5 Signs You Might Need a Personal Bankruptcy Attorney for Your Financial Situation

In today’s economic landscape, financial challenges can arise unexpectedly, leaving individuals overwhelmed and uncertain about their options. Whether it’s mounting debt, foreclosure threats, or creditor harassment, navigating through such crises can be daunting without proper guidance. Fortunately, seeking the assistance of a knowledgeable personal bankruptcy attorney can provide clarity and relief in times of financial distress. Here are five signs that indicate you may need the expertise of a personal bankruptcy attorney to navigate your financial situation effectively:

1. Overwhelming Debt Burden:

If you find yourself drowning in a sea of debt with no feasible repayment plan in sight, it may be time to consult a personal bankruptcy attorney. Whether your debt stems from credit cards, medical bills, or loans, an attorney can assess your financial situation and recommend the best course of action. They can help you explore options such as Chapter 7 or Chapter 13 bankruptcy to alleviate your debt burden and achieve a fresh financial start.

2. Threat of Foreclosure:

Are you facing the risk of losing your home due to missed mortgage payments or foreclosure proceedings? Seeking the assistance of a personal bankruptcy attorney can provide crucial support in negotiating with lenders and exploring alternatives such as mortgage modification or bankruptcy protection. With their expertise, you can work towards saving your home and securing a more manageable repayment plan that aligns with your financial circumstances.

3. Persistent Creditor Harassment:

Dealing with incessant calls and letters from creditors can be emotionally taxing and exacerbate an already stressful situation. A personal bankruptcy attorney can intervene on your behalf and put an end to creditor harassment through legal channels. By filing for bankruptcy, you can benefit from an automatic stay, which prohibits creditors from engaging in collection activities, providing you with much-needed relief and peace of mind.

4. Declining Credit Score and Financial Health:

A deteriorating credit score and worsening financial health are red flags that warrant immediate attention. Rather than allowing your financial situation to spiral out of control, consulting a personal bankruptcy attorney can help you assess your options and take proactive steps to mitigate further damage. By addressing your financial challenges head-on, you can begin the journey towards rebuilding your credit and securing a more stable financial future.

5. Complex Legal Procedures:

Bankruptcy laws can be intricate and complex, making it essential to enlist the expertise of a qualified attorney who specializes in personal bankruptcy cases. From navigating paperwork and court proceedings to representing your interests effectively, an experienced attorney can guide you through the entire bankruptcy process with professionalism and diligence. By entrusting your case to a knowledgeable legal professional, you can minimize errors, expedite proceedings, and maximize the likelihood of a favorable outcome.

In conclusion, recognizing the signs that indicate the need for a personal bankruptcy attorney is the first step towards regaining control of your financial future. Whether you’re facing overwhelming debt, foreclosure threats, or creditor harassment, seeking legal guidance can provide invaluable support and peace of mind. With their expertise and advocacy, a personal bankruptcy attorney can help you navigate through challenging times and emerge with a fresh start towards financial stability and independence.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Navigating Bankruptcy Court: A Guide to Understanding the Process

Facing financial distress can be overwhelming, but bankruptcy court offers a structured path to help individuals and businesses navigate these challenging times. Understanding what to expect during the bankruptcy process can alleviate some of the uncertainty and stress associated with it. In this article, we’ll provide a comprehensive guide to what happens during bankruptcy court proceedings, empowering you with the knowledge to approach the process with confidence.

Understanding Bankruptcy Basics:

Before delving into the court proceedings, it’s crucial to grasp the basics of bankruptcy. Bankruptcy is a legal process designed to provide individuals and businesses with relief from overwhelming debt. There are different types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13, each with its specific eligibility criteria and procedures.

Filing for Bankruptcy – The bankruptcy process typically begins with filing a petition in the appropriate bankruptcy court. This involves disclosing detailed financial information, such as income, assets, debts, and expenses. Depending on the type of bankruptcy, individuals may need to undergo credit counseling before filing.

Automatic Stay – Once the bankruptcy petition is filed, an automatic stay goes into effect. This legal injunction halts creditors’ collection efforts, including foreclosure proceedings, wage garnishments, and harassing phone calls. The automatic stay provides breathing room for debtors to reorganize their finances without the constant pressure of creditors.

