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

What You Need to Know About a 341 Meeting

A 341 meeting—also known as a Meeting of Creditors—is an important part of the bankruptcy process. It is a hearing where creditors can ask questions about the debtor’s financial situation and assets. The meeting is conducted by the trustee assigned to the case, and it usually takes place in a courtroom or conference room. The leading debt defense attorneys in Panama City are sharing what to expect at a 341 meeting to help make sure that you are prepared for it. 

What Happens at a 341 Meeting? 

At a 341 meeting, creditors have the opportunity to ask questions related to the debtor’s financial situation and assets. The trustee will also ask questions about any discrepancies between the debtor’s filed paperwork and what they own or owe. It is important that you answer all questions honestly and accurately during this hearing. Failure to do so could result in your case being dismissed or delayed due to fraud charges. 

The trustee will also review your paperwork, including bank statements, tax returns, pay stubs, loan agreements, credit card statements, and other documents related to your finances. If you are missing any documents or information requested by the trustee during this review period, they may demand that you provide them before continuing with the hearing. 

How To Prepare for Your 341 Meeting 

It is important to be prepared for your 341 meeting by gathering all necessary documents beforehand. This includes pay stubs, bank statements, loan agreements, credit card statements, tax returns, and other documents relating to your finances. Additionally, you should be familiar with any discrepancies between what is listed in these documents regarding assets and debts versus what you own or owe so that you can address them if asked by the trustee during your hearing.  Additionally, make sure that you are dressed appropriately for court; as with any legal proceeding, there is an expected level of decorum that must be adhered to while in attendance at the 341 meetings. 

A 341 meeting—or Meeting of Creditors—is an important step in filing for bankruptcy protection under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. During this hearing creditors have an opportunity to ask questions about your financial situation and assets while also reviewing any documentation related thereto; it’s important then that you come prepared with all required paperwork to ensure that your case moves forward without delay or dismissal due to fraud charges. Familiarizing yourself with what will happen at this hearing as well as how best to prepare for it can help ensure smooth sailing through this crucial stage of filing for bankruptcy protection under U.S. Bankruptcy Code Chapters 7 or 13. If you or someone you love are considering filing for bankruptcy, contact Lewis and 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, P.A. 
2714 West 15th St 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com  

Why Car Insurance is a Necessity During Chapter 13 Bankruptcy

If you are thinking about filing for Chapter 13 bankruptcy, then one of the first things on your mind may be how this will affect your car insurance. You don’t want to risk losing out on coverage and ending up in a more serious accident because you’re uninsured! Luckily, there is no need to worry – all drivers who enter Chapter 13 bankruptcy can maintain their current auto insurance policy even after they file. Read on for more information about what this entails and why it’s so important that you do not get rid of your car insurance during Chapter 13 bankruptcy.  

In Chapter 13 bankruptcy, you may still be required to make certain car “payments” in order to maintain your policy. These can include an insurance premium or a portion of the monthly payment that is set up by your lender for you on behalf of your car payments if they are included as part of the agreement. To avoid having these additional expenses added onto what could already feel like too much debt from other sources, it’s important not to cancel your vehicle coverage during this time period – even though technically you are no longer making any payments and don’t owe anything outside of court fees and provisions. 

Some drivers mistakenly assume that because their loan has been paid off (in most cases) through Chapter 13 bankruptcy proceedings, then they will have to pay less on their car insurance. However, this is not the case! If you do cancel your auto coverage during Chapter 13 bankruptcy proceedings, then that means you will have no protection in the event of an accident and will be liable for all costs incurred from such a wreck. 

You don’t want to risk being uninsured when it comes time to file for Chapter 13 bankruptcy – make sure you maintain your current coverage at all times if you wish to avoid any unforeseen expenses or risks down the line! In addition, don’t forget to get in touch with an experienced bankruptcy attorney immediately if you are considering filing for bankruptcy. 

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 Lawyer in Panama City Provides Tips on How to Handle Holiday Debt

If you are stressed about the holidays because of how much debt you have, you need to start figuring out what you’re going to do about it so that you don’t have to file for bankruptcy. Use these tips, provided by a top Panama City lawyer, to help get your holiday debt under control. 

1. Assess your current financial situation 

Before you start doing anything about your debt, you need to decide where you currently stand. How much money are you currently making? How much do you spend per month? These are good things to know before you decide how you’re going to pay off your debt. Also, you should know how much debt you have, when each payment is due, minimum payment amounts, and what the interest rate is. 

