Fort Myers Bankruptcy Lawyer
Finding Financial Relief Through Bankruptcy in Fort Myers
Many Fort Myers residents face financial difficulties due to job loss, medical expenses, credit card debt, or unexpected life events. When debts become unmanageable, bankruptcy provides a legal way to eliminate or restructure financial obligations, offering a fresh start. A Fort Myers bankruptcy lawyer can guide you through the process, helping you understand your rights and the best option for your financial situation.
Common Types of Bankruptcy in Fort Myers
Individuals and businesses considering bankruptcy typically file under one of the following options:
Chapter 7 Bankruptcy
Chapter 7, also known as liquidation bankruptcy, allows eligible individuals to wipe out most unsecured debts, such as credit card balances, medical bills, and personal loans. While some assets may be sold to repay creditors, Florida’s exemptions protect many essential items, such as your home and vehicle.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy provides a structured repayment plan that allows individuals to reorganize their debts while keeping their property. This option is ideal for those with regular income who want to catch up on past-due mortgage payments, prevent foreclosure, or manage high debt loads.
Challenges of Filing for Bankruptcy
Filing for bankruptcy can be a complex process with several potential obstacles, including:
- Meeting Chapter 7 Eligibility Requirements – The means test determines whether you qualify based on income.
- Understanding Florida’s Exemptions – Some assets may not be protected and could be liquidated.
- Managing Secured Debt – Home and auto loans may require continued payments.
- Handling Non-Dischargeable Debt – Certain debts, such as alimony, student loans, and some taxes, are not eliminated through bankruptcy.
Debt Relief and Alternative Solutions
While bankruptcy offers significant financial relief, it is not the only solution. Alternatives include:
- Debt Consolidation – Combining multiple debts into one loan with a lower interest rate.
- Debt Settlement – Negotiating with creditors to reduce outstanding balances.
- Credit Counseling – Working with financial professionals to create a sustainable repayment plan.
Rebuilding Credit After Bankruptcy
A bankruptcy filing impacts your credit, but it does not permanently damage your financial future. Many people rebuild their credit within a few years by:
- Making consistent, on-time payments on remaining accounts
- Using a secured credit card responsibly
- Reviewing and correcting errors on credit reports
Stopping Foreclosure With Bankruptcy
Fort Myers homeowners facing foreclosure can use Chapter 13 bankruptcy to restructure their debt and catch up on missed mortgage payments. Even under Chapter 7, an automatic stay temporarily halts foreclosure proceedings, giving homeowners time to explore their options.
How Nowack & Olson, PLLC Can Help
The attorneys at Nowack & Olson, PLLC have extensive experience helping Fort Myers residents resolve financial difficulties through bankruptcy. Their legal team provides strategic advice, ensuring clients understand their rights and options for debt relief.
Bankruptcy FAQ
Can bankruptcy erase all my debts?
Most unsecured debts, such as medical bills and credit card balances, can be eliminated. However, student loans, child support, and certain tax debts usually remain.
Will bankruptcy stop wage garnishment?
Yes, filing for bankruptcy triggers an automatic stay, halting wage garnishments, foreclosures, and debt collection actions.
How long does bankruptcy stay on my credit report?
Chapter 7 remains on your credit report for 10 years, while Chapter 13 stays for 7 years. However, responsible credit habits can lead to financial recovery much sooner.
Will I lose my home if I file for bankruptcy?
Florida’s homestead exemption protects primary residences in most cases, especially in Chapter 13 filings.
Can creditors still contact me after I file for bankruptcy?
No, an automatic stay prevents creditors from contacting you or taking legal action against you.
Bankruptcy Attorneys Serving Throughout Fort Myers
- McGregor
- Whiskey Creek
- Buckingham
- Gateway
- Iona
- Cypress Lake
- Paseo
- Villas
- San Carlos Park
- Tanglewood
Consult a Fort Myers Bankruptcy Lawyer Today
If debt is affecting your life, Nowack & Olson, PLLC can help. Speak with an experienced Fort Myers bankruptcy attorney today to explore your options and regain control of your financial future.
