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There’s nothing more stressful than mounting bills with no end in sight. No matter how much you pay each month, the total amount due just keeps spiraling upward. If you find yourself in this endless cycle, it may be time to talk to a Jacksonville bankruptcy lawyer about other options.

Don’t allow your debt and financial issues to threaten your health, relationships, family, business, or job. When you are overwhelmed and worried about debt, it can cause arguments and sleepless nights. Because of current difficult economic times, many families and businesses are struggling to meet their obligations. Unemployment, business closures, illness and a turbulent economy can all lead to financial hardship, even among the most dedicated and hard-working citizens. But don’t give up hope. You can have a brighter financial future. Our Jacksonville bankruptcy lawyers know the landscape, and we can help you get a fresh start.

Why Choose Adam Law Group?

Our bankruptcy lawyers in Jacksonville offer respect and compassion.

A Jacksonville bankruptcy attorney at our firm treats you like a real person, not just a number on a case file.  We know that you’ve probably been through some tough times before you arrive at our door, and we want to do everything we can to make the bankruptcy process smooth, efficient, and relatively effortless.  We are happy to answer all your questions, explain your legal options, and guide you through the process.  You are not alone when you are with Adam Law Group.  Our legal team of experienced professionals will stand beside you every step of the way!

We have the experience and skill to navigate the most complex business and individual bankruptcy cases, and we work hard to ensure the best possible outcome for our clients.

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4 Facts About Bankruptcy You May Not Know

A Jacksonville bankruptcy attorney explains the details.

BANKRUPTCY MAY IMPROVE YOUR CREDIT: It’s a widely held misconception that bankruptcy will ruin your credit forever. Bankruptcy laws were designed to help consumers return to creditworthiness. How the consumer uses this tool is up to him or her. Ask your Jacksonville bankruptcy attorney for more information on how bankruptcy will affect your credit rating and strategies for using a bankruptcy to repair your credit.

PROTECTION FROM CREDITORS: Once your bankruptcy has been discharged, creditors are required by the Federal Debt Collections Procedure Act (FDCPA) to no longer harass you regarding the discharged debt. Even a letter to you regarding the discharged debt can result in statutory fines of $1,000 and your attorney fees and costs.

YOU MAY QUALIFY FOR A NEW MORTGAGE: Bankruptcy is not a death sentence for home ownership. If you can show a good and steady income, a history of on-time payments, and a respectable down payment, many lenders will consider potential buyers who are post-bankruptcy.

IT’S VERY AFFORDABLE: Filing for bankruptcy usually costs far less than most people think. Our fees for bankruptcy filings start as low as $0 down with low monthly payments. Contact us today for a free attorney consultation to find out if bankruptcy is the solution you have been looking for.

Bankruptcy FAQs

  • Whether or not you will be able to keep your home depends on many factors, including your home’s current value, amount that you owe on your home, your income, your bank’s financial position, and financial markets. Being proactive in addressing foreclosure by contacting our Jacksonville bankruptcy lawyers immediately is the most important factor you can control.

  • Yes. For Chapter 13 bankruptcies, a large portion of the attorneys’ fees can be paid monthly through the Chapter 13 Plan of Reorganization. For Chapter 7 cases, Adam Law Group is able to offer a flexible payment plan that divides the total attorneys’ fees into six affordable monthly payments.

  • The automatic stay is a powerful protection against creditors’ collection activities provided by the United States Bankruptcy Code. Basically, the automatic stay prevents creditors from attempting or continuing to collect on debts without first getting permission from the Bankruptcy Court. The automatic stay protection goes into effect the moment your bankruptcy petition is filed. Wage garnishments and harassing phone calls must cease immediately.

  • Our experienced Jacksonville bankruptcy lawyers can help determine whether you qualify for a chapter 7 bankruptcy. Eligibility for a chapter 7 will be determined by family income, household size and other considerations. To qualify to file chapter 7 bankruptcy, you must have a household income that is below the Florida median income for your family size. Alternatively, you must have expenses that would allow you to qualify by passing what is called the means test.

Will Bankruptcy Affect My Credit Score?

Yes. Bankruptcy will indeed have a negative impact on your credit score. Chapter 7 bankruptcies stay on a person’s credit record for 10 years, and Chapter 13 bankruptcies stay on your credit record for seven years. But if you already have overdue debt, your credit score has probably already been impacted negatively by unpaid bills. One of the best things about a bankruptcy discharge is that you can get started on rebuilding your credit right away.

