Daytona Beach Bankruptcy Lawyer
Bankruptcy and Financial Relief in Daytona Beach
Financial struggles can impact anyone, leading to overwhelming debt, creditor harassment, and the potential loss of assets. Bankruptcy offers a legal solution to eliminate or restructure debt, providing individuals and businesses with a fresh start. A Daytona Beach bankruptcy lawyer can assess your situation and help you navigate the complexities of bankruptcy law.
Common Types of Bankruptcy in Florida
Individuals and businesses in Daytona Beach most commonly file for:
Chapter 7 Bankruptcy
Chapter 7, or liquidation bankruptcy, allows eligible individuals to discharge most unsecured debts, including credit card balances and medical bills. Florida’s exemptions protect many assets, meaning most people can keep their homes, vehicles, and personal property.
Chapter 13 Bankruptcy
Chapter 13 is designed for those with regular income who want to reorganize their debts into a manageable repayment plan. This type of bankruptcy is particularly useful for homeowners trying to prevent foreclosure.
Challenges When Filing for Bankruptcy
Many individuals in Daytona Beach face difficulties when considering bankruptcy, including:
- Passing the Chapter 7 Means Test – Eligibility is determined by income levels.
- Protecting Assets – Florida allows exemptions, but non-exempt assets may still be liquidated.
- Dealing with Secured Debt – Mortgages and car loans require continued payments.
- Understanding Dischargeable Debt – Some debts, such as student loans and back taxes, are not dischargeable.
Debt Management and Credit Recovery
Bankruptcy is not the only option for financial relief. Debt consolidation and settlement may provide alternatives. For those who do file for bankruptcy, rebuilding credit is possible by:
- Making consistent, on-time payments
- Obtaining a secured credit card
- Monitoring and correcting errors on credit reports
Stopping Foreclosure With Bankruptcy
Homeowners in Daytona Beach facing foreclosure often turn to Chapter 13 bankruptcy, which allows them to restructure debts and keep their homes. Chapter 7 also provides temporary relief through an automatic stay, giving homeowners time to explore their options.
How Nowack & Olson, PLLC Can Assist
The experienced attorneys at Nowack & Olson, PLLC help Daytona Beach residents find solutions to overwhelming debt. Their firm provides legal guidance for individuals and businesses looking to file for bankruptcy and regain financial stability.
Bankruptcy FAQ
Will bankruptcy eliminate all of my debts?
Most unsecured debts can be discharged, but some, like student loans and tax debt, usually remain.
How does bankruptcy impact my credit?
While bankruptcy initially lowers your credit score, responsible financial behavior can lead to recovery in just a few years.
Can bankruptcy stop debt collection calls?
Yes, filing for bankruptcy triggers an automatic stay, which immediately halts collection calls, wage garnishments, and lawsuits.
Will I lose my home in bankruptcy?
Florida’s homestead exemption protects primary residences in most cases, especially in Chapter 13 filings.
Can I file for bankruptcy more than once?
Yes, but specific waiting periods apply depending on the type of bankruptcy previously filed.
Bankruptcy Lawyers Serving Throughout Daytona Beach
- Ortona
- Beach Street
- Pelican Bay
- LPGA
- Indigo Lakes
- Holly Hill
- South Daytona
- Daytona Highlands
- Daytona Shores
- Bethune Beach
Speak With a Daytona Beach Bankruptcy Attorney Today
If you are struggling with debt and need financial relief, Nowack & Olson, PLLC can help. Speak with an experienced Daytona Beach bankruptcy attorney today to explore your legal options and work toward a fresh start.
