Brevard County Bankruptcy Attorney for Brevard County Families
Bankruptcy Lawyer in Brevard County, Florida
Brevard's Hometown Law Group
The decision to file bankruptcy is not an easy one. But if you feel like you’re buried in debt, you’re spending most of your time dodging your creditors and your financial problems are starting to affect your health, it may be time to talk to a bankruptcy lawyer. Although bankruptcy is not something to be taken lightly, it is an option that a debtor may pursue to get relief from overwhelming debt and a fresh start on life. The Brevard County Florida bankruptcy attorneys at the Bowin Law Group understand what factors to take into consideration when helping an individual or family file for bankruptcy in Central Florida. We represent families throughout the Space Coast, with offices in Melbourne and Cocoa.
Filing for bankruptcy may immediately stop:
In both Chapter 7 and Chapter 13, you can eliminate many of your debts, including credit card debts, medical bills, and many of your credit and loan obligations. If you’re a small business in Brevard County, bankruptcy may relieve you from your burdensome leases and contracts, give you ammunition for negotiating more favorable contracts, and allow you to get your business back on track. For more information on the bankruptcy process and the debts that you can eliminate, visit our Frequently Asked Questions page, or contact our office for a free consultation. If you prefer, you may fill out our Free Case Evaluation Form and someone from our office will contact you to discuss your legal options.
What’s the Difference Between Chapter 7 and Chapter 13
When most people use the word “bankruptcy,” they’re referring to a Chapter 7 bankruptcy. To be eligible for Chapter 7, your family income cannot exceed the Florida median income for families of a similar size. If you qualify for Chapter 7 bankruptcy, you can discharge unpaid credit cards, medical bills, certain kinds of loans, and other forms of unsecured debt. If your income is too high, you can file for bankruptcy under Chapter 13. Chapter 13 bankruptcy is often referred to as a re-organization bankruptcy. Also known as a “wage earner” bankruptcy, Chapter 13 may be the right choice for you if you have a regular income, because it provides a means to repay your debts over time. Under Chapter 13, your debt will be restructured in order to allow you to pay off a percentage of what you owe over a 3 or 5 year period.
If you are facing foreclosure in Brevard County, there is a very big distinction between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. If you are behind on your mortgage payments, a Chapter 7 bankruptcy will usually not save your home. Unless you can bring your past-due mortgage payment current immediately, the bank will still be able to take your home if you file Chapter 7.
If you file a Chapter 13 bankruptcy, you may be able to save your home from foreclosure even if you can’t immediately bring your past-due mortgage payments current. Chapter 13 allows you to save your home by making your regular monthly mortgage payments, plus a little extra every month to bring your mortgage current. These extra payments are called “cure payments” because you are “curing” your past defaults. The amount of your monthly cure payments depends on how far behind you are on your past mortgage payments. The greater the amount of your past defaults, the larger your monthly cure payments will be. Because Chapter 13 gives you 3-5 years to cure your past defaults, your cure payments are usually pretty low. If you can afford to do so, you always have the option of curing your defaults much sooner than 3-5 years. Once you have completed your cure payment and you are current on your mortgage, you just continue to make your normal monthly mortgage payments as if your past defaults never occurred.
The Brevard County bankruptcy lawyers at the Bowin Law Group will discuss each particular situation with you to determine whether filing under Chapter 7 or Chapter 13 will be a better option for you, taking into account both short term and long term goals. If you are considering filing bankruptcy, contact the Bowin Law Group for a free consultation.
You shouldn’t feel guilty about filing bankruptcy if you are overwhelmed by debt.
Bankruptcy laws are in place for a purpose. The laws exist to help people like you get the relief they need. In 2009, there were more than 18,000 bankruptcies filed in the Orlando bankruptcy court, which is the court that services Brevard County. Approximately 2/3 of these filings were Chapter 7 and 1/3 were Chapter 13.
If you live in Brevard County, Florida and are considering bankruptcy as an option to eliminate your debt, it is important that you consult with an experienced and knowledgeable bankruptcy attorney. The Bowin Law Group can explain how the bankruptcy laws apply to your specific circumstances and help you effectively eliminate your debt.
When you contact a bankruptcy lawyer at the Bowin Law Group, we will give you honest advice about your financial situation. If bankruptcy is not the best option for your particular situation, we will inform you of this so you can do what’s right for you. If filing under Chapter 7 or Chapter 13 is going to benefit you, then we will let you know and tell you how we can help you through the entire process.
Can only one spouse file for bankruptcy?
When one spouse has incurred debt in his or her name only, he or she can file for bankruptcy without requiring their spouse to do so as well. However, where spouses have joint debts, the non-filing spouse will still be liable for those joint debts. Where the spouses’ joint debts are large, it may be advisable that both spouses file bankruptcy to discharge both spouse from liability for their joint debts.
If you or your spouse needs to file for bankruptcy, contact the Bowin Law Group today to schedule an appointment to discuss your case. We can order a credit report, evaluate your financial situation, and determine the best course of action available to you.
When only One Spouse decides to file for Chapter 7
While only one spouse may be filing for bankruptcy, the bankruptcy court will consider the non-filing spouse’s income to determine if the filing spouse is eligible to file for Chapter 7. The income of both spouses will be reported on bankruptcy forms. If both spouse’s combined income is more than the median household income in your region, the filing spouse may have to file under Chapter 13 .
When One Spouse must file under Chapter 13
If the household income of a filing spouse disqualifies him or her for Chapter 7 , he or she can still file under Chapter 13 . Under Chapter 13 , the filing spouse will create a monthly payment plan by which the filing spouse proposes to repay his or her debts, usually at a substantial discount to the amount actually owed on the debts. While the non-filing spouse will not be involved in the Chapter 13 repayment plan, his or her income will be considered when determining how much the filing spouse can afford to pay under the proposed plan.
The Effect on the Non-Filing Spouse’s Credit Score
In theory, any debt carried by one spouse that is his or hers alone, will not appear on the other spouse's credit report. Additionally, bankruptcy on the part of one spouse should not appear on the credit report of a non-filing spouse unless they have joint debt together.
If you need additional information regarding your bankruptcy options, contact the Bowin Law Group today to schedule a free consultation to discuss your case.
Contact a Brevard County, FL bankruptcy attorney for a free consultation!