There is definitely life after bankruptcy.  There are several things you can do to positively affect your credit score once the discharge is complete.  According to Forbes magazine, here are some steps you can take:

  • Get a free copy of your credit report from each of the three credit bureaus – Experian, TransUnion, and Equifax – and make sure everything is correct. If something is incorrect, write and challenge the error.
  • Monitor your credit score going forward.
  • Practice responsible credit habits.
  • Get a secured credit card (one where you put up a refundable security deposit).
  • Consider getting a credit-builder loan (a lender holds a certain amount of money in a savings account or CD and the borrower repays with interest).
  • Utilize a co-signer for leases or purchases.

Should I File With or Without My Spouse?

A Jacksonville bankruptcy lawyer can advise you on choosing your filing status.

Whether you file bankruptcy with your spouse or without your spouse depends on a variety of factors that are unique to your situation.  If you have significant debt but your spouse has little debt, then it may be advantageous for you to file alone.  However, there’s one thing to keep in mind when it comes to debt that married couples hold jointly.  If you and your spouse have co-signed on debt but only one of you files for bankruptcy, the other person will still be liable for that debt, even if the filing spouse lists the debt on their bankruptcy petition.  Therefore, if you and your spouse have a lot of co-signed debt, it may be best to file bankruptcy as a couple.

National Bankruptcy Statistics

Jacksonville bankruptcy attorneys at Adam Law Group help clients make a fresh start.

Annual bankruptcy filings across the nation in 2020 totaled 544,463, according to USCourts.gov.  While this figure was lower than in some recent years, it still shows that more than half a million individuals filed bankruptcy during this 12-month period.  That’s a lot of people seeking a fresh start.  It’s important to know that you’re not alone.  Many other families are in your same shoes.

Statistics show that Chapter 11 bankruptcies rose 18.7% during this time, from 7,020 in 2019 to 8,333 in 2020. Of those, 7,786 involved business reorganizations. With the 2020 pandemic, business shutdowns were rampant, and many small businesses simply couldn’t survive.

Different Types of Bankruptcy

Chapter 7

A Chapter 7 bankruptcy involves the liquidation of all of an individual’s non-exempt assets in order to satisfy the claims of creditors. The successful completion of a Chapter 7 bankruptcy will result in a discharge of the individual’s debt. Once discharged, the individual cannot be compelled to repay the debts and no action can be taken to collect the debt. Learn More

Chapter 13

A Chapter 13 bankruptcy is a type of reorganization bankruptcy. The goal of a Chapter 13 Bankruptcy is for an individual to restructure and pay-off debts over an extended period of time. A Chapter 13 differs from a Chapter 7 plan in which certain assets are liquidated to settle creditor claims. A plan of reorganization under Chapter 13 allows individuals to pay off their debts over a period of three to five years. Learn More

Chapter 11 – Individual

Not just for businesses. While the vast majority of Chapter 11 cases are filed on behalf of business entities, individual debtors are also eligible to seek protection under this Chapter. Unlike a Chapter 7 or Chapter 13 plan, there are no eligibility requirements or restrictions. Learn More

Chapter 11 – Business

During a Chapter 11 bankruptcy proceeding, the business debtor is provided with the opportunity to formulate its own plan to reorganize its debts. The plans can vary from a simple repayment plan to stock offers, contractions, or principal reductions. Learn More

Chapter 12

Chapter 12 is a specialized type of bankruptcy for independent farmers and fishermen.  These enterprises, often owned by families, have special needs and unique issues where debt is concerned.  Learn More

Take the First Step Today

Everybody deserves the chance to get a fresh start and begin to rebuild. Bankruptcy is not an end – it is a new beginning.  At Adam Law Group, our Jacksonville bankruptcy lawyers can help put you on the path to a brighter future. We value our clients and show each and every person the respect and compassion they deserve.  We have hundreds of satisfied clients.  Our attorneys know it takes a lot of courage to make that phone call or walk into our offices, and we want to reassure you that there’s light at the end of the tunnel. It’s not always going to be as hard as it feels today.  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.  You’ll be glad you did.

Frequently Asked Questions(FAQ) Adam Law Group Bankruptcy

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  • June 15, 2024

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