Lakeland Florida Bankruptcy Services
Bankruptcy is a legal process that enables an individual or a business to work through the federal court system to create order out of financial chaos. In some cases, a portion of debt may be forgiven and in other cases, a repayment plan is established. There are several different types of bankruptcy processes and each is designed to address specific circumstances.
Given the complexity of the bankruptcy process, it is always advisable to seek the advice of an experienced attorney to determine whether filing for bankruptcy is in your best option. For instance, it is important to note that not all debts can be discharged in bankruptcy. However, filing for bankruptcy will end the pressure of lawsuits, harassing telephone calls, and wage garnishment while you reorganize your financial life.
Chapter 7 Bankruptcy
Chapter 7 of the Bankruptcy Code provides relief to individuals, partnerships, corporations, or other business entities. Generally, Chapter 7 is considered to be among the most straightforward of bankruptcy processes – the debtor surrenders non-exempt assets to a trustee for the benefit of creditors, and receives discharged from certain debts.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a type of “reorganization bankruptcy”. It presents a viable option for individuals with regular income to make arrangements to pay off debt within three to five years without having to liquidate their property. If you are seeking relief from current harsh financial circumstances but do not want to liquidate assets that you would prefer to keep, Chapter 13 may be the best option for you.
A review of your financial status can determine which type is the best option for you.