Guide to Finding Florida Bankruptcy Lawyer

No matter how financially responsible you strive to be, many people may find themselves at incapable of keeping up with all their payments and responsibilities. Florida bankruptcy lawyers are helpful when you are wondering what your options are. There are many alternatives to bankruptcy. When considering how to help protect yourself financially, here are some things to consider before consulting a Florida bankruptcy lawyer.

How bankruptcy works?

There are many reasons you may consider filing for bankruptcy. You may have taken on a mortgage with a variable interest rate that has risen for you to keep up with payments. This means your property could be confiscated. Perhaps you are unable to keep up with other loan payments. Creditors are threatening to take away your property or assets.

Filing for bankruptcy is a highly technical process. Unless you are an expert in this field, you will want to engage the services of a FL bankruptcy lawyer who can help you make sure you correctly follow all of the legal processes. Before taking this step, you may want to consider other options, such as renegotiating the terms of your mortgage with or without the help of a Florida bankruptcy lawyer. Most lenders would rather collect part of their payment rather than risk losing the bulk of their payment.

As an individual, there are two kinds of bankruptcy you can file for with the help of a Florida bankruptcy lawyer:

• Chapter 7 bankruptcies apply to people who do not have sufficient assets or finances to honor their debts. This may mean some of your assets will be liquidated to pay off as much of your obligations as possible. Before you consider this option, Florida bankruptcy lawyers will have you complete a means test proving you do not have the ability to pay. After your debts have been sorted out, you are no longer liable for any unpaid debts.

• Chapter 13 bankruptcies are for people who can afford to pay off some of their debts. FL bankruptcy lawyers will negotiate with your lenders and a count-appointed bankruptcy trustee to create a new payment plan for you. Whether you are agreeing to pay part or all of your debts, you will have three to five years to complete your monthly payments.

What bankruptcy does?

With or without the help of FL bankruptcy lawyers, when you file for bankruptcy your creditors must immediately cease all demands for payment. Keep in mind that a business may ask the court to lift this restriction so that they can continue their collection efforts. Once you have completed the bankruptcy process, you have provided yourself with a chance to start over. However, your credit rating will be negatively affected for years to come.

Florida bankruptcy lawyers can help you determine whether you should try this process. An attorney can also help you reach an agreement with your lender so you can avoid appearing in court. In this process, you and your FL bankruptcy lawyer will negotiate with a bank or other creditor. This will help you preserve your credit rating.

Bankruptcy court

Bankruptcy is a federal matter. Confusingly, however, federal, state and local laws may all apply. There are three different bankruptcy courts in Florida. Before talking to any Florida bankruptcy lawyer, find out which one you will be appearing before. Each court has their own regulations.

When you file for Chapter 7, that does not mean you and your FL bankruptcy lawyer will actually be appearing in court. Instead, you will enter into a court-mediated process where a trustee negotiates between you and your creditors. Chapter 13, on the other hand, will require you and your Florida bankruptcy lawyer to appear in court.

Exemptions

Filing for bankruptcy does not mean you have to give up all of your property. Your FL bankruptcy lawyer can help you claim exemptions on:

• Cars, trucks and other vehicles

• Property

• Tools you need for work

• Social security income

• Wedding rings

• Pets

There are many different kinds of exemptions. However, federal and Florida law differ on what you can exempt and how much of your possessions or property can remain yours in each category. Florida bankruptcy lawyers can help you decide whether federal or state laws will best help preserve as much of your assets as possible. No two cases are alike, and private legal counsel can help you make sure you are taking steps to help you start over with as many resources as possible.

Finding a Florida bankruptcy lawyer

Whether you are considering filing for bankruptcy or want to renegotiate the terms of any loans you are in danger of defaulting on, you can benefit from professional advice. The moment you are aware you may be unable to honor your financial commitments, you may want FL bankruptcy lawyers to advise you on notifying your creditor. Do not wait to do this. To help you, a FL bankruptcy lawyer needs to show that you have acted in good faith to resolve your debts before considering bankruptcy.

You will need the help of a specialist in your field. Ask friends and family to recommend FL bankruptcy lawyers they have worked with and trust to handle your needs. You may also ask the Florida Bar or your local bar association to recommend a specialist. Before meeting with any FL bankruptcy lawyer, check their disciplinary record online. Make sure they have a clean record and are qualified to practice law.

It may be necessary to consult with several Florida bankruptcy lawyers before you find one you trust to help you with your problems. Assemble all financial records and be prepared to ask and answer questions. You need to make sure any FL bankruptcy lawyers you talk to are experienced with your kinds of difficulties. Make sure to receive a written estimation of what your expenses will be and what the attorney proposes to do. FL bankruptcy lawyers who do not seem to be making unrealistic promises should not be trusted.