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

How Long Does Bankruptcy Stay on My Credit History?

Have you recently been through bankruptcy, or are you considering filing for one? If so, you may be wondering how long a bankruptcy will stay on your credit history and if there is anything you can do to reduce the time it remains. Well, the answer is complicated, but our best lawyer to declare bankruptcy does have some answers. Let’s talk about the specifics of this issue.  

Bankruptcy Types and Length of Stay on Credit Reports 

The type of bankruptcy you file impacts how long it will stay on your credit report. A Chapter 7 bankruptcy will typically remain on your credit report for 10 years after the date of filing, while a Chapter 13 bankruptcy will usually remain for seven years after filing. In both cases, these removals are done automatically, so you don’t need to initiate any kind of removal process yourself.  

Can Bankruptcy Be Removed from My Credit More Quickly? 

If you notice any incorrect information or omissions on your credit report related to the bankruptcy, you can dispute those items with these three bureaus to get them removed or corrected. 

• Experian® 
• Equifax® 
• TransUnion® 

This could lead to faster removal of the bankruptcy filing from your credit report. 

Rebuilding Credit After Bankruptcy 

It’s important to remember that the negative effects of bankruptcy don’t last forever — it’s possible to rebuild your credit after you’ve gone through this process. To do so, focus on paying all bills on time and keeping your credit utilization ratio low. You can also get a co-signer or ask a family member with good credit if you can become an authorized user. 

What Do I Do Now? 

If you would like more information on how long bankruptcy stays on your credit history, or if you need any advice on the best way to handle your debt situation, contact your local bankruptcy attorneys today for more assistance. 

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  

Everything You Need to Know About Bankruptcy if You’re Unemployed

Filing for bankruptcy is a difficult decision to make. If you’re in need of debt relief, considering filing for bankruptcy, and are unemployed, there are a few important things you should know. Bankruptcy lawyers, Lewis & Jurnovoy, are explaining what you should know about the different types of bankruptcy and how being unemployed might affect which chapter of bankruptcy you file under.  

What is bankruptcy? 

Bankruptcy is a legal process that provides debt relief for individuals and businesses who can’t repay their debts. When you file for bankruptcy, an “automatic stay” goes into effect. This means that creditors can’t try to collect on your debts, at least temporarily.  

There are several types of bankruptcies, but the two most common are Chapter 7 and Chapter 13 bankruptcies.  

Chapter 7 Bankruptcy: Chapter 7 bankruptcy is also known as “liquidation bankruptcy.” With this type of bankruptcy, you may be able to wipe out some or all your debt. To qualify for Chapter 7 bankruptcy, you must pass the “means test.” This test looks at your income and compares it to the median income in your state. If your income is below the median income, you may be eligible for Chapter 7 bankruptcy.  

Chapter 13 Bankruptcy: Chapter 13 bankruptcy is also known as “reorganization bankruptcy.” With this type of bankruptcy, you create a repayment plan to repay all or part of your debt over a period of three to five years. In order to qualify for Chapter 13 bankruptcy, your debts must be below a certain amount, and you must have a regular source of income.  

Can I file for bankruptcy if I’m unemployed?  

The answer is yes, but it might not be the best option for you. If you don’t have any assets and don’t expect to have any income in the near future, Chapter 7 bankruptcy might not be the best option because there would be nothing for the trustee to sell to pay off your debts. In this case, Chapter 13 bankruptcy might be a better option because it doesn’t require that you have assets in order to qualify.  

Filing for bankruptcy is a difficult decision, but if you’re considering it or need Chapter 13 assistance, Lewis & Jurnovoy P.A. can guide you through this process and help you get the fresh start that you deserve.   

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 

Can I Modify My Mortgage Under Chapter 13 Bankruptcy?

When people are struggling to make their mortgage payments, they may wonder if they can modify the terms of their loans to make them more affordable. The good news is that there is a process available for doing this under Chapter 13 bankruptcy. However, it’s important to understand all the implications of taking this step before making a decision. In this article, a debt liquidation lawyer in Panama City Beach, FL, will discuss mortgage modification and Chapter 13 and answer some common questions about the process. 

A Quick Overview of Chapter 13 Bankruptcy 

Chapter 13 bankruptcy is a type of bankruptcy that allows individuals to restructure their debts and create a repayment plan to pay off what they owe over time, usually three to five years. This type of bankruptcy is available for debtors who are not businesses and have a steady income. 

Chapter 13 and Loan Modification 

While Chapter 13 bankruptcy is technically a form of loan modification, it may not be the best option for everyone. If you are still struggling to make your mortgage payments after filing for Chapter 13, you may want to consider applying for a loan modification with your lender. 

A loan modification is a change to the terms of your mortgage that makes the payments more affordable. This can be done by extending the repayment period, lowering the interest rate, or reducing the principal balance. 

