There are many Florida bankruptcy options and it is a good idea to talk through those options with an experienced bankruptcy attorney. Bankruptcy laws were enacted to help someone who is in a great amount of debt to be released from personal liability for specific debts.
The debtor is no longer legally required to pay the debts that the court rules as discharged. The U.S. is experiencing a challenging economic situation.
Bankruptcy and Florida Bankruptcy Options
Every day, you see more friends, family, neighbors losing their jobs, falling behind on their mortgages, and drowning in debt that they never imagined. A few years ago, most never believed that they’d be in this situation, but as the economy drops and unemployment increases, people are losing their homes, their cars, and their way of life.
Thankfully, there is bankruptcy for times like this. In the U.S., bankruptcy is governed by a federal law adopted in 1898 and amended many times, such as with the Bankruptcy Reform Act of 1978 and in the spring of 2005.
In 1934, the Supreme Court wrote about the purpose of the bankruptcy law: “It gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.”
Once a judge declares a bankruptcy discharged and you are released from debt, you’ll feel relief from harassing creditors and debt collectors because the discharge is in fact a statement to your creditors to expect less money from you in repayment.
The fundamental goal of the federal bankruptcy laws is to give debtors a financial “fresh start” from burdensome debts. This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.
Certain actions from creditors must cease immediately, such as car repossessions, mortgage foreclosures and other law suits from creditors or others to whom you owe money, all the overdue debts are written off, and a third party is put in charge to administer the decision-making process.
Lanigan and Lanigan Explain Bankruptcy Options
It’s possible to wipe the slate clean or to restructure your debt, to get out of your upside down mortgage, and to keep your creditors at bay. Is bankruptcy a solution for you?
Find out what the bankruptcy alternatives are for you by talking through your options with Eric Lanigan and Roddy Lanigan. The Lanigans will explain to you the differences between Chapter 7 and Chapter 13 and how your debt, your income and the Florida Means Test effect each.
