Florida Consumer Bankruptcy Attorney
Diligent Legal Assistance When You Face Painful Financial Problems.
Since the beginning of our current economic crisis, an increasing number of people have discovered the surprising array of effective legal options available to those facing financial problems. Chapter 7 bankruptcy has slashed the debt of millions of Americans. Additionally, a broad range of other options are available to prevent foreclosure and property repossession.
From our office in Altamonte Springs, the Kramer Law Firm helps people throughout Orlando and Central Florida resolve financial issues. Contact us by e-mail today, or call us at 866.716.4288 or 407.641.0268.
How Chapter 7 Bankruptcy Can Help When Debt Becomes Unmanageable.
When you are unable to make timely payments on your debts, the short-term issues of creditor harassment, a poor credit rating and the potential loss of your home to foreclosure are bad enough. But long-term issues are just as daunting. How will your debt-to-income ratio be brought back into balance so that you can save or purchase a home, and so that you can start to build future wealth?
Chapter 7 bankruptcy is often called the "fresh start" bankruptcy. In Chapter 7, a petition is prepared, and all of your assets and debts are listed. At the completion of the process, your unsecured debts, such as credit card debt and medical debt, will be discharged. The result? Significantly reduced debt that can quickly reduce stress, raise your quality of life, and provide for a better future for you and your family.
Many people fear bankruptcy because of concerns regarding losing control of the process. We can help you make Chapter 7 bankruptcy and Chapter 13 bankruptcy work for you. Chapter 7 bankruptcy rarely results in the loss of a home or an essential vehicle, unless discharging these assets is one of your goals. Before you file, we can work with you to determine your bankruptcy goals.
There Are Alternatives to Bankruptcy.
We stress that bankruptcy is not always the best option to resolve financial challenges. We are skilled at negotiating new payment plans with creditors and handling:
- Defending collection lawsuits
- Defending credit card lawsuits
- Negotiating debt
- Loan modifications
- Short sales and deeds in lieu
- Forbearance processes
- Home loan workouts
Chapter 7 Means Test
In order to file for chapter 7 bankruptcy, your income must be below the Florida median income for households of a similar size. According to the terms of Chapter 7 bankruptcy, your current monthly income (CMI) cannot exceed the CMI of households of a similar size in the state of Florida. The state of Florida uses information from the most recent reporting year of the Bureau of Census to determine median income levels.
In order to determine CMI, the court will take the average monthly gross income you earned in the six months prior to your filing for bankruptcy. Financial gifts, assistance from family members, the income of your non-filing spouse, and income from any jobs you worked will be included. There are, however, generous exemptions and deductions which can still qualify you for Chapter 7 bankruptcy if you do not initially pass the means test. However, these calculations are complicated and require the assistance of an experienced bankruptcy attorney.
Contact Our Orlando Bankruptcy Lawyers
If you are unable to pay your monthly bills or stay current on your mortgage, we can review your case during a free consultation. Even if you don't qualify for Chapter 7 bankruptcy, you can still file under the terms of Chapter 13. Contact the Kramer Law Firm to see if Chapter 7 bankruptcy is the right choice for you. We are conveniently located right off of I-4, between 436 and 434 and can be reached at 866.716.4288 or 407.641.0268.
