Are you drowning in debt? Are your wages being garnished? Are you getting called day and night by debt collection agencies? Sometimes, through no fault of our own, we end up overwhelmed by bills and debt. In these situations, filing for bankruptcy may be your best option. Many people are afraid or embarrassed to file bankruptcy. Don’t be. At ZinnLaw, for more than 30 years, we’ve been helping people declare bankruptcy and get a fresh start. If you think bankruptcy is your best course of action, it is important to be as informed as possible. Read on as your Southwest Florida bankruptcy attorneys explain what to expect from the bankruptcy process.
If you are afraid of losing your home, or your car, you’ll find Florida’s laws are fairly forgiving. We have several laws and regulations in Florida that allow for certain exemptions when you are filing for bankruptcy. Here are some of the regulations you should know about:
If you are afraid of losing your home, or your car, you’ll find Florida’s laws are fairly forgiving. We have several laws and regulations in Florida that allow for certain exemptions when you are filing for bankruptcy. Here are some of the regulations you should know about:
- The Florida Homestead Exemption allows you to protect an unlimited amount of equity in your residential home if you have owned your home for a long time.
- The Florida Motor Vehicle Exemption allows up to $1,000 to be protected in a single motor vehicle.
- The Florida Wildcard Exemption allows protection of up to $5,000 in property, provided filers are not using the homestead exemption. This is ideal for people who rent rather than own their home, for example.
- If a married couple is filing for bankruptcy together, they can then double the exemption on any property they both own.
No matter what type of bankruptcy you file, you will have to meet certain requirements. First, you will need to complete a credit-counseling course. Today, you can complete this course on the phone or online. There are two components to the course, one before you file your case and one after it is filed. It may take between 60 and 90 minutes to finish each part of the course. You also need to make sure your course originates from an approved credit counseling agency. You will find all the forms you need for your case on the official web site for the U.S. Bankruptcy Court.
You’ll also need to pay any fees associated with filing your case, although filers do qualify for a waiver on these fees in certain situations.
One of the first things we’ll discuss when we meet is which type of bankruptcy is right for you. There are two common types of bankruptcy that are available to individuals. Based on the type of debts you have and your general circumstances, we will work together to determine the right way to file your case. There are three main determining factors in whether you should file a Chapter 7 or Chapter 13 bankruptcy, and these are:
- What assets, if any, you have.
- Whether you own a small business.
- The amount and types of your debts.
If you’re ready to find out more, then just give us a call at (239) 418-5129 – that’s (239) I-1 U- LAW – to schedule a complimentary consultation at one of ZinnLaw’s offices in either Fort Myers or Naples in beautiful Southwest Florida.