Applying for a Loan Modification 

If you want to apply for a loan modification with your lender, you will have to get approval from the bankruptcy court. You will also need to submit a hardship letter that explains your financial situation and why you need a modification. Speak with a mortgage modification lawyer, and they will be able to help you through this entire process. 

Should I Continue with Bankruptcy After I Modify my Mortgage? 

Depending on your case, you may still need to. You should still speak with a bankruptcy lawyer to see if it’s in your best interests to continue with Chapter 13 after you modify your mortgage. 

If you are considering bankruptcy or have questions about loan modification, contact the experienced attorneys at Lewis & Jurnovoy today. The consultation is free, and it will help you understand all your 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

4 Common Reasons for Bankruptcy

Filing for bankruptcy can be overwhelming, and many people do not even know if they should be filing for bankruptcy. Most people who are filing for either Chapter 7 or Chapter 13 bankruptcy don’t even know the most common reasons for filing. A lot of people simply cannot keep up with their bills and other payments, and they struggle to get back on track. To offer bankruptcy assistance, Lewis and Jurnovoy will be providing these reasons for bankruptcy: 

1. Medical Bill Expenses 

Unfortunately for people living in the United States, medical bills can be very costly. If you or a member of your family develops medical problems, you will likely have to pay lots of medical bills, which can drain your savings and put you behind on payments. This is especially true in situations such as a car accident, where other expenses are involved as well. This can cost you lots of money, and many people end up filing for bankruptcy because of the number of medical bills they cannot afford to pay.  

2. Losing Your Job 

If you get laid off or if your company simply shuts down, you may lose your job. This may be your only source of income, so you no longer have a way to pay the bills. Job searching can take a while, and the bills may start to stack up. What are you supposed to do? Even if you use all of your savings, you will never be able to catch up. This leads many people to file for bankruptcy because they cannot afford to pay their bills.  

3. Bad Credit Card Usage 

Using a credit card can definitely cause some problems, especially if you aren’t using it effectively. If you aren’t making your payments on time, then your payments each month will keep getting bigger or more interest will be added. Be careful to only purchase certain things with your credit card and don’t overspend.  

4. Divorce 

Getting a divorce is something that is very costly between the legal fees and every other cost. This can cause you to have extra debt or payments that are hard to pay off, which can lead to you filing for bankruptcy.  

If you need a foreclosure lawyer or any other bankruptcy services, 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 PCB 
2714 West 15th St 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com

A Foreclosure Lawyer is Going Over the Warning Signs of Bankruptcy

Most people are struggling financially right now because of the pandemic, but that doesn’t mean everyone is going bankrupt. However, some people might be on the way there and not even know it. A mortgage attorney is going to be providing some warning signs of bankruptcy below.  

You use only credit cards for emergencies. 

One issue with credit cards is that they let you spend a lot of money in emergencies, and then you will still have a large balance to pay back with high interest. If you are trying to cut down on your expenses, then you need to plan to pay off all your credit cards with the extra money. Then, you should start saving for emergencies instead of using your credit card. Lots of people can save $50-100 a month and have a lot of money saved up that can be used when an emergency happens. 

You put off things like house maintenance or medical care. 

If you are putting off things like picking up a prescription, paying for house maintenance, going to the doctor, or fixing your car, that is a big problem. These things are all necessary for your health and your life, and if you don’t have enough money to pay for them, you need to take a step back. Why don’t you have enough? Are you spending too much money, not saving enough, or not earning enough?  

Whatever the problem is, you need to figure out a way to fix it before it is too late. You need to repair things like your house and car because they are both investments that are necessary for life. Same with your medical problems. If you don’t go to the doctor or take prescriptions when you should, then you could have serious health problems.  

Hopefully, these tips will help you avoid declaring bankruptcy. If not, call Lewis and Jurnovoy for bankruptcy assistance. 

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 Mortgage Attorney in Panama City Will be Revealing Mistakes People Make Before Bankruptcy

Before filing for bankruptcy, some people assume that bankruptcy will interrupt their lives much more than it truly will. They then think that they need to make extra preparations, but those “preparations” end up being a lot more harmful than helpful. Here are several of the top instances of pre-bankruptcy mistakes to avoid, provided by a foreclosure lawyer: 

Transferring Cash into Somebody Else’s Bank Account 

Transferring your money into another individual’s bank account may feel like a great idea at first. You may assume that if your cash is not in your account, it won’t get touched, but that won’t be the case. When you file for bankruptcy, the courts will ask for your bank statements or proof of where your money is going. Therefore, they will rapidly see that you are making money and then putting it into some other account. 