Meeting of Creditors (341 Meeting) – After filing for bankruptcy, debtors are required to attend a meeting of creditors, also known as a 341 meeting. During this meeting, the debtor, their attorney, and a bankruptcy trustee appointed by the court discuss the debtor’s financial situation. Creditors may attend and ask questions about the debtor’s assets and liabilities, providing an opportunity for transparency and resolution.

Negotiating a Repayment Plan – In Chapter 13 bankruptcy, debtors work with creditors and the bankruptcy trustee to develop a repayment plan. This plan outlines how the debtor will repay their debts over a specified period, typically three to five years. The court must approve the repayment plan, ensuring it is feasible and fair to both the debtor and creditors.

Liquidation and Asset Distribution – In Chapter 7 bankruptcy, a trustee may liquidate non-exempt assets to repay creditors. However, many assets are protected under state and federal bankruptcy exemptions, allowing debtors to retain essential property. The trustee distributes the proceeds from liquidated assets among creditors according to priority rules established by bankruptcy law.

Confirmation Hearing:

In Chapter 13 bankruptcy, debtors must attend a confirmation hearing where the court reviews and approves their repayment plan. Creditors have the opportunity to object to the plan if they believe it unfairly favors the debtor. If the court confirms the plan, debtors must adhere to its terms to successfully complete the bankruptcy process.

Discharge of Debts:

The ultimate goal of bankruptcy is to obtain a discharge of debts, relieving the debtor of the legal obligation to repay them. In Chapter 7 bankruptcy, eligible debts are discharged shortly after the liquidation process. In Chapter 13 bankruptcy, debts are discharged upon successful completion of the repayment plan. However, certain debts, such as student loans and tax obligations, may not be dischargeable.

Navigating bankruptcy court can be daunting, but with a clear understanding of the process, individuals and businesses can approach it with confidence. From filing the initial petition to obtaining a discharge of debts, each step of the bankruptcy process serves a specific purpose in providing relief and a fresh financial start. By working with experienced legal counsel and adhering to the requirements set forth by the court, debtors can emerge from bankruptcy with their finances on a more stable footing.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

A Comprehensive Guide to Credit Counseling vs. Bankruptcy

In the face of financial challenges, individuals often find themselves at a crossroads, weighing the pros and cons of different debt relief options. Two prominent choices that emerge are credit counseling and bankruptcy. Each path offers unique benefits and considerations, catering to diverse financial situations. This article aims to unravel the intricacies of credit counseling and bankruptcy, providing readers with insights to make informed decisions about their financial future.

Understanding Credit Counseling:

Credit counseling is a proactive approach to managing debt. It involves working with a certified credit counselor who assesses an individual’s financial situation and crafts a personalized plan for debt repayment. The counselor negotiates with creditors to establish a manageable repayment schedule, often with reduced interest rates or waived fees. Credit counseling aims to empower individuals with financial education, enabling them to take control of their finances responsibly.

Benefits of Credit Counseling:

Structured Repayment Plans: Credit counseling offers structured repayment plans that fit within an individual’s budget, making it easier to manage and eliminate debt.

Financial Education: Clients receive valuable financial education, learning budgeting skills and money management strategies to avoid future debt issues.

Reduced Interest Rates: Credit counselors can negotiate with creditors for lower interest rates, helping clients pay off debts more efficiently.

Considerations for Credit Counseling:

Impact on Credit Score: While credit counseling doesn’t directly impact credit scores, enrolling in a debt management plan may be reflected on credit reports, potentially affecting creditworthiness.

Time Commitment: Credit counseling involves a commitment to sticking to the agreed-upon repayment plan, which may take several years to complete.

Understanding Bankruptcy:

Bankruptcy is a legal process designed to provide individuals with a fresh financial start by discharging eligible debts or establishing a court-approved repayment plan. There are different types of bankruptcy, with Chapter 7 and Chapter 13 bankruptcy being the most common for individuals.

Benefits of Bankruptcy:

Debt Discharge: Chapter 7 bankruptcy allows for the discharge of certain unsecured debts, providing a clean slate for individuals overwhelmed by financial obligations.

Automatic Stay: Filing for bankruptcy triggers an automatic stay, halting creditor actions such as wage garnishments and foreclosure.

