Taking a Closer Look
Affordable Bankruptcy Lawyer in Jacksonville
Mounting debt and calls from creditors can cause a lot of stress and sleepless nights. While at first you were just a month or so behind on payments, now you find yourself unable to make even minimum payments on multiple accounts. The farther you fall behind, the more desperate the situation becomes. It may be time to call an affordable bankruptcy lawyer in Jacksonville to explore your available options.
Bankruptcy helps people who can no longer pay their debts get a fresh start. In these difficult economic times that we live in, many families and businesses are struggling to meet their obligations, often through no fault of their own. Unemployment, business closures, illness and a turbulent economy can all lead to financial hardship, even among dedicated and hard-working citizens. If you find yourself in this situation, call the Adam Law Group. Our affordable bankruptcy lawyers in Jacksonville can sit down with you, review your debt and explore various legal options that can put you on a firmer financial footing.
The last thing anyone overwhelmed with debt has is extra money laying around to hire an attorney. That’s why Adam Law Group prides itself on offering very affordable bankruptcy representation in Jacksonville. We provide value in addition to skill and experience. Adam Law Group offers a $0 down payment Chapter 7 bankruptcy filing to its clients, with low payments starting at $189 per month.
In most cases, you can remain in your home after filing Chapter 7 or Chapter 13 bankruptcy if it is your primary residence and you can make the mortgage or rental payments. Chapter 7 generally does not create a stay in foreclosure actions if a person is behind on mortgage payments. Second homes and vacation properties are usually liquidated in Chapter 7. Your bankruptcy attorney will need to counsel you on how to handle real estate in Chapter 7 or Chapter 13 bankruptcies.
For the most part, no — student loan debt usually cannot be eliminated by filing bankruptcy. There is a small exception stating that if a person can prove that continuing to try to pay student loan debt creates undue hardship in their daily life, then a bankruptcy court may consider discharging the student loan debt. However, this is a very narrow exception, and few individuals qualify for it.
Generally, Chapter 7 bankruptcies stay on your credit report for 10 years. Chapter 13 bankruptcies stay on an individual’s credit report for seven years after the final reorganization debt payments are satisfied.
Yes, consumer credit card debt can be discharged through bankruptcy. This includes department store, gas, Visa, Mastercard, American Express and various other types of credit cards.
It depends. Sometimes couples file bankruptcy jointly, and other times a married person files bankruptcy individually. Which way you choose depends on your individual circumstances. However, any debt that is in both your and your spouse’s names will still be owed by the remaining spouse if only one of you files for bankruptcy. A bankruptcy lawyer can review your situation in greater detail and help you decide which way to file.
No, you cannot avoid paying child support or alimony by filing bankruptcy. These court-imposed payments cannot be discharged by a bankruptcy court.
Our skilled and experienced Jacksonville bankruptcy lawyers have helped thousands of families get back on their feet after being overwhelmed by debt. Adam Law Group is a caring, efficient and affordable law firm with a strong reputation. We help clients turn over a new leaf and step out into a more promising future.
By eliminating debt and streamlining expenditures, you can take the worry out of your finances and create a plan to rebuild your credit. There are multiple forms of bankruptcy, and our affordable bankruptcy attorneys in Jacksonville can help you decide which one is right for you.free consultation
Jacksonville Bankruptcy Lawyers
CHAPTER 7 BANKRUPTCY: The most common form of bankruptcy, Chapter 7 is also the simplest. It is sometimes referred to as a “liquidation bankruptcy,” meaning non-exempt assets are sold to pay creditors. Chapter 7 is often a good choice for clients because it creates a clean slate, eliminates a majority of debts and is often completed in 3 to 6 months. It provides immediate protection from harassing phone calls and letters from creditors, and your post-bankruptcy income is not subject to bankruptcy-related garnishment. Chapter 7 bankruptcy can be filed once every eight years, and it stays on your credit report for 10 years.
CHAPTER 11 BANKRUPTCY: Often referred to as a “business bankruptcy,” Chapter 11 allows a business owner to reorganize his or her debt while still maintaining daily operations and keeping the doors of the business open. Rather than a complete liquidation, Chapter 11 enables owners to create a debt repayment plan, meet with creditors, and often pay lower interest rates to achieve more favorable repayment terms. While Chapter 11 is often used for businesses, individuals can file for Chapter 11 bankruptcy too.
From January through July of 2020, there were 4,242 Chapter 11 bankruptcy filings in the United States, up almost 25% from the 3,278 Chapter 11 bankruptcy filings for the same seven-month period in 2019, according to the American Bankruptcy Institute.
Businesses have been hit hard by the 2020 pandemic and turbulent economic headwinds, causing many to pursue Chapter 11 reorganization or shutter their businesses entirely. The 2019 Small Business Reorganization Act (SBRA) created an avenue for small businesses to move through the bankruptcy process more quickly and with lower costs. The new law for Subchapter V of Chapter 11 went into effect on February 19, 2020.
An affordable bankruptcy lawyer in Jacksonville is well-versed in Subchapter V of Chapter 11 of the Bankruptcy Code and can help small businesses move through the bankruptcy process quickly and affordably. To learn more about business bankruptcies, call us at 904-329-7249.
CHAPTER 13 BANKRUPTCY: Often referred to as “reorganization bankruptcy,” Chapter 13 offers clients the chance to pause, catch their breath and reorganize their debt into manageable monthly payments. Chapter 13 is often the best choice when a person wants to keep non-exempt assets or business property and equipment after the bankruptcy is completed. While you retain some of your debts, others are discharged entirely. For debts that remain, Chapter 13 allows you to reduce interest rates and monthly payments by creating a 3- to 5-year repayment plan. Chapter 13 bankruptcy stays on your credit report for 7 years.
Our Jacksonville Bankruptcy Lawyers Can Help You Build a Brighter Future
If you or your business is struggling under mounting debt and you feel like you have nowhere to turn, it may be time to look at your legal options. Rather than continuing to fight a losing battle and falling further behind on monthly payments to creditors, filing for bankruptcy protection can give you the chance to catch your breath and start over. Put an end to the harassing creditor phone calls.
Our skilled and affordable bankruptcy lawyers in Jacksonville can help you explore your options, review your debts, and decide on a plan of action. There are many different types of bankruptcies, and our experienced bankruptcy lawyers can help choose the one that’s right for you.
Everybody needs the chance sometimes to get a fresh start and begin to rebuild. Bankruptcy is not an end – it is a new beginning. We can help put you on the path to a brighter future. To find out more about how our affordable bankruptcy lawyers in Jacksonville can help, call us for a free initial consultation at 904-329-7249.