Melbourne Bankruptcy Lawyer
Understanding Bankruptcy in Melbourne
Financial hardships can strike anyone, leaving them struggling with overwhelming debt, creditor harassment, and the threat of foreclosure. Bankruptcy is a legal solution designed to help individuals and businesses regain financial stability. Whether you’re dealing with medical bills, credit card debt, or job loss, an Melbourne bankruptcy lawyer can guide you through the process and help you make informed decisions about your financial future.
Types of Bankruptcy in Florida
The two most common bankruptcy options available for individuals in Melbourne include:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows individuals to eliminate most unsecured debts, including credit card balances and medical bills. Florida law provides generous exemptions, enabling many filers to retain their home, car, and personal belongings.
Chapter 13 Bankruptcy
This type of bankruptcy is designed for individuals with a steady income who want to restructure their debt into an affordable repayment plan. Chapter 13 helps homeowners catch up on missed mortgage payments and avoid foreclosure while repaying debts over three to five years.
Common Challenges in Bankruptcy
Bankruptcy can be complex, and many people encounter issues such as:
- Passing the Chapter 7 Means Test – This determines whether you qualify based on income.
- Navigating Exemptions – Florida allows you to protect specific assets, but some non-exempt property may be liquidated.
- Managing Secured vs. Unsecured Debt – While most unsecured debts are discharged, secured debts (such as car loans) may require continued payments.
- Creditor Disputes – Some creditors challenge the discharge of debts, requiring legal intervention.
Debt Management and Credit Repair
Bankruptcy is not the only path to financial relief. Some individuals may benefit from debt consolidation, credit counseling, or settlement negotiations instead of filing for bankruptcy. Additionally, rebuilding credit after bankruptcy is possible by:
- Making on-time payments
- Using a secured credit card
- Checking credit reports for errors
Foreclosure and Bankruptcy Protection
Many Melbourne residents facing foreclosure turn to Chapter 13 bankruptcy to protect their homes. By restructuring debts into an affordable repayment plan, homeowners can prevent foreclosure while catching up on past-due mortgage payments. Chapter 7 can also provide temporary relief through an automatic stay.
How Nowack & Olson, PLLC Can Help
Nowack & Olson, PLLC offers experienced bankruptcy representation for Melbourne residents, helping clients resolve financial challenges through strategic legal guidance. Their team ensures clients understand their rights, options, and potential outcomes.
Bankruptcy FAQ
How do I know if bankruptcy is right for me?
Consulting a bankruptcy lawyer is the best way to evaluate your financial situation and determine whether Chapter 7 or Chapter 13 bankruptcy is suitable.
Can bankruptcy wipe out all of my debt?
Most unsecured debts can be eliminated, but some obligations, like student loans and child support, typically remain.
Will bankruptcy stop foreclosure?
Yes, filing for bankruptcy initiates an automatic stay that temporarily halts foreclosure proceedings. Chapter 13 bankruptcy offers a long-term foreclosure solution.
How long does bankruptcy stay on my credit report?
Chapter 7 remains for 10 years, while Chapter 13 stays for 7 years. However, many people rebuild credit much sooner.
Do I need to go to court for bankruptcy?
Yes, you must attend a 341 meeting of creditors, but a skilled attorney will handle the legal filings and represent you throughout the process.
Bankruptcy Lawyers Serving Throughout Melbourne
- Viera
- Suntree
- Palm Bay
- Eau Gallie
- West Melbourne
- Indian Harbour Beach
- Satellite Beach
- Merritt Island
- Rockledge
- Malabar
Consult a Melbourne Bankruptcy Attorney Today
If debt is overwhelming your life, Nowack & Olson, PLLC can help you explore your options and work toward a financial fresh start. Contact an experienced Melbourne bankruptcy attorney to get started today.
