a court-approved repayment plan to satisfy their debts over three to five years. By filing, the applicant maintains all their assets while using their disposable income to repay creditors.
Upon completing the plan, the individual will receive a Chapter 13 discharge that relieves them of any remaining nonpriority debt. Priority debts, however, must be repaid in full during the repayment period. The most common examples of priority debts include:
- Child support payments
- Spousal support payments
- Tax obligations
Our lawyers will help you understand which of your debts are dischargeable and which are not.
Affordable Bankruptcy Counsel
Our lawyers understand how overwhelming and insurmountable overdue debt can seem. We offer affordable and compassionate assistance throughout the process to help you file for the bankruptcy option best for you. Contact Conti Moore Law, PLLC online or by phone at (407) 315-2006 today to start your financial recovery. You can currently schedule a free phone consultation by clicking here as well.
