If you’re feeling bogged down by debt in Pensacola, Florida, bankruptcy can be the financial relief you can gain. Bankruptcy filing can provide you with an opportunity to erase or restructure your debts, giving you a fresh start.
You Must Understand the Process of Bankruptcy Filing and What to Expect throughout the Process
Step 1: Understand Your Financial Situation
Research your finances thoroughly before you take the step to bankruptcy. Are your finances under control? Have you tried other avenues, such as negotiating with creditors or loan consolidation, and failed? You must understand your financial situation inside out before you decide if bankruptcy is the option for you.
Step 2: Determine the Type of Bankruptcy You Need
In Pensacola, most filers will file Chapter 7 or Chapter 13 bankruptcy.
Here is a brief overview:
- Chapter 7 Bankruptcy: This is ideal for individuals who have minimal assets and are burdened with unsecured debt. Chapter 7 discharges much of the unsecured debt, such as credit card debt and medical bills, and you start fresh.
- Chapter 13 Bankruptcy: Chapter 13 is a restructuring bankruptcy where you create a plan to pay a portion or all of your debt over three to five years. It’s the most appropriate for individuals with consistent income who cannot afford to pay debts.
Step 3: Complete Credit Counseling
Before you can file for bankruptcy in Florida, you are required to attend a credit counseling session with a certified agency. The credit counseling session will help you explore bankruptcy options and assess your financial situation. The session takes about 60 minutes.
Step 4: Get an Experienced Bankruptcy Attorney
Bankruptcy is a very intricate legal process. You will need a good bankruptcy attorney to ensure that you are doing the right things and adhering to all legal requirements. An attorney can help you prepare the needed forms and also represent you in the process.
Step 5: File Your Bankruptcy Petition
Once you have been provided with the appropriate credit counseling, your attorney will help you file a petition for bankruptcy to the U.S. Bankruptcy Court for the Northern District of Florida. The petition includes data on your income, property, debts, and expenses.
Bottom Line!
If you are considering filing for bankruptcy in Pensacola, you must consult with a qualified attorney who will guide you through the process. Bankruptcy is a new beginning at a fresh start, and with the right legal advice, you can reclaim your financial freedom. Contact Bruner Wright PA today to discuss your options and begin the road to financial healing.
This post was written by Trey Wright, an experienced bankruptcy lawyer Jacksonville FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, specializing in bankruptcy law, estate planning, and business litigation.
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