St. Petersburg Bankruptcy Lawyer
Finding Financial Relief Through Bankruptcy
Many individuals and businesses in St. Petersburg struggle with mounting debt due to unexpected financial setbacks such as medical bills, job loss, or excessive credit card balances. Bankruptcy offers a legal way to eliminate or restructure debt, providing a fresh start. An St. Pete bankruptcy lawyer can evaluate your financial situation and help you navigate the complexities of filing for bankruptcy.
Common Types of Bankruptcy in St. Pete
The most common bankruptcy filings for individuals in Florida include:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to discharge most unsecured debts, including credit cards and medical bills. Florida exemptions protect essential assets such as your home, vehicle, and personal property, so many filers can retain their most important possessions.
Chapter 13 Bankruptcy
This type of bankruptcy is ideal for individuals with a steady income who want to avoid foreclosure or repossession. Chapter 13 creates a structured repayment plan that allows debtors to pay off obligations over three to five years while keeping their assets.
Challenges When Filing for Bankruptcy
Bankruptcy can provide relief, but it also comes with certain challenges, such as:
- Passing the Chapter 7 Means Test – Eligibility is based on income levels.
- Understanding Florida Exemptions – Some assets may not be protected and could be liquidated.
- Managing Secured Debts – Mortgages and car loans require continued payments if you wish to keep the property.
- Navigating Non-Dischargeable Debts – Certain debts, such as student loans and child support, typically cannot be discharged.
Alternatives to Bankruptcy and Credit Repair
Bankruptcy is not the only way to manage debt. Some individuals in St. Pete find relief through debt settlement, consolidation, or credit counseling. After filing for bankruptcy, rebuilding credit is possible through:
- Making timely payments on new or existing accounts
- Obtaining a secured credit card
- Regularly checking credit reports to ensure accuracy
Foreclosure Defense Through Bankruptcy
St. Pete homeowners facing foreclosure may benefit from filing for Chapter 13 bankruptcy, which allows them to catch up on missed mortgage payments over time. Chapter 7 bankruptcy also provides temporary foreclosure relief through an automatic stay, which halts collection actions.
How Nowack & Olson, PLLC Can Help
Nowack & Olson, PLLC has extensive experience helping St. Pete residents resolve their financial difficulties through bankruptcy. Their legal team provides personalized guidance for individuals and businesses seeking debt relief solutions.
Bankruptcy FAQ
Will bankruptcy eliminate all my debts?
Most unsecured debts, such as credit card balances and medical bills, can be discharged. However, certain obligations, including student loans, child support, and some taxes, typically remain.
Can bankruptcy stop creditor harassment?
Yes, filing for bankruptcy triggers an automatic stay, which immediately stops collection calls, lawsuits, wage garnishments, and foreclosure proceedings.
How long does bankruptcy stay on my credit report?
Chapter 7 remains for 10 years, while Chapter 13 stays for 7 years. However, many individuals see credit score improvements within a few years.
Will I lose my house if I file for bankruptcy?
Florida’s homestead exemption protects primary residences in most cases, particularly in Chapter 13 filings.
Can I file for bankruptcy more than once?
Yes, but there are waiting periods between filings. An attorney can help determine your eligibility.
Bankruptcy Lawyers Serving Throughout St. Petersburg
- Old Northeast
- Snell Isle
- Historic Kenwood
- Shore Acres
- Crescent Lake
- Jungle Prada
- Coquina Key
- Pasadena
- Downtown St. Pete
- Venetian Isles
Speak With a St. Pete Bankruptcy Attorney Today
If you are struggling with overwhelming debt, Nowack & Olson, PLLC can provide legal guidance to help you regain financial control. Contact an experienced St. Pete bankruptcy attorney today to discuss your options and start the path to financial stability.
