Lakeland, FL Bankruptcy Lawyer

Many people think bankruptcy is a bad word, but that bankruptcy is simply a legal way to eliminate debts and have a fresh financial start. If you live in or around Lakeland, Florida and are over your head in debts you know you cannot repay, your credit score is tanked, and you’re being harassed by creditors, working with our Lakeland bankruptcy lawyer and filing for bankruptcy can help you find financial relief and get back on your feet! 

We understand the weight of the word “bankruptcy,” and the fact that it can bring up feelings of shame or even guilt, but that is often because of the misconceptions surrounding bankruptcy as a viable option for starting over. We can take the time to ensure you understand your options for bankruptcy and how it can benefit you and your family or business. Don’t get lost in the legal process; let us guide you through each step towards a better financial future! Call today to schedule a free consultation at Osenton Law, P.A. and learn what comes next. 

What Is Bankruptcy & Will It Ruin My Credit?

Bankruptcy is a legal process designed to help individuals or businesses clear or repay all or part of their debts so that they can have a clean slate. There are several benefits to filing for different types of bankruptcy, some of which are effective immediately. For instance, when you file for Chapter 7 and Chapter 13, an automatic stay is issued which prevents foreclosure, repossessions, and utilities from being shut off. It also puts a halt to harassment from creditors. 

One of the common false beliefs about bankruptcy is that it will completely ruin your credit score. However, though bankruptcy does remain as a mark on your credit for 7 years, you can sometimes see your credit score improve within one day after filing because your debt-to-income ratio decreases as soon as you file!

What Are The Different Types Of Bankruptcy? 

Chapter 7 Bankruptcy – (Also known as liquidation bankruptcy.) This eliminates all unsecured debts like credit card bills, personal loans, student loans and more, while also allowing you to keep some property, such as funds and vehicles, in your possession. 

Chapter 13 Bankruptcy – (Also known as wage earner’s bankruptcy.) This establishes a repayment plan for your debts over a span of 3-5 years. Most of the time, you can also keep your home when you file for Chapter 13. 

Chapter 11 Bankruptcy – This is similar to Chapter 13 bankruptcy in that it is a reorganization plan, but different in that it’s intended for businesses. Filing for Chapter 11 allows a business to reorganize their financial affairs while still actively operating. 

Why Work With Our Lakeland Bankruptcy Lawyer At Osenton Law, P.A. 

While filing for bankruptcy might be the best option in some cases for eliminating or paying off debts, it is also a complicated legal process that can be difficult to navigate alone. That’s why you should work with our Lakeland bankruptcy lawyer. We can help you with several different aspects of filing for bankruptcy, such as:

• Consultation to discuss your options and rights
• Assessment of debts
• Case and document preparation
• Representation throughout the process
• Protection of rights
• Guidance and advice throughout the process
• And more!

Our dedicated lead attorney, O. Reginald “Reggie” Osenton, has three decades of experience guiding clients through filing for different chapters of bankruptcy and he can help you avoid making mistakes that could result in the dismissal of your case. If you are looking for a way to start over, call Osenton Law, P.A. today to schedule a free consultation and learn about your next steps.