Considerations for Bankruptcy:

Credit Impact: Bankruptcy has a significant negative impact on credit scores, and the record has remained on credit reports for several years.

Eligibility Requirements: Not everyone qualifies for Chapter 7 bankruptcy, and eligibility is determined based on income and financial circumstances.

Choosing the Right Path:

The decision between credit counseling and bankruptcy depends on individual circumstances. Those with a steady income who can commit to a structured repayment plan may find credit counseling more suitable. On the other hand, individuals facing overwhelming debt and seeking a fresh start may explore bankruptcy options.

Navigating financial challenges requires careful consideration of available options. Whether opting for credit counseling or bankruptcy, seeking professional advice is crucial. Each individual’s financial journey is unique, and understanding the nuances of credit counseling and bankruptcy empowers individuals to make informed decisions on their path to financial stability.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Navigating the Murky Waters of Business Bankruptcy: A Strategic Guide for Entrepreneurs

In the unpredictable landscape of business, even the most meticulously planned ventures may find themselves facing financial hardships. When the storm clouds of financial distress gather, business bankruptcy becomes a looming possibility. Navigating the complex and often intimidating process of bankruptcy requires a strategic approach that balances legal obligations, financial considerations, and the potential for business recovery.

Understanding the Types of Business Bankruptcy:

Before delving into the intricacies of navigating business bankruptcy, it’s crucial to understand the different types of bankruptcy filings for businesses. The two most common types are Chapter 7 and Chapter 11 bankruptcy.

Chapter 7 Bankruptcy: Liquidation

Chapter 7 bankruptcy involves the liquidation of business assets to repay creditors. While this may seem like the end of the road, it offers a chance for a fresh start by eliminating most, if not all, existing debts.

Chapter 11 Bankruptcy: Restructuring

Chapter 11 bankruptcy, on the other hand, focuses on business restructuring. This allows the business to continue its operations while developing a plan to repay creditors over time. It’s a more complex process but can provide a lifeline for businesses aiming to recover.

Navigating the Bankruptcy Process:

Assessment and Decision-Making:

a. Financial Assessment: Conduct a thorough analysis of the business’s financial health. Identify the root causes of the financial distress and assess the feasibility of recovery.

b. Legal Consultation: Seek professional advice from bankruptcy attorneys who specialize in business cases. They can provide insights into the legal implications and guide you through the decision-making process.

Chapter Selection:

a. Chapter 7 or 11: Based on the assessment, choose the most appropriate bankruptcy chapter. Consider the business’s viability, the desire to continue operations, and the extent of debt.

b. Filing Process: Work closely with legal counsel to prepare and file the necessary documents for bankruptcy proceedings.

Developing a Reorganization Plan:

a. Financial Restructuring: In Chapter 11 bankruptcy, focus on developing a reorganization plan. This may involve renegotiating contracts, downsizing operations, or other measures to improve financial stability.

b. Creditors’ Meeting: Engage with creditors transparently. Present the reorganization plan and negotiate terms to gain their support.

Implementation and Monitoring:

a. Court Approval: Once the reorganization plan is finalized, seek court approval. This marks the beginning of the implementation phase.

b. Strict Adherence: Execute the plan diligently, and closely monitor financial performance. Adapt strategies as needed to ensure the business remains on the path to recovery.

Post-Bankruptcy Operations:

a. Rebuilding Credit: After emerging from bankruptcy, focus on rebuilding the business’s credit. Establish transparent communication with creditors and demonstrate a commitment to financial responsibility.

b. Strategic Growth: Plan for controlled and strategic growth. Learn from past mistakes and implement measures to prevent a recurrence of financial distress.

Navigating business bankruptcy is undoubtedly challenging, but with strategic planning and the right professional bankruptcy guidance, it can be a transformative process. By understanding the options available, making informed decisions, and embracing the opportunity for reorganization, businesses can emerge from bankruptcy stronger and more resilient than before. Remember, the key lies in approaching bankruptcy not as a defeat, but as a chance for a new beginning.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

The Importance of a Fair Debt Collection Tone of Voice

Debt collection can be a stressful and overwhelming experience for many consumers, especially when they are subjected to unfair or abusive collection practices by debt collectors. One way to alleviate this stress is by ensuring that debt collectors use a fair and respectful tone of voice when communicating with consumers. In this blog post, we will discuss the importance of a fair debt collection tone of voice and how it can benefit both consumers and debt collectors.

