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Bankruptcy Attorneys in Orlando, FL
Many individuals believe that filing for bankruptcy means you've reached financial ruin. At Del Pino & Granados Law Firm in Orlando, Florida, our attorneys believes that bankruptcy is a way to start fresh. Through the years, she has helped many individuals and business owners to deal with bankruptcy and foreclosures. In fact, our attorneys is a federally designated debt relief law firm offering one-on-one attention to help you eliminate or reorganize your debts while protecting assets, including your car, home and income.
Chapter 7
Chapter 7 bankruptcy is a legal procedure that discharges a debtor from personal liability for certain types of debts, including credit cards, medical bills, personal loans, foreclosures, repossessions, overdrafts, check cashing loans, etc. Upon filing for Chapter 7 bankruptcy, you will be protected from harassing calls from creditors. This means creditors can no longer attempt to collect a debt owed prior to filing for bankruptcy. However, if any property secures the debt, such as a car, house, boat, etc., the monthly payment must continue to be paid on time in order to avoid repossession or foreclosure.
Chapter 13
A Chapter 13 is used to reorganize an individual’s (debtor’s) finances into a single monthly payment paid to the Chapter 13 Trustee. The Trustee then disburses the money to the parties who are due to be paid under the debtor’s Chapter 13 Plan. Each case is unique and the parties who are due to be paid under Chapter 13 law depend on the nature of debt and income of the debtor. In most cases, reorganization includes repayment of secured debt and elimination or reduction of unsecured debt.