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Filing for Bankruptcy with Our Attorneys in Naples, FL
Your debt solution starts with a conversation, let the attorneys at Del Pino & Granados Law Firm in Naples, Florida help you. She will give you all of your options, and help you decide what the best choice would be for you and your family. The prospect of filing for bankruptcy is never a cheery one; however, it is far less taboo than in years past, as more and more families and businesses have been hit hard by economic circumstances beyond their control.
Chapter 7
The filing of a Chapter 7 bankruptcy petition is an extremely popular and effective legal remedy utilized by consumers to stop wage garnishments, halt bank account attachment, bring lawsuits to a standstill and forever terminate creditor harassment. Most unsecured pre-petition debts are discharged (eliminated) upon the successful conclusion of the Chapter 7 bankruptcy case. Common examples of unsecured debts are credit cards, outstanding medical bills, department store cards, delinquent utility bills, some personal loans, payday loans, check-cashing establishments, prior eviction balances and outstanding balances for previously repossessed vehicles. Liability to most unsecured creditors is eliminated when the federal bankruptcy court judge enters (signs) an order of discharge.
Chapter 13
Chapter 13 is a repayment plan that provides the opportunity to repay a portion or percentage of qualifying debt over time. It also offers the option to force the repayment of mortgage arrears, stop a pending foreclosure, and retain your residence. The statutory duration of a repayment plan is a minimum of three (3) years and a maximum of five (5) years. After the final payment has been made, the eligible petitioner is afforded a discharge of remaining, qualifying debts.
When Chapter 7 may not be the best option, there are many positive attributes to Chapter 13 including the potential ability to remove, and discharge, a second/ junior mortgage on real estate; the ability to repay certain debt over time without the enormous accrual of interest or late fees; the ability to structure a repayment of mortgage arrears, car loans, and tax liability; and the access to a bankruptcy discharge.