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northwest florida bankruptcy attorneys
Chap. 7 and Chap. 13 Bankruptcy
If you are feeling like you might have lost control of your debt or or finances or simply frustrated with a particular creditor, you should talk to a lawyer from Lynchard & Seely, PLLC about a bankruptcy. While bankruptcy is a word with a very negative connotation, the reality is a bankruptcy can be an extremely beneficial and useful tool to deal with creditors and for getting your life and finances back on the right track. If you are overwhelmed by debt or creditors, filing for bankruptcy can at least wipe out some of what you owe and give you a fresh start.
In simplest terms, a bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start.
One of the biggest benefits is the filing of a bankruptcy immediately stops all your creditors from seeking to collect debts from you until your debts are sorted out according to the law.
The attorneys at Lynchard & Seely, PLLC, assist clients with Chapter 7 and Chapter 13 bankruptcies in the Northern District of Florida.
The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Bankruptcy may make it possible for you to eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts, and it is designed to give you a fresh financial start. Bankruptcy may help you stop foreclosures on your home and allow you an opportunity to catch up on missed payments (but it won’t eliminate mortgages and liens without payment). Bankruptcy may prevent repossession of a car or other property or force the creditor to return the property after it has been repossessed. Bankruptcy may allow you to stop wage garnishments, debt collection harassment, and similar creditor actions to collect a debt. Bankruptcy may allow restoration or prevent termination of utility services.
Lynchard & Seely, PLLC can assist with Chapter 7 and Chapter 13 bankruptcy. We are available to consult with you and figure out which option will work best for your case. Call 1-850-936-9385 to set up a FREE consultation today!
We Offer Comprehensive Bankruptcy Services for Both Chapter 7 and Chapter 13
What is the difference?
Chapter 7 (Straight Bankruptcy)
In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for you giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.
If you want to keep property like a home or a car and are behind on the mortgage or car loan payments, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.
If your income is above the median family income in your state, you may consider filing a chapter 13 case. Median family income is different in each state. As of April 1, 2022, median family income in Florida for a family of 4 is $89,206. Higher-income consumers who are above the state median must fill out “means test” forms requiring detailed information about their income and expenses. If the forms show, based on standards in the law, that they have a certain amount left over that could be paid to unsecured1 creditors, the bankruptcy court may decide that they cannot file a chapter 7 case absent extenuating circumstances.
Chapter 13 (Reorganization)
In a Chapter 13 case, you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property, such as your home and car, which might otherwise be lost, if you can make the payments
that the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra to get caught up on the amount you have fallen behind.
You should consider filing a chapter 13 plan if you own your home and are in danger of losing it because of money problems; are behind on debt payments, but you can catch up if given some time; or if you have valuable property which is not exempt, but you can afford to pay creditors from your income over time.
You will need to have enough income during your chapter 13 case to pay for your necessities and to keep up with the required payments as they come due.
If you are considering filing Chapter 7 or Chapter 13 bankruptcy, contact us today for a free initial consultation!
Lynchard & Seely, PLLC provides services or benefits with respect to bankruptcy relief under title 11, U.S. Code. Lynchard & Seely, PLLC is a debt relief agency. We help people file for relief under the bankruptcy code.
When you need a Pensacola, Cantonment, Pace, Milton, Gulf Breeze, Navarre, Fort Walton, or Crestview BANKRUPTCY Attorney, Call US
We take great pride in providing personalized service and guidance to all of our clients. Whether your goals are a Chapter 7 or Chapter 13 bankruptcy, we are happy to help. It is what we do! You can rest assured that we strive to provide the highest quality legal service of any bankruptcy attorneys in Florida.