2. Decide what payment strategy works for you 

Deciding how you’re going to pay off your debt is one of the most important steps. This can also help relieve some of the stress you may be feeling regarding your debt. Consider paying off the credit cards that have the highest interest rates first or pay down the smallest balance first. You should always try to pay more than the minimum payment if you can, but the most important thing to remember is to pay on time. If you pay on time, it will help bring your credit back up, and you won’t have to pay any additional fees. 

3. Stop buying non-essential items 

It may sound simple, but buying things you don’t need is one of the main reasons people have debt in the first place. Try to stop buying non-essential items until you’ve paid off all your debt. Using coupons while buying essential items can also be helpful. This will save you extra money that you can put towards paying off your debt.  

4. Use holiday bonuses and tax returns wisely 

Holiday bonuses and tax returns are common sums of money that people get around the holidays. Instead of viewing this money as a way to buy more things, you should take full advantage of this bonus money and put it towards your debt. This could help you pay off a lot of your debt, or it could help you start saving for next year’s holiday expenses.  

If you are in need of financial assistance, call Lewis and Jurnovoy today. We would be happy to help you with your financial troubles and provide debt relief options. 

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 Can I Improve My Credit After Filing for Bankruptcy?

This is a common question people have before they even decide to file. It is a valid concern because, after a person files for bankruptcy, lenders often offer higher interest rates. However, though it takes time and dedication, it is completely possible to rebuild your credit after filing for bankruptcy. Here are three ways to get you started. 

1.   When Paying Bills… 

… you must pay them in full and on time. Lenders and the credit bureaus must see that you consistently make responsible financial decisions. You do not want them to see you constantly paying bills late or in only a portion at a time. If you make paying your bills properly a top priority, you will be on the road to credit recovery. This will take discipline in other areas of spending, but it will be worth it in the end! 

2.   Credit Card Use 

It is a good idea to use a credit card after filing for bankruptcy… but only if you pay it off in full every month. If this is the case, your consistency will create positive results. You will likely receive many credit card offers after filing for bankruptcy, so make sure you examine each one carefully and make the best decision for you.  

3.   Take Out a Loan 

Taking out a loan on a large purchase, such as an automobile, can improve your credit if you make payments when you are supposed to. Just like paying your bills on time and paying off your credit card on time, when you are consistent with your car payments, this shows lenders that you are responsible financially. After some time, you will start to see improvements in your credit. 

One more tip – a smooth road to recovery begins with a smooth filing process. It is wise to receive guidance from a reputable bankruptcy attorney while filing. Then, by following these tips and making good financial decisions, you will be back on your feet in no time! 

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 
1004 Jenks Avenue 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com

Local Attorney in Panama City Beach, FL Shares the Explanations to Three Frequently Asked Questions

When something is particularly stressful, it is usually because of the “unknown”. As people, if we manage something that we are not familiar with, the stress level of completing the task is increased dramatically. Therefore, legal issues can be so intimidating to people. The best way to lessen the stress is to learn more about what you are dealing with. A leading local attorney in Panama City Beach, FL is here to explain the answers to three frequently asked questions, regarding lawyer services:  

Can a Non-Lawyer Represent Me?  
The tricky aspect of this question is that only lawyers can practice law. Therefore, it depends on your specific situation and the extent of your legal needs. Have a legal issue regarding a government agency, such as a dispute over Social Security benefits, then you could have a paralegal represent you in court, rather than a lawyer. In some situations, you also have the option of representing yourself, hiring a notary public, or having a law student represent you under the supervision of a lawyer.    

What Does a Lawyer Do on the Daily?  
Contrary to the way lawyers are portrayed in movies and TV shows, in real life, lawyers do not spend sufficient time in courtrooms. Some hardly ever step foot into one. As a debt relief attorney in Panama City Beach, FL points out, the role of a lawyer is to represent their client adequately. To achieve this, they take part in hefty preparation. For example, lawyers spend their time researching, preparing legal documents, and providing consultations to potential clients.   

Do I Need to Hire a Lawyer?  
You do not want to end up handling legal issues yourself. Law is a serious business and nothing to be messed with. If you attempt to navigate the legal system yourself, a myriad of things could go wrong. You may end up signing a document with fine print that you never would have signed if you had the guidance of a legal expert. It is wise to hire a lawyer if you ever believe your rights have been violated or your freedom has been compromised. 

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 
1004 Jenks Avenue 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com