Orlando Bankruptcy Lawyer
Understanding Bankruptcy in Orlando
Bankruptcy is a legal tool that allows individuals and businesses to eliminate or restructure debt when financial burdens become overwhelming. Many Orlando residents struggle with job loss, medical bills, credit card debt, and mortgage issues, making bankruptcy a viable option for those seeking relief. An Orlando bankruptcy lawyer can guide you through the process, ensuring you understand your rights and options.
Common Types of Bankruptcy
There are multiple types of bankruptcy, but the two most common for individuals are:
Chapter 7 Bankruptcy
Also known as liquidation bankruptcy, Chapter 7 allows you to discharge most unsecured debts, such as credit card bills and medical expenses. Non-exempt assets may be sold to pay off creditors, but many filers can keep their primary assets under Florida exemptions.
Chapter 13 Bankruptcy
This is a reorganization bankruptcy, allowing you to keep your assets while following a court-approved repayment plan over three to five years. It is ideal for those with steady income who want to protect their home from foreclosure.
Common Bankruptcy Issues in Orlando
Filing for bankruptcy can be complex, and individuals often face challenges such as:
- Meeting Eligibility Requirements – Chapter 7 requires passing the means test, while Chapter 13 demands proof of income.
- Foreclosure and Repossession – Bankruptcy can temporarily halt foreclosure or repossession of your property.
- Creditor Harassment – Once you file for bankruptcy, an automatic stay stops creditors from contacting you.
- Secured vs. Unsecured Debt – Not all debts can be discharged, such as student loans and child support.
Bankruptcy and Debt Relief
While bankruptcy helps eliminate or restructure debt, it is not the only option. Debt settlement or consolidation might be better alternatives for some individuals. Consulting a bankruptcy attorney will help determine the best course of action based on your financial situation.
Rebuilding Credit After Bankruptcy
Filing for bankruptcy negatively impacts your credit, but it is not permanent. Many people rebuild their credit within a few years by:
- Making timely payments on remaining or new debts
- Securing a secured credit card
- Monitoring their credit reports for accuracy
Foreclosure Defense and Bankruptcy
Homeowners facing foreclosure in Orlando can benefit from filing for Chapter 13 bankruptcy. The repayment plan allows homeowners to catch up on missed mortgage payments while keeping their property. Even under Chapter 7, an automatic stay temporarily halts foreclosure proceedings.
How Nowack & Olson, PLLC Can Help
The bankruptcy attorneys at Nowack & Olson, PLLC provide comprehensive legal support to individuals and businesses throughout Orlando. Their experienced team helps clients navigate the complexities of bankruptcy, offering tailored strategies to achieve financial freedom.
Bankruptcy FAQ
Will I lose all my assets in bankruptcy?
Not necessarily. Florida has strong exemptions that protect primary residences, vehicles, and personal belongings in most cases.
How long does bankruptcy stay on my credit report?
Chapter 7 remains for 10 years, while Chapter 13 stays for 7 years. However, you can start rebuilding credit immediately.
Can bankruptcy stop wage garnishment?
Yes, filing for bankruptcy triggers an automatic stay, halting wage garnishments, foreclosures, and collection activities.
Am I eligible for bankruptcy?
Eligibility depends on income, debt levels, and financial circumstances. A bankruptcy lawyer can help assess which chapter suits your case.
Does filing bankruptcy clear all debts?
Some debts, such as student loans, child support, and most taxes, are non-dischargeable. However, it can eliminate credit card debt, medical bills, and personal loans.
Bankruptcy Lawyers Serving Throughout Orlando
- Lake Nona
- Baldwin Park
- Dr. Phillips
- Winter Park
- MetroWest
- College Park
- Thornton Park
- Hunters Creek
- Conway
- Avalon Park
Consult an Orlando Bankruptcy Attorney Today
If you are struggling with debt and considering bankruptcy, Nowack & Olson, PLLC can provide the legal guidance you need. An Orlando bankruptcy attorney will review your financial situation, explain your options, and help you take control of your future.
