Kissimmee Bankruptcy Lawyer
Navigating Bankruptcy in Kissimmee
Bankruptcy offers individuals and businesses in Kissimmee a fresh start by eliminating or restructuring their debts. Many people face financial challenges due to medical bills, credit card debt, unexpected job losses, or mortgage issues. A Kissimmee bankruptcy lawyer can help determine the best course of action, whether that’s Chapter 7, Chapter 13, or alternative debt relief solutions.
Types of Bankruptcy in Florida
When filing for bankruptcy, individuals most commonly choose between:
Chapter 7 Bankruptcy
Chapter 7 allows for the discharge of most unsecured debts. This type of bankruptcy is best suited for those with limited income and significant financial obligations. While some assets may be liquidated, Florida exemptions help many people keep their home, car, and personal belongings.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves a structured repayment plan over three to five years. It is ideal for individuals with regular income who wish to catch up on mortgage payments and prevent foreclosure.
Common Bankruptcy Challenges
Filing for bankruptcy in Kissimmee comes with its own set of legal and financial hurdles:
- Meeting Chapter 7’s Means Test – Those who earn above a certain amount may not qualify.
- Dealing with Creditors – Some creditors may challenge a bankruptcy discharge.
- Avoiding Asset Liquidation – Exemptions help, but some assets could still be at risk.
- Understanding Debt Categories – Certain debts, such as student loans and alimony, are non-dischargeable.
Debt Relief and Alternatives to Bankruptcy
Bankruptcy is not always the best or only solution. Debt consolidation, credit counseling, and negotiated settlements can sometimes provide relief without filing for bankruptcy. A legal consultation can clarify the right approach.
Rebuilding Your Credit After Bankruptcy
Bankruptcy will impact your credit score, but it is possible to recover. Many people see improvements within a few years by:
- Paying bills on time
- Obtaining a secured credit card
- Reviewing credit reports for errors
Foreclosure and Bankruptcy Protection
Kissimmee homeowners at risk of foreclosure can benefit from Chapter 13 bankruptcy, which allows them to reorganize debts and catch up on mortgage arrears. Chapter 7 can also temporarily halt foreclosure through an automatic stay.
How Nowack & Olson, PLLC Can Assist
With decades of experience in Florida bankruptcy law, Nowack & Olson, PLLC helps Kissimmee residents navigate financial hardships. Their attorneys provide customized legal solutions for individuals and businesses.
Bankruptcy FAQ
Will I qualify for Chapter 7 bankruptcy?
Eligibility is based on income and the means test. Those earning above the threshold may need to consider Chapter 13 instead.
Can bankruptcy stop a foreclosure?
Yes, filing for bankruptcy places an automatic stay on foreclosure proceedings, though the long-term solution depends on the type of bankruptcy filed.
How will bankruptcy affect my credit?
Bankruptcy lowers your credit score initially, but responsible financial management can lead to recovery within a few years.
Does bankruptcy eliminate all debts?
Not all debts are dischargeable. Student loans, most tax debts, and child support typically remain.
Can I file for bankruptcy more than once?
Yes, but there are waiting periods between filings. Consulting an attorney ensures compliance with legal requirements.
Bankruptcy Lawyers Serving Throughout Kissimmee
- Celebration
- Poinciana
- Hunters Creek
- Buenaventura Lakes
- Campbell
- Boggy Creek
- Kissimmee Bay
- Orange Blossom Trails
- The Oaks
- Remington
Speak With a Kissimmee Bankruptcy Attorney Today
If you are overwhelmed by debt, Nowack & Olson, PLLC can help you explore your legal options. Consult an experienced Kissimmee bankruptcy attorney to start your journey toward financial stability.
