Orlando Bankruptcy Firm
Debt Relief Options for Consumers In & Around Orlando, FL
Little is as stressful and overwhelming as financial insolvency. When you cannot make ends meet, it can lead to frustration, anxiety, sleepless nights, and endless worry. Your situation can seem hopeless. The more you neglect or avoid confronting it, the worse it can get. Creditors can engage in harassing behavior, your late fees and penalties can increase, and your credit score can further deteriorate.
Learning your options is essential. At Perez Conrique Law, Attorney Elayna Conrique has devoted her practice to helping clients understand the confusing legal processes of bankruptcy, debt defense, and debt negotiation. To protect your rights, your home, and your family, it is vital that you seek an experienced bankruptcy attorney who is knowledgeable in all consumer bankruptcy chapters.
Our attorneys can also provide personalized counsel on how to regain balance and normalcy after a financial crisis. With more than 25 years of experience in debt relief, our firm takes pride in offering customized legal services that are fine-tuned to your specific needs and goals.
Before you file for bankruptcy, it is essential to understand the types available, the consequences, and possible alternatives. In its simplest definition, bankruptcy is the legal status of a person or company that can no longer pay its debt.
Call (888) 513-9813 or reach Perez Conrique Law on our online contact form to discuss your financial status in a free initial consultation with a bankruptcy lawyer at our Orlando firm.
Why Choose Perez Conrique Law? What Sets Us Apart?
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Client-Centered FocusAt Perez Conrique Law, we prioritize our clients' needs above all else. Every case is treated with the utmost attention, ensuring personalized strategies that align with your unique circumstances and goals.
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Experienced AdvocacyWith years of experience in handling complex legal matters, our team is equipped with the knowledge and skills necessary to navigate the intricacies of the legal system, providing you with confident and effective representation.
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Transparent CommunicationWe believe in fostering trust through open and honest communication. From the initial consultation to the resolution of your case, you will be kept informed every step of the way, ensuring you are fully aware of your legal options and progress.
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Results-Driven ApproachOur commitment to achieving favorable outcomes drives everything we do. We diligently pursue the best possible results for our clients, utilizing a results-oriented approach that is both strategic and relentless.
Types of Consumer Bankruptcy
Many types of bankruptcy exist, including consumer, commercial, and even municipality filings. The most common types for consumers include Chapter 7 and Chapter 13 bankruptcy. You must meet specific qualifications when filing for these under the U.S. Bankruptcy Code.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common type of bankruptcy proceeding. It is typically filed when you cannot afford to make payments to your creditors. Under Chapter 7 bankruptcy, a trustee is appointed to liquidate your non-exempt assets to pay off creditors.
Many of your assets are “exempt” from the Chapter 7 process, such as equity in your primary residence, personal property, retirement accounts, and tools of the trade. Once the liquidation process is complete, most remaining unsecured debts are discharged.
Filing for Chapter 7 creates a permanent court order preventing creditors from attempting to collect debts from you; however, some debts cannot be discharged. Fortunately, you can keep critical assets and property and have the right to receive a pension, Social Security, unemployment, and welfare.
Chapter 13 Bankruptcy
Chapter 13 bankruptcies are usually filed by people whose income is too high to qualify for Chapter 7 or whose assets exceed the Florida exemption limits. These filers must have a consistent income source to make small or partial repayments to creditors. People often file for Chapter 13 to save their homes and avoid foreclosure.
Chapter 13 allows you to create a unique three-to-five-year repayment plan based on your income source and amount and the Bankruptcy Code's requirements. Upon completing your customized plan, your remaining unsecured debts are erased.
The Differences Between Chapter 7 & Chapter 13
Chapter 7 and Chapter 13 bankruptcies have many differences. Whereas Chapter 7 gives almost immediate discharge of debts, Chapter 13 requires debtors to continuously pay amounts based on an anticipated estimate of future income.
Chapter 7 and Chapter 13 bankruptcies each have their pros and cons. You may not know what is best suited for your situation without legal guidance. However, Chapters 7 and 13 have one crucial similarity: They may not affect your credit score as much as you fear. Your credit report can recover, and our skilled bankruptcy attorneys can help you strategically navigate the road to a brighter financial future.
Your Retirement Accounts & Bankruptcy
Filing for bankruptcy can be frightening. Many people overwhelmed by debt feel humiliated or embarrassed to seek bankruptcy as a solution. Often, they will deplete their retirement accounts before filing for bankruptcy relief.
While this may sometimes work, it is often a temporary solution that can leave you with depleted retirement accounts while still in debt. Even in cases where the solution works, you can lose years or decades of progress in building retirement savings.
In Florida, retirement accounts are protected from the reach of creditors and in bankruptcy. Our lawmakers have provided this protection for many reasons. The most important thing is to ensure you have retirement funds when needed.
Hardships you suffer on the road to retirement can include a failed business, a divorce, a loss of income, or an extended illness. However, they do have to result in the loss of your retirement funds. Bankruptcy is available for these unexpected hardships, allowing for a fresh start and the rebuilding of your finances.