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Florida Bankruptcy Lawyer > East Central Florida/Space Coast Bankruptcy Lawyer

East Central Florida/Space Coast Bankruptcy Lawyer

Financial hardship can be overwhelming, but bankruptcy may provide a path toward financial relief and a fresh start. Whether you are struggling with mounting debt, facing foreclosure, or dealing with creditor harassment, an East Central Florida/Space Coast bankruptcy lawyer can help you explore your legal options and determine the best course of action. Bankruptcy law offers individuals and businesses a way to restructure or eliminate debt under federal protection, giving them the opportunity to regain control of their financial future.

Common Types of Bankruptcy

Bankruptcy law provides different options depending on your specific financial situation. The most common types of bankruptcy include:

Chapter 7 Bankruptcy: Often referred to as “liquidation bankruptcy,” Chapter 7 allows individuals to eliminate most unsecured debts, such as credit cards and medical bills. Certain assets may be sold to pay off creditors, but many people can keep their home, car, and essential belongings through exemptions.

Chapter 13 Bankruptcy: Known as “reorganization bankruptcy,” Chapter 13 allows individuals with a steady income to restructure their debts into a repayment plan that typically lasts three to five years. This option is beneficial for those who want to catch up on missed mortgage or car payments while keeping their assets.

Chapter 11 Bankruptcy: This form of bankruptcy is primarily for businesses and individuals with substantial debt who need to reorganize their finances. Chapter 11 enables debtors to continue operating while restructuring their obligations under court supervision.

Chapter 12 Bankruptcy: Designed specifically for family farmers and fishermen, Chapter 12 provides a structured repayment plan similar to Chapter 13 but tailored to the seasonal income of agricultural workers.

Common Issues in Bankruptcy

While bankruptcy can provide financial relief, several issues may arise throughout the process, including:

  • Qualifying for Chapter 7 – Individuals must pass a means test to determine eligibility for Chapter 7 bankruptcy, which considers income, expenses, and overall financial situation.
  • Protecting Assets – Understanding which assets are exempt from liquidation is crucial to preserving your property.
  • Repayment Plan Approval – In Chapter 13, the court must approve a feasible repayment plan, which can be challenging for those with fluctuating income.
  • Creditor Objections – Creditors may challenge debt discharge or repayment terms, requiring legal representation to address disputes.
  • Rebuilding Credit – Bankruptcy remains on credit reports for several years, making credit repair an essential step after discharge.

Dealing with Debt & Credit Repair

After bankruptcy, many people worry about their ability to secure credit and rebuild financial stability. While bankruptcy initially impacts credit scores, taking proactive steps can lead to financial recovery.

Steps to Improve Credit After Bankruptcy

  • Obtain a secured credit card and make timely payments.
  • Monitor credit reports for errors and dispute inaccuracies.
  • Pay all bills on time to establish a positive payment history.
  • Avoid excessive new debt and focus on responsible financial habits.

With time and responsible financial management, it is possible to rebuild creditworthiness and regain financial independence.

Foreclosure & Bankruptcy Protection

Homeowners struggling with mortgage payments often face the risk of foreclosure. Bankruptcy can provide a legal shield against foreclosure and offer options to save a home.

  • Chapter 7 & Foreclosure – Filing for Chapter 7 may delay foreclosure through an automatic stay but does not provide a long-term solution to catch up on missed payments.
  • Chapter 13 & Foreclosure – Chapter 13 allows homeowners to include past-due mortgage payments in their repayment plan, making it a viable option for those who want to keep their home.

An experienced bankruptcy lawyer can assess your situation and determine the best strategy to prevent foreclosure and secure your financial future.

How Nowack & Olson, PLLC Can Help

Navigating bankruptcy law can be complex, but working with a skilled legal team can make the process more manageable. Nowack & Olson, PLLC offers comprehensive bankruptcy representation, helping individuals and businesses achieve financial relief. Their experienced attorneys assist with:

  • Evaluating eligibility for Chapter 7 or Chapter 13 bankruptcy
  • Protecting assets through exemption planning
  • Stopping creditor harassment and wage garnishments
  • Preventing foreclosure and repossession
  • Developing effective debt repayment strategies
  • Guiding clients through credit repair post-bankruptcy

By providing personalized legal solutions, Nowack & Olson, PLLC empowers clients to take control of their financial future and move forward with confidence.

Bankruptcy FAQ

1. Will bankruptcy eliminate all my debts?

Bankruptcy can eliminate most unsecured debts like credit cards and medical bills, but certain debts such as student loans, child support, and certain taxes may not be dischargeable.

2. Can I keep my home and car if I file for bankruptcy?

In many cases, you can keep your home and vehicle if they are within the allowed exemptions or if you continue making payments under a Chapter 13 repayment plan.

3. How long does bankruptcy stay on my credit report?

Chapter 7 bankruptcy remains on credit reports for ten years, while Chapter 13 stays for seven years. However, credit scores can start improving long before the bankruptcy is removed.

4. Will filing for bankruptcy stop creditor harassment?

Yes. An automatic stay goes into effect when you file for bankruptcy, legally preventing creditors from calling, suing, or attempting to collect debts.

5. Do I have to go to court?

Most bankruptcy cases require at least one court appearance for the 341 Meeting of Creditors, where the trustee and creditors may ask questions about your case.

6. Can I file for bankruptcy more than once?

Yes, but there are time limits between filings. For instance, you must wait eight years between Chapter 7 discharges and two years between Chapter 13 discharges.

7. What happens if I don’t qualify for Chapter 7?

If you don’t meet the means test for Chapter 7, you may still be eligible for Chapter 13, which allows for debt restructuring and repayment over time.

8. Can bankruptcy help with tax debt?

Some tax debts may be discharged if they meet specific criteria, such as being older than three years and having been properly filed.

9. Will bankruptcy affect my spouse’s credit?

If you file individually, your spouse’s credit may not be affected unless you share joint debts that are included in the bankruptcy.

10. How do I get started with bankruptcy?

Consulting with an experienced bankruptcy lawyer is the first step to understanding your options and developing a plan for financial relief.

Bankruptcy Attorneys Serving East Central Florida & Space Coast

For those struggling with overwhelming debt, bankruptcy may provide the fresh start needed to regain financial stability. Working with an experienced East Central Florida bankruptcy attorney can help you navigate the legal process and secure the best possible outcome for your financial future. Nowack & Olson, PLLC is ready to guide you every step of the way.

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