Transferring Assets into Someone Else’s Name 

Similarly, you may feel like transferring your car into a friend’s name or selling it for $1 will enable you to hide it when you file for bankruptcy. This is not true either. You will likely be discovered for performing a deceptive transfer. Many important assets will be protected in bankruptcy anyway. 

Continuing Payments Longer than You Need to 

It is necessary to remember that you do not usually need to pay your credit cards and other dischargeable loans up until you file for bankruptcy. If you do this, you are basically throwing out good money because the debts will vanish after you file anyway, no matter the amount. So, leading up to the filing, you would do better to save some money rather than paying certain bills. 
 
Filing for bankruptcy may seem frightening initially, but it doesn’t have to be! Remember, do not over-prepare by doing things that will potentially harm your situation. Relax, and contact attorneys Martin Lewis and Steven Jurnovoy for bankruptcy assistance. 

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

Panama City Foreclosure Lawyer is Saying What Happens to Your Property After Filing for Bankruptcy

If you are thinking about filing for bankruptcy or if you already have, you will be considering what will happen to all your properties. In many cases, nothing will happen to your property when you go bankrupt, but Lewis and Jurnovoy, experts on mortgage modification, will be covering everything that can happen to your property after bankruptcy. 
 
In most cases, the kind of bankruptcy you file can impact what happens to your property. For Chapter 13 bankruptcy, you will always be able to keep all your property. Having said that, you must develop a plan to say how much debt you will repay yearly. Also, you will need to make monthly payments according to your repayment plan for 3-5 years before your debt is removed. 
 
In Chapter 7 bankruptcy, the procedure is a little different. If you file for Chapter 7 bankruptcy, you do not need to settle your debt as you do in Chapter 13 bankruptcy. Instead of settling your debt, you need to surrender all your property. This means that you may lose your property if you are not exempt under Florida law. When your property has been sold, you will be discharged from bankruptcy. However, how do you know if your property will be exempt? We will be looking at a few exemptions below, so you can figure out if your property will be taken or not. 
 
Homestead Exemption 
The homestead exemption refers to a Florida homeowner’s house and is a generous exemption. If you have owned your house for 1215 days, or just over 3 years, then you can exempt an unlimited amount of equity in your home. One constraint on this exemption is that the house and its land cannot be a half-acre within the limits of the city and cannot be 160 acres outside of the city. If you haven’t owned your home for the required amount of time, the exemption will cover just $170,000 in equity. This is still all right for you because most homes will still be eligible, particularly since new homes have most of their equity consumed by a mortgage. 
 
Motor Vehicle Exemption 
The motor vehicle exemption in Florida is limited compared to the homestead exemption. This exemption allows you to claim $1000 in equity per person, so as much as $2000 overall for a couple filing jointly for bankruptcy. This might be enough for most newer cars, but most older vehicles will not be worth that much. 
 
Wildcard Exemption 
A wildcard exemption can only be used if you did not previously use the homestead exemption. This exemption enables you to claim around $4000 or $8000 for a married couple. This can be used on any property except land, including your car, so that’s good. 
 
If you have any other questions regarding bankruptcy or debt consolidation, call 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 PCB 
2714 West 15th St 
Panama City, FL 32401 
(850) 913-9110 
https://www.LewisandJurnovoy.com

The Difference Between Good and Bad Debt

Credit cards, mortgage payments, student loans… it’s difficult to never once go into debt today. You simply need to be wise about it! So, before you sign on the dotted line, make sure you understand the difference between good debt and bad debt: 

1. A Good Investment Will Build Your Wealth 

Just like any other decision you make in life; you want your actions to elicit a return. If you borrow money for a purchase, you want your wealth to increase in the end… not the other way around. Your “indebtedness” is risky and inconvenient, so you need to consider whether the return will be worth it. For example, if you take out a loan to purchase a home or start a business, those decisions could very well elicit great returns. 

2. Credit Cards Lead to Unsecured Debt 

Credit card debt is not something that makes financial experts or bankruptcy lawyers  smile. It is typically the worst type of debt in their eyes. This is because going into  debt with a credit card does not only fail to build your wealth, but it drives you deeper  into debt through administration fees, interest fees, and yearly membership fees. Of  course, the irony is that if you want to build your credit, you will likely need to use a  credit card to do so. If you are cautious and understand how dangerous credit  cards can be if used unwisely, you can build your credit successfully without any hiccups. 

3. What is the Interest Rate? 

Of course, if you are going to go into debt, you want the lowest interest rates possible.  When it comes down to it, no matter what kind of debt you are dealing with, anything  with an extremely high-interest rate is bad debt. This is because the interest rate has a  direct impact on monthly payments, and the higher the interest rate, the less your wealth  can grow as a result of going into debt. 

Financial issues can be intimidating, but don’t fret. Continue to educate yourself a little bit at a time and take care to create wise habits rather than poor ones! 

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