Bankruptcy Law Firm Clearwater, FL

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Bankruptcy Law Firm Clearwater, FL

A Clearwater, Florida bankruptcy law firm knows that for those who do not have a better option, bankruptcy may be their best choice to discharge their debt. When financial hardship becomes overwhelming and it appears that there is no way to catch up with their bills, bankruptcy may offer the relief the individual needs. There are several forms of bankruptcy, and at the onset, it can be confusing as to which option may be the right one based on one’s particular circumstances. The Law Office of Michael A. Ziegler, PL offers the guidance that many people in the Clearwater, FL community need in order to make informed decisions about how to proceed with the bankruptcy proceedings. Part of the initial process is deciding whether to file for Chapter 7 or Chapter 13 bankruptcy. It’s important to understand the differences as well as the ramifications of filing one form or the other. To set up an appointment with a trusted bankruptcy lawyer Clearwater, FL clients recommend, contact us now. 

What is Chapter 7 bankruptcy?

The primary purpose of Chapter 7 is to discharge an individual’s debts so that they are not obligated to repay those debts. As a result, debt collectors do not have the right to seek repayment or harass the debtor. As well, their wages cannot be garnished to pay those discharged debts. However, the individual may be forced to liquidate their assets in order to pay as many debtors as possible. This is primarily limited to property, luxury items, and valuable vehicles. In addition, the individual’s credit history will reflect bankruptcy. A Clearwater, FL bankruptcy law firm knows that on average, Chapter 7 bankruptcy proceedings will take from 90 to 100 days to complete.

What is Chapter 13 bankruptcy?

The Chapter 13 bankruptcy process is often preferred by those who wish to keep certain assets such as property. Chapter 13 is intended to assist the person to repay their debts. Your bankruptcy lawyer from a reputable bankruptcy law firm in Clearwater, FL may recommend that you consolidate your debts under Chapter 13 to have one monthly payment instead of many payments. On average, Chapter 13 bankruptcy proceedings will take from three to five years to pay off one’s debts. Because the debts are repaid, the individual’s credit record is not as negatively affected as filing for Chapter 7 bankruptcy.

What if I do not know which form of bankruptcy to file?

The above is only a general overview, and depending on your circumstances, your bankruptcy lawyer may provide more information as it pertains to you and which may affect your decision. Certain factors such as business ownership, spouse co-ownership of assets and debt, and other considerations may also influence which form of bankruptcy will best reflect your needs.

Get a Free, No-Obligation Consultation with a Seasoned Bankruptcy Lawyer

Doubtless, you have questions and concerns about the bankruptcy process. Because bankruptcy has long term consequences, it’s important that you fully understand your options before proceeding. The Law Office of Michael A. Ziegler, PL can guide you through the entire process, from start to finish. Call our bankruptcy law firm Clearwater, FL residents trust to schedule a free consultation with our bankruptcy lawyer to learn more.