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Undergoing financial hardships can be incredibly challenging and overwhelming. Many individuals and families find themselves facing financial troubles due to various circumstances, such as job loss, medical expenses, or overwhelming debt. It can feel like an uphill battle, with no clear solution in sight. However, one potential option to consider is filing for bankruptcy. While bankruptcy is not a decision to be taken lightly, it can provide a fresh financial start.
By filing for bankruptcy, individuals can potentially eliminate or restructure their debts, allowing them to regain control of their financial situation and work towards a more stable future. It is important to consult with qualified St. Pete bankruptcy lawyers who can guide you through the process and help determine if bankruptcy is the right solution for your specific circumstances.
Common Misperceptions About Bankruptcy
Bankruptcy has developed a negative connotation over time, placing the blame on poor financial management independent of other factors that may be contributing to the problem. As a result, people often do not consider bankruptcy as a viable option for resolving their financial woes, regardless of the situation.
Another myth is that bankruptcy automatically wipes out all of a person’s assets. While liquidating some assets in certain circumstances may be necessary, there are exemptions protecting essential property such as a home or a vehicle. St. Pete bankruptcy lawyers can help clients understand these exemptions and work to preserve their assets to the greatest extent possible.
Advantages Of Filing For Bankruptcy
Filing for bankruptcy offers several advantages for individuals or businesses struggling with debt:
- Debt relief: Bankruptcy can help eliminate or significantly reduce your debts, giving you a fresh start.
- Protection from creditors: Filing for bankruptcy puts an automatic stay in place halting collection efforts from creditors, including foreclosure, repossession, and wage garnishment.
- Repayment options: Depending on your financial situation, you may have the option to repay your debts through a restructured payment plan.
- Improved credit score: While bankruptcy does have a negative impact on your credit score initially, it provides an opportunity to rebuild your credit over time.
What Type Of Bankruptcy Is Right For You?
There are several subcategories of bankruptcy but the most common ones for individuals are Chapter 7 and Chapter 13 bankruptcy.
- Chapter 7 bankruptcy– “Liquidation Bankruptcy” is for individuals that lack the financial means to meet their current financial obligations. A court trustee is appointed and may sell, or liquidate, “non-