Do you understand your bankruptcy options, exemptions and what debts cannot be discharged through bankruptcy? There are certain items that cannot be eliminated through bankruptcy and wage earners/debtors who owe federal, state, and local taxes; alimony; child support; or federal student loans are still responsible for these debts, which cannot be discharged.
Understanding Bankruptcy Options, Exemptions
It’s important to have an attorney who will be able to offer answers and alternatives in bankruptcy for these debts and for other debts that can be eliminated. The knowledge of finance and economics as a foundation is important.
Consult with Eric and Roddy Lanigan Winter Park bankruptcy attorneys to determine what steps you should take and what options they recommend. The Lanigans are experienced attorneys for clients seeking aggressive representation with a personal touch. Common Bankruptcy Exceptions to Exemptions (Will not be ELIMINATED through bankruptcy)
- Child support
- Secured loans
- Federal student loans
There are generally few non-exempt items in the state of Florida an individual would have to worry about losing. Disregard family, friends, associates who recant horror stories about having to relinquish furniture, TVs, electronics, computers, etc., relax. No one’s backing a truck up to your home to take away your things to sell to satisfy your creditors.
However, property exemptions exist in every state that clarify what items you own that creditors can and cannot take. What happens on occasions where you hear of people losing property is that they’ve voluntarily pledged the property as security for a loan and don’t make the payments. But in general, in Florida, creditors aren’t forcing the sale of your property to get every dollar they can or the shirt off your back.
Without the knowledge of proceedings, schedules and laws, debtors may run the risk of losing valuable assets to creditors. The debtor’s attorney will thoroughly review the petition to ensure that non-exempt and exempt assets are handled properly. During the course of proceedings, the Chapter 13 bankruptcy attorney will become the wage earner’s most valuable aide in resolving personal indebtedness, while satisfying federal requirements.
Eric and Roddy Lanigan are passionate about the legal practice and treat clients as individuals with respect and compassion for every situation. Each case is thoroughly pursued to assure clients that bankruptcy and or foreclosure defense, mortgage workouts and litigation succeed and that every personal and unique set of needs is met.
Lanigan & Lanigan, P.L., a law firm located in Winter Park, Florida, is committed to supporting and helping clients with financial problems and heavy debt who may be facing bankruptcy, foreclosure defense or both.
Personal bankruptcy lawyers provide expert legal counsel from the moment a consumer walks into the office for an initial consultation to the time that the case is discharged. A good lawyer will spend a considerable amount of time ensuring that the debtor’s case is well prepared and well represented. Most individuals are at a complete loss when filing for consumer debt protection; but a competent, experienced attorney knows the ropes and can suggest legal ways to help debtors successfully file without breaking or compromising the law.
Initially, bankruptcy lawyers assist debtors in filing official notices of bankruptcy to the court and creditors, represent debtors at creditor and confirmation hearings, and correspond with creditors regarding secured and unsecured claims.
While consumers are not prohibited from preparing and filing petitions on their own, a qualified attorney can accurately interpret the law to the client and prevent debtors from making poor judgments and filing inaccurate reports, which may cost them dearly down the road.
Just having expert legal counsel serves to diffuse the pressure and emotional stress of filing. Once the debtor’s lawyer serves notice to creditors, all debt collection tactics must cease by law. Creditors are prohibited from writing, calling, text-messaging, emailing, or contacting debtors in any way.
From the moment creditors receive notice, all communication between the debtor and creditor must cease. The Chapter 13 bankruptcy attorney communicates directly with the creditor, or a legal representative, and can enforce cessation of collection efforts through the courts. The wage earner is then free to concentrate on working to pay off creditors.
Bankruptcy can be intimidating; and a debtor needs all the legal muscle possible to prepare and defend the legal right to consumer debt protection. Testifying in front of a room full of angry creditors is like going into a den of hungry lions with the debtor as the main course! Personal bankruptcy lawyers can skillfully shut the mouths of the “lions” and hopefully, walk away with a judgment in favor of the client.
Lanigan and Lanigan, Your Advocate in the Courtroom
A qualified lawyer is a debtor’s advocate in the courtroom, negotiating with creditors and legal representatives and pleading the debtor’s case before the judge. An attorney is an invaluable asse and is an advocate invaluable who pleads your case and reconciles complex legal issues.
As a wage earner’s advocate, the ultimate goal of a Chapter 13 bankruptcy attorney is to protect debtor assets, help devise an acceptable repayment plan, and eventually help reconcile the debtor to financial soundness. But remember: the Chapter 13 bankruptcy attorney is not working for free. The more time the lawyer takes with a debtor, the more it is going to cost. However, most attorneys charge a flat rate legal fee for consumer debt protection cases, which can usually be paid in installments.
The Lanigans are there to guide and counsel debtors on supplying the courts accurate, timely and complete information; but they cannot be expected to hold debtors by the hand 24/7, unless they are willing to follow protocol and cooperate with requests.
In addition, new reforms hold lawyers accountable for inaccuracies and false information on debtor petitions. Reforms also sanction attorneys if Chapter 13 filers default on repayment plans, after assuring the court of an ability to pay. In order for cases to become satisfactorily discharged, debtors and personal bankruptcy lawyers must build a relationship of mutual trust, cooperation and honesty.
Debtors must also comply with federal mandates to enroll in approved financial management courses before cases can be officially discharged. Chapter 13 bankruptcy attorneys and clients play important roles in submitting accurate, timely and truthful petitions which comply with U.S. bankruptcy code, satisfy creditors and ultimately, provide debt relief.
Eric and Roddy Lanigan provide Bankruptcy, Business Workouts, Foreclosure Defense and Mortgage Workouts to those who need a way out and a fresh start.