Attorney Conrique has devoted her practice to helping her clients understand the confusing legal process of bankruptcy, debt defense and debt negotiation. In addition, because the legal team at Perez Conrique Law understands the importance of having a high-quality life, our attorneys give clients personalized counsel on how to regain balance and normalcy in their personal and financial lives. We have more than 20 years of combined experience, and we pride ourselves on offering only personalized legal services that are fine-tuned to each of our client’s specific needs and goals.
At Perez Conrique Law, we represent Florida homeowners who are facing possible bankruptcy. To protect your rights, your home, and your family, it is vital that you seek an experienced Bankruptcy attorney that is knowledgeable of all Chapters of Consumer Bankruptcy.
Before you file for bankruptcy, it is important that you understand the types of bankruptcy that are available, the consequences, and possible alternatives. In its most simple definition, bankruptcy is the legal status of a person or company who can no longer pay off debt.
Types of Consumer Bankruptcy
There are many types of bankruptcy, including consumer bankruptcy, commercial bankruptcy, and even municipality bankruptcy. People can file for several types of bankruptcies, but the most common types for consumers include Chapter 7 and Chapter 13 bankruptcy. There are specific qualifications that one must meet when filing for bankruptcy, which are explained below.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common type of bankruptcy proceeding, and is usually filed when someone cannot afford to make any payments to your creditors. Under Chapter 7 bankruptcy, your debts are discharged, and you are no longer responsible for them. 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 are allowed to keep key assets and property, as well as your right to receive pension, Social Security, unemployment, and welfare.
Chapter 13 Bankruptcy
Chapter 13 bankruptcies are usually filed by people who have income that is too high to qualify for Chapter 7 or have assets that exceed the Florida exemption limits. These filers need to have some source of consistent income and make small or partial repayments to creditors. People usually choose to file for Chapter 13 as a strategy to save their home, avoid foreclosure, or are “wage-earners” who are able to afford partial payments to creditors.
Chapter 13 allows you to create a unique three-to-five year repayment plan, based on your source and amount of income and the Bankruptcy’s Code requirements. Upon completing your customized plan successfully, your remaining unsecured debts are erased.
There are many differences between Chapter 7 and Chapter 13 bankruptcy. Whereas Chapter 7 gives almost immediate discharge of debts, Chapter 13 requires debtors to continuously pay amounts based on an anticipated guestimate of future income. Chapter 7 and Chapter 13 bankruptcies each have their pros and cons, and without legal guidance, you may not know what is best suited for your situation. In either case, Chapter 7 and 13 do have one important similarity: They may not have as big of an effect on your credit score as you think! Your credit report can recover, and a skilled bankruptcy attorney from our firm can help you strategically navigate the road to a strong financial future.
Retain an Orlando Bankruptcy Attorney from Perez Conrique Law
Filing for bankruptcy can be frightening for most people, not only because of guilt, or embarrassment, but because of the financial implications it may bring. Your financial future is not destroyed, as many may have falsely led you to believe. You have the right to enjoy your life, and by speaking with an experienced bankruptcy attorney, this could be a fresh start for you and your family.
Many people who find themselves in overwhelming debt feel too humiliated or embarrassed to seek bankruptcy as a solution. Often people will deplete their retirement accounts before taking the step of filing for bankruptcy relief. While this may work in some cases, in many cases, it is just a temporary solution which leaves consumers with depleted retirement accounts and still in debt. When people continue to experience hardships they can use all of their retirement funds trying to pay creditors and run out of those funds which leaves them in a situation where they end up eventually filing for bankruptcy. Even in cases where the solution works, people can put themselves years or decades behind the progress they had made in saving for retirement. In Florida, retirement accounts are protected from the reach of creditors and are protected in Bankruptcy. Our lawmakers have provided this protection for a number of reasons, the most important of which is to ensure that our citizens have those funds available for retirement when they need them. A hardship that we suffer along the way to retirement such as a failed business, a divorce, a loss of income, or an illness does not have to result in a depleted retirement account. Bankruptcy is available for these unexpected hardships. It allows for a fresh start so that people can rebuild their financial lives and not continue to experience the effects of temporary hardships all the way to their retirements.
Three Step Process to Rebuilding Credit after Bankruptcy
It’s common for our clients to worry about how they will rent an apartment or find a job with a bankruptcy on their credit report. At Perez Conrique Law, we consider it our responsibility to help our clients recover, and this means that we provide strategies for handling all post-bankruptcy concerns.
At Perez Conrique Law, we know that your bankruptcy is only part of your concern: You also want to get back to a normal life. This includes rebuilding your credit score as fast as possible. For years, we have been meeting with clients who are terrified about the future: How will you survive in a world that will judge you based on your credit score? You need credit to rent an apartment or buy a car. In fact, more and more, employers are running credit checks on potential employees.
We’ve listened to your concerns and then we found answers. In our research, we’ve discovered a few things: 1) If you take immediate steps to start rebuilding your credit score after a bankruptcy, you can transform your credit score 12 to 24 months after your bankruptcy has been discharged. 2) You must take these steps if you desire to rebuild quickly. While it is true that avoiding negative items on your credit will improve your credit score as time passes, it can take a long time if you are not proactive. We also see many people decide to wipe their hands clean of credit. As time passes, instead of having poor credit, they can end up with no credit. Unfortunately, no credit can be just as bad as poor credit if you want to buy or refinance a home or a car in the future.
We believe that taking a proactive approach in rebuilding credit is important for our clients. For those clients who are interested in doing so, we offer a credit building program that includes credit education and step by step instructions on what our clients need to do to make sure their credit report is accurate and to increase their credit score, usually within 24 months of declaring bankruptcy.
Oftentimes, bankruptcy can be the first step in rebuilding your financial future after a financial hardship. At Perez Conrique Law, we assist our clients not only in the bankruptcy filing but also in the rebuilding process. We educate our clients about how to rebuild their credit and to avoid overwhelming debt in the future.
We often assist our clients in the home buying process in as little as two to three years after a discharge of their debts in a bankruptcy filing. We know what it takes for our clients to get where they want to be financially and we can guide each step of the way. At Perez Conrique Law we have a developed a step by step program that can assist our clients in getting out of debt, cleaning up their credit report and improving their credit score.
Clients who participate in our step by step program are provided with education pertaining to credit bureaus and credit scores and proven strategies to get their credit back on track. Areas of education include:
- What happens to your credit score after a bankruptcy filing.
- How to make certain that your pre-filing debts are being reported correctly after bankruptcy
- How to legally remove derogatory items from your credit.
- How to get potential new creditors pay attention to your recent credit history, rather than your past bankruptcy
- What types of accounts you should have on your credit report.
- How many accounts should you have open.
- What balances you should carry on credit cards.
- Why having good credit is important in the US.
We also provide guidance throughout the process to answer questions along the way. For those clients who desire to improve their credit and purchase homes, we help them get there. Perez Conrique Lawprovides a comprehensive array of real estate services for our clients. When buying a home, Perez Conrique Law can provide skilled assistance at every phase of the transaction.
Our attorneys are highly experienced, and wish to only give legal counsel that is specific to your financial situation. At Perez Conrique Law, we give options to our clients that will best guarantee future financial stability and success. We have more than 20 years of experience, and understand that you need to move on with your life freely and happily. If you wish to speak to someone about solutions to debt, consult an attorney at Perez Conrique Law today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.