Southeast Florida/Indian River/Treasure Coast Bankruptcy Lawyer
Financial hardship can strike anyone at any time. Mounting debt, harassing creditor calls, and the threat of foreclosure can create overwhelming stress. If you are facing financial difficulties, bankruptcy may provide the relief you need to get a fresh start. A Southeast Florida/Indian River/Treasure Coast bankruptcy lawyer can help you understand your legal options and guide you through the bankruptcy process. Nowack & Olson, PLLC has years of experience helping individuals and businesses eliminate or restructure their debt and regain financial stability.
Common Types of Bankruptcy
Understanding which type of bankruptcy fits your financial situation is essential. Below are the most common types of bankruptcy available for individuals and businesses:
Chapter 7 Bankruptcy – Liquidation
Chapter 7 bankruptcy is designed for individuals who cannot pay off their debts. It allows for the liquidation of non-exempt assets to repay creditors, but many filers can keep essential property through exemptions. Chapter 7 provides a fast resolution, usually discharging most debts within a few months.
Chapter 13 Bankruptcy – Debt Reorganization
Chapter 13 bankruptcy is best for those with a steady income who want to restructure their debt rather than liquidate assets. This plan allows debtors to repay creditors over three to five years while keeping their property. It is a preferred option for homeowners facing foreclosure.
Chapter 11 Bankruptcy – Business Reorganization
Chapter 11 is typically used by businesses looking to reorganize their debts while continuing operations. This process allows a company to develop a repayment plan while maintaining control over its assets.
Chapter 12 Bankruptcy – For Family Farmers and Fishermen
Chapter 12 is a specialized bankruptcy plan for family farmers and fishermen who need to restructure their debt while maintaining their livelihood.
Common Bankruptcy Issues
Even though bankruptcy can be a great option, certain issues may arise during the process.
- Eligibility Concerns – Not everyone qualifies for Chapter 7 or Chapter 13 bankruptcy. A means test determines eligibility for Chapter 7, while Chapter 13 requires a steady income.
- Exempt and Non-Exempt Assets – Some assets may not be protected under Florida’s bankruptcy exemptions, which means they could be sold to repay creditors.
- Creditor Challenges – Creditors may dispute certain debts, arguing they should not be discharged.
- Reaffirmation of Debt – Some debts, like auto loans or mortgages, may require reaffirmation if you want to keep the asset.
- Bankruptcy and Divorce – Filing bankruptcy during divorce proceedings can complicate property division and support obligations.
Debt, Credit Repair, and Rebuilding Financial Stability
Bankruptcy provides relief, but rebuilding your financial health is equally important.
- Credit Score Impact – Bankruptcy does affect your credit score, but you can start rebuilding immediately after discharge.
- Secured Credit Cards – Obtaining a secured credit card can help you establish positive payment history.
- On-Time Bill Payments – Paying remaining obligations on time can improve your credit standing over time.
- Monitoring Credit Reports – Checking your credit report for inaccuracies ensures correct reporting and faster recovery.
Foreclosure and Bankruptcy
Homeowners struggling with mortgage payments often face the threat of foreclosure. Bankruptcy can provide solutions to stop foreclosure proceedings.
- Chapter 7 and Foreclosure – This type of bankruptcy temporarily halts foreclosure but does not provide long-term relief if mortgage payments are delinquent.
- Chapter 13 and Foreclosure – This option allows homeowners to catch up on missed payments over time while keeping their property.
- Automatic Stay – When you file for bankruptcy, an automatic stay is issued, temporarily stopping foreclosure and other collection actions.
How Nowack & Olson, PLLC Can Help
Filing for bankruptcy is a complex process, but Nowack & Olson, PLLC has the experience and knowledge to help.
- Personalized Case Evaluation – Our team will analyze your financial situation and determine the best course of action.
- Guidance Through the Bankruptcy Process – We will handle all filings, court appearances, and negotiations with creditors.
- Protection From Creditor Harassment – Once we file your case, creditors are legally required to stop contacting you.
- Helping You Rebuild Your Financial Future – We don’t just help with bankruptcy—we provide guidance on how to recover and improve your financial health.
Serving Southeast Florida, Indian River & Treasure Coast
- Boca Raton
- Fort Lauderdale
- Fort Pierce
- Greenacres
- Jupiter
- Lake Worth
- Miami
- Plantation
- Port St. Lucie
- Stuart
- West Palm Beach
- Broward County
- Martin County
- Palm Beach County
- St. Lucie County
- Palm Bay
- Vero Beach
Bankruptcy FAQ
Will Bankruptcy Eliminate All My Debts?
Most unsecured debts, such as credit cards, medical bills, and personal loans, are discharged. However, certain debts, like student loans, alimony, and child support, usually cannot be eliminated.
How Long Does Bankruptcy Stay on My Credit Report?
A Chapter 7 bankruptcy remains on your credit report for up to 10 years, while a Chapter 13 remains for seven years. However, you can begin rebuilding credit immediately.
Can I Keep My Car and Home If I File for Bankruptcy?
It depends on your situation. Florida has strong exemptions that protect your home in most cases. Chapter 13 allows you to catch up on payments and keep your home, while Chapter 7 may require you to surrender it unless exempt.
Will Filing for Bankruptcy Stop Wage Garnishment?
Yes. An automatic stay is issued upon filing, stopping wage garnishment and other collection efforts.
Can I File for Bankruptcy More Than Once?
Yes, but there are time limits. You must wait eight years between Chapter 7 filings and two years between Chapter 13 filings. If switching from Chapter 7 to Chapter 13, the waiting period is four years.
How Much Does It Cost to File for Bankruptcy?
Filing fees vary depending on the type of bankruptcy. Chapter 7 typically has lower fees than Chapter 13. Attorney fees depend on the complexity of your case, but payment plans may be available.
Does My Spouse Have to File for Bankruptcy Too?
No, but in some cases, filing jointly may be beneficial if you share significant debts.
Will Bankruptcy Affect My Job or Future Employment?
Employers cannot fire you for filing bankruptcy. However, certain industries, like finance or government, may review your credit history for future hiring.
How Long Does the Bankruptcy Process Take?
Chapter 7 cases typically take about three to four months, while Chapter 13 cases last three to five years.
Can I Get Credit After Bankruptcy?
Yes. Many people qualify for secured credit cards or small loans shortly after discharge. Responsible use of new credit can help rebuild your financial standing.
Contact a Southeast Florida/Indian River/Treasure Coast Bankruptcy Attorney Today
If you are struggling with overwhelming debt, you don’t have to face it alone. Nowack & Olson, PLLC is here to help you navigate bankruptcy and find the best financial solution for your future. A Southeast Florida bankruptcy attorney can assess your situation, explain your options, and protect your assets. Contact us today for a consultation and take the first step toward financial freedom.