Builds Trust:

A fair and respectful tone of voice in debt collection isn’t just about etiquette; it’s about offering support during challenging times. For individuals facing financial hardship, exploring various debt relief options becomes pivotal. Debt collectors wield a unique opportunity to guide individuals through these turbulent waters, presenting alternatives beyond conventional payment structures. These options encompass negotiating payment plans, settling debts for reduced amounts, or even considering more structured approaches like Chapter 7 Bankruptcy. When debt collectors exhibit fairness and respect towards consumers, it can help establish a positive relationship, which can lead to a better debt collection experience.

Reduces Stress and Anxiety:

Debt collection can be a daunting experience for many consumers, and an insensitive or aggressive tone of voice can exacerbate their stress and anxiety. On the other hand, a fair and compassionate tone of voice can help alleviate their stress and anxiety, making the debt collection process less daunting.

Encourages Communication:

A fair debt collection tone of voice can also encourage communication between debt collectors and consumers. When consumers feel that debt collectors are listening to them and treating them fairly, they are more likely to communicate openly and honestly with them. This can help debt collectors to better understand the consumer’s situation and create mutually beneficial payment arrangements.

Improves Recovery Rates:

Using a fair debt collection tone of voice can improve recovery rates for debt collectors. When consumers are treated with respect, they are more likely to pay their debts promptly and voluntarily. This can help debt collectors to achieve their goals faster and with fewer collection efforts.

Builds a Positive Reputation:

A fair debt collection tone of voice can also help debt collectors build a positive reputation in the industry. When consumers are treated fairly and respectfully, they are more likely to recommend the debt collector to their friends and family, which can help the debt collector to acquire new business.

Overall, a fair and respectful tone of voice is crucial in debt collection. It can help build trust, reduce stress and anxiety, encourage communication, improve recovery rates, and build a positive reputation for debt collectors. By adopting a fair debt collection tone of voice, debt collectors can benefit both themselves and their consumers, leading to a better debt collection experience for all parties involved.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

How to Bounce Back After Bankruptcy?

Bankruptcy can be a severe financial shock for anyone, but it does not have to be the end of the road. Getting back on your feet after filing for bankruptcy may seem difficult, but it is possible with the right mindset and steps. In this blog post, we will discuss some practical tips on how to bounce back after bankruptcy, and how you can rebuild your finances and future.

Develop a realistic budget:

The first step to financial recovery after bankruptcy is to develop a realistic budget. This involves scrutinizing your income and tracking all your expenses. You need to be honest with yourself about your spending habits and prepare a list of bare necessities. This can include essential expenses like food, utilities, and shelter. You may need to make some lifestyle changes, like eating out less, to avoid overspending.

Obtain secured credit cards:

As a bankrupt, getting approved for loans or credit cards can be challenging. However, obtaining a secured credit card and using it wisely can help rebuild your credit score. A secured credit card involves making a deposit upfront, which becomes the card’s credit limit. Make sure to pay off your balance in full each month to avoid interest charges and negative credit reports.

Save for an emergency fund:

Emergencies can happen to anyone, and it’s essential to have enough savings to cover unexpected expenses. After bankruptcy, saving can be tough, but starting with small amounts and gradually building it up can help. You can set up automatic savings to ensure that you save a percentage of your income every month.

Seek financial counseling:

It’s essential to seek financial counseling after bankruptcy to help you get back on track. A professional can help you develop a customized financial plan and provide guidance on financial management and building credit. There are many free nonprofit organizations that offer financial counseling services.

Stay Positive:

Lastly, it’s crucial to remain optimistic and have a positive outlook after bankruptcy. Remember, you have taken the first step toward financial recovery, and it’s essential to stay motivated. Celebrate every small win and continue working towards your financial goals.

In conclusion, rebuilding your financial future after bankruptcy requires effort, patience, and dedication. Employing these practical tips, such as developing a budget, obtaining a secured credit card, saving for an emergency fund, seeking financial counseling, and staying positive can help you get back on track. Remember, there is life after bankruptcy, and you can bounce back from it.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Five Signs Bankruptcy Should Be the Next Step

The decision to file for bankruptcy is not an easy one to make. For some, it may feel like a last resort, while others may feel relieved knowing that they can finally get out from under their debt. But how do you know when it’s time to file for bankruptcy? In this blog post, we’ll review five signs that bankruptcy should be your next step.

