Florida residents considering filing for bankruptcy have options to choose from and the choices may feel overwhelming to some individuals. If you are unsure of which type of petition helps you to regain control of your finances, you may not complete the process correctly. At Blanton Law, P.A., we understand how each bankruptcy procedure works and we assist you with the legal filing requirements needed to help give your finances a makeover.
Holding a steady job or having another form of reliable income does not disqualify you from bankruptcy protection. With the rise in the cost of living, many individuals with well-paying jobs might find themselves struggling to meet all of their obligations. As noted by Reader’s Digest, you may request a repayment plan through a Chapter 13 bankruptcy to pay off your debts in about three to five years. If you have an expensive home, assets and cars, you may wish to consider a Chapter 13 bankruptcy protection as a way to make an affordable payment arrangement with your creditors.
If you file a Chapter 7 bankruptcy petition instead, any assets that you own and can sell to pay down your bills will help your situation. The goal of a successful Chapter 7 filing is discharging your debts, but you might need to provide convincing information to the court in order to keep your house and cars. In some circumstances, the court may order you to pay off some of your creditors with the equity in your home. If doing this causes you further financial harm, you may require legal assistance when filing your petition.
Our page on the different bankruptcy chapters provides more information on which type is right for you.