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The Law Offices of Salazar & Kelly Law Group, P.A. Motto
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Kissimmee Bankruptcy Attorney

When Bankruptcy Is the Best Solution

When you are overwhelmed by debt, creditor harassment and calls from collection agencies, or if you have been threatened with a lawsuit, remember that you do have options and rights under the law. Bankruptcy is a legal way to tackle, reduce and eliminate debt.

At Salazar & Kelly Law Group, P.A we will help you review your assets, debts and income, explore your options and help you answer the question, “Should I file bankruptcy?” While every situation is unique we can help you make the best decisions for your financial future. We have seen the benefit of bankruptcy for elderly couples who cannot pay their bills, individuals who are facing wage garnishment or repossession, families burdened by overwhelming medical expenses because of an unexpected accident or injury, and couples who are divorcing. Also, in the current real estate market, bankruptcy is an effective way to stop foreclosure and save your home.

Our Kissimmee bankruptcy attorneys can help you explore your options:

  • Chapter 7 bankruptcy allows you to eliminate medical expenses, credit card bills, utility expenses and other unsecured debts. Businesses that are closing due to financial hardship may also benefit from filing for relief under Chapter 7.
  • Chapter 13 bankruptcy is an option for individuals, families or businesses that do not qualify for Chapter 7, but want to reorganize debt, protect assets or stop a foreclosure.

Bankruptcy Law Myths: Know the Law and Your Rights

There are many myths about bankruptcy — most are circulated by creditors who do not want consumers to assert their rights under the law. Before making any decisions about whether bankruptcy is right for you, it is important to have a clear understanding of your rights and obligations. Many people believe that filing bankruptcy can ruin their credit forever; however, this is not true. Even after filing bankruptcy, you will have future opportunities to restore your credit score and obtain loans, and even a mortgage.
Our Kissimmee bankruptcy attorneys will never push you into bankruptcy, we will only assess your situation, taking into consideration warning signs, the potential for future lawsuits or wage garnishment and other consequences of unpaid debt. We will take the time to review your individual circumstances, explore your rights and options and help you make the best decisions for your unique situation.

Understand Your Rights and Options in Bankruptcy

Bankruptcy is a legal process to help individuals, families and businesses achieve debt relief from creditors. Through debt elimination, reorganization or reduction, consumers and businesses are able to regain financial control and restore financial independence. At  Salazar & Kelly Law Group, P.A our Kissimmee bankruptcy lawyers are dedicated to protecting the rights of our clients at every stage of the bankruptcy process.

The Bankruptcy Process and Your Obligations — How to File Bankruptcy

  • Bankruptcy requires full and complete disclosure of your financial information. Our bankruptcy lawyers in Kissimmee will assist in classifying, organizing and identifying your assets, debts and income.
  • We will assist in providing appropriate documentation to back up all of the information you are summarizing for the bankruptcy trustee.
  • Under Chapter 7, you are entitled to complete relief and debt discharge. Qualification for Chapter 7 is based on a means test that assesses your income, debts and assets.
  • Under Chapter 13, you are entitled to relief through reorganization and reduction of debts.
  • Careful planning will allow you to stop creditor harassment, prevent foreclosure and protect your assets.
  • Remember that while unsecured debts, including medical expenses and credit cards, are dischargeable, you cannot discharge recent income tax (less than three years old), child support, alimony, court fines, restitution or student loans.

Is Bankruptcy Right for You?

People never think they will face bankruptcy. Sometimes, life takes you by surprise by the sudden loss of employment, uninsured health issues, or other situations in which you find yourself unable to meet your financial obligations. You may even find yourself on the verge of losing your home in a foreclosure. When this happens, you need an experienced bankruptcy attorney who can guide you through the process of obtaining relief from your creditors. Our Kissimmee bankruptcy attorneys can evaluate your financial situation and advise you of your rights and the remedies available under Chapter 7 and Chapter 13 bankruptcy law. Under the new bankruptcy law, it has become more complicated for consumers and businesses to file for bankruptcy relief. We will review your particular situation to determine your eligibility and the best course of action under the new laws.

Kissimmee Bankruptcy FAQs

While bankruptcy is a word that is commonly used, many people are confused about the actual process, how to qualify and the long-term implications of filing. If you are overwhelmed by debt and considering bankruptcy, it is important to know your rights and your options before making any decisions. At Salazar & Kelly Law Group, P.A. in Kissimmee, Florida, we will take the time to answer your questions, review your assets, debts and income and help you decide if bankruptcy is the right choice for you.

Do I Qualify for Bankruptcy?
You may qualify for federal bankruptcy protection; however, each person’s situation is different. Our Kissimmee bankruptcy attorneys can offer you personalized attention when it comes to navigating the consumer bankruptcy process.

Chapter 7 bankruptcy is a process that allows consumers to eliminate their debts. The government has changed the law to limit eligibility to people who fall below a certain income level. This is ideal for individuals with limited assets and a lower income.

If you are not eligible for Chapter 7 or if you want to keep some of your assets that would be sold under Chapter 7, you should consider Chapter 13. Under this process, you can restructure your debt and make monthly payments to the court. This allows you to keep more of your assets.

Will I Be Able to Restore Credit or Purchase a Home?
Though bankruptcy can be damaging to your credit score initially, it does not impact your score forever. Immediately after filing, you will have the option to restore your credit. Many consumers are able to restore their credit and even get a car loan or a home mortgage within just a few years after filing. Depending on your situation, rebuilding credit and obtaining a mortgage may be possible sooner that you think.

Are Income Tax Debts Dischargeable in Bankruptcy?
Some tax debts are dischargeable under Chapter 7. Generally, if your income tax debts are more than three years old, you may be able to have them discharged.

How Long Does Bankruptcy Take?
In a Chapter 7 case, the time between the filing of your case and the receipt of your discharge is approximately 90 days. A Chapter 13 repayment plan is between three and five years.

How Much Does Bankruptcy Cost?
Bankruptcy will involve a fee, but in many cases this fee is far less than the accumulation of fines and penalties for unpaid debts. Our attorneys will review your situation, assess the benefits and costs of filing and help you decide if bankruptcy is worth the initial investment for your long-term financial goals
Do I Need an Attorney?
While you can file bankruptcy without the assistance of an attorney, it can be dangerous and you could unknowingly waive your rights to property. Before filing, it is important to consult with an experienced attorney who can review your individual situation, protect your rights and ensure you are making the best decisions for unique situation.

Experienced Kissimmee Bankruptcy Attorneys

Let the Kissimmee bankruptcy attorneys of Salazar & Kelly Law Group, P.A. put that experience to work for you. To schedule a free initial consultation at our main office in Kissimmee, and our branch offices in Orlando and Altamonte Springs, call 407-483-0500 or contact us online.

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