1. You’re drowning in debt.

One of the most obvious signs that bankruptcy could be the best option for you is if you’re drowning in debt. When your debt reaches a point where you can’t make the minimum payments, and it’s affecting your ability to pay for essentials like housing and food, it’s time to take action. Bankruptcy can relieve your debt, stop collection calls, and give you a chance to start over.

2. Your income can’t keep up with your expenses.

If you’re struggling to make ends meet and find yourself relying on credit cards to pay for daily expenses, it’s time to take a hard look at your finances. Bankruptcy can provide you with a fresh start, but it’s essential to ensure you can keep up with your expenses moving forward. If your income can’t keep up with your current expenses, it’s time to consider bankruptcy.

3. You’re facing the threat of foreclosure or repossession

If you’re behind on your mortgage or car payments and facing the threat of foreclosure or repossession, bankruptcy can help. Filing for bankruptcy can stop foreclosures, giving you time to catch up on missed payments. It can also stop repossession, allowing you to keep possession of your car while you work to catch up on payments.

4. Your credit score has taken a hit.

If you’re struggling to keep up with your debt payments, your credit score is likely to take a hit. When you file for bankruptcy, it will appear on your credit report for up to ten years, but it doesn’t mean your credit score will be permanently damaged. In fact, some people see an increase in their credit score shortly after filing for bankruptcy as their debt-to-income ratio improves.

5. Creditors are suing you.

If creditors are suing you and don’t have the means to pay the debt, bankruptcy can help. Filing for bankruptcy can put a stop to collections efforts, including lawsuits. Bankruptcy can provide you with protection from creditors and give you time to get your finances in order.

If any of these signs speak to you, it may be time to consider bankruptcy. Remember, bankruptcy is not the end of the road – it can give you a fresh start and a chance to regain control of your finances. Speaking with a bankruptcy attorney to discuss your options and make an informed decision is essential. With the right guidance, you can find some relief from your debt and start building a brighter financial future.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. 

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Knowing When to File for Bankruptcy as a Small Business

Small businesses are the backbone of the economy, with over 30 million small businesses operating in the United States. Unfortunately, it’s not uncommon for these businesses to face financial difficulties. In times like this, it may be a good idea to start considering bankruptcy. Though it’s often seen as the last resort, there are times when it can be a strategic move for a small business. In this blog from experts in bankruptcy assistance, you’ll find tips to help you understand when it’s time to think about filing for bankruptcy as a small business.

Unable to Pay Debts

One of the most significant signs for a small business when it comes to knowing if you should file for bankruptcy is being unable to pay its debts. When a business has more debts than assets, it is often difficult to stay up to date with necessary payments. This results in late fees and an accumulation of debt over time. Financial difficulties like this can be alleviated through bankruptcy.

Can’t Negotiate with Creditors

As a struggling business, it’s likely that you’ve tried negotiating with creditors to extend payment terms. If none are forthcoming, then filing for bankruptcy could be the best way to move forward. Bankruptcy gives you the opportunity to discharge some of those debts and negotiate a repayment plan for the remaining ones.

Legal Action Against Your Business

When facing legal action from creditors, including collectors taking legal action against your assets, it’s time to consider filing for bankruptcy. It allows you to keep most of your assets and halts creditors’ efforts. This will give you some more time to regroup, reassess your options, and decide on the best way to move forward.

Conclusion

Bankruptcy is not a simple decision to make for any small business. It’s a stressful situation, and you may be worried about your financial future, and the future of your business. Remember to review all your options and consider what is best for your circumstances. Don’t try to figure it out on your own; make sure you work with a professional to guide you through any financial challenges. If you need assistance with bankruptcy or want a free debt consolidation consultation, reach out to Lewis & Jurnovoy today.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

Protecting Your Home from Foreclosure in Florida through Bankruptcy Proceedings

Did you know that filing for bankruptcy in Florida can help stop the foreclosure process and potentially allow you to keep your home? In this blog post, top bankruptcy attorneys in Panama City Beach, Florida, will explore how Chapter 7 and Chapter 13 bankruptcy can affect your home and how it can help you during this difficult time.

Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy because most of your assets may be sold to repay your debts. However, there are exemptions, including one that allows you to keep your primary residence. If you want to keep your home, you’ll need to continue paying your mortgage. If you’re behind on your mortgage payments, filing for Chapter 7 bankruptcy can give you a little breathing room. An automatic stay will go into effect as soon as you file, temporarily halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments without the threat of losing your home.

Chapter 13 Bankruptcy:

Chapter 13 bankruptcy is also known as a “reorganization” bankruptcy because it involves developing a repayment plan to pay off your debts over three-to-five years. If you’re behind on your mortgage payments, you can include them in your repayment plan, allowing you to catch up on your payments over time. The automatic stay will also go into effect as soon as you file, halting any foreclosure proceedings. This can give you time to catch up on your mortgage payments while keeping your home.

How Each Bankruptcy Type Affects a Home:

While both Chapter 7 and Chapter 13 bankruptcy can help stop foreclosure and allow you to keep your home, they affect your home differently in the long run. In Chapter 7 bankruptcy, your mortgage payments will continue as normal, and the bank won’t be able to foreclose on your home if you continue to pay your mortgage. In Chapter 13 bankruptcy, your mortgage payments will be included in your repayment plan, allowing you to catch up on any past-due payments. If you’re struggling to keep up with your mortgage payments and feel that you may ultimately be unable to do so in the future, Chapter 13 bankruptcy may be a better option for you.

In conclusion, seeking the assistance of a lawyer to declare bankruptcy can make a significant difference when facing foreclosure in Florida. They possess in-depth knowledge about Chapter 7 and Chapter 13 bankruptcy and leverage this expertise to guide you through the legal maze, enabling you to make informed decisions. Foreclosure doesn’t have to mean losing your home. With the right guidance, you can effectively use these bankruptcy laws to your advantage, providing you not just with the potential to retain your home, but also with the hope for a brighter, more financially stable future.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com

How to File for Bankruptcy and Keep Your Car

If you’re struggling financially and worried about losing your car, there are options available that can help you keep your vehicle. In this blog post, two top bankruptcy attorneys will discuss the different types of bankruptcy, how they impact your car ownership, and what you can do to protect your vehicle during the bankruptcy process.

Chapter 7 vs. Chapter 13 Bankruptcy

Two main types of bankruptcy that individuals may file are Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, your non-exempt assets are sold to pay off your creditors, and any remaining debt is forgiven. If you want to keep your car in a Chapter 7 bankruptcy, you may be able to “redeem” the car by paying its current value to the creditor in a lump sum. This could be beneficial if your car’s value is less than the amount you owe on your auto loan. Alternatively, you can negotiate with your lender to reaffirm your auto loan, which lets you maintain your regular payments and keep your car.

In a Chapter 13 bankruptcy, you make a repayment plan to pay off your debts for 3 to 5 years. Because this type of bankruptcy allows you to keep your essential assets, including your car, you can still make regular payments on your car loan and hold onto your vehicle.

Steps to Keep Your Car During Bankruptcy

To keep your car during the bankruptcy process, you may need to take specific steps such as:

• Negotiate with your lender: You may be able to renegotiate loan terms, interest rates, or repayment schedules to make your car loan more manageable.
• Redeem your car: As mentioned earlier, redeeming your car may be an option if you’re eligible.
• Reaffirm your loan: You can reaffirm your car loan with your lender, indicating that you’ll continue to pay it after the bankruptcy process.
• Declare bankruptcy without surrendering: If your car is leased, you can declare bankruptcy without surrendering the vehicle, as long as you continue to make payments on the lease.

Conclusion

Filing for bankruptcy can be a tough decision, but with the right legal advice and strategy, you can keep your car and get back on track financially. Whether you choose a Chapter 7 or Chapter 13 bankruptcy, it’s important to work with an experienced attorney who can guide you through the process and make sure your rights are protected. Remember that there are options available, even if you’re struggling with debt and fear losing your car. If you need help from a lawyer to declare bankruptcy, contact Lewis & Jurnovoy today.

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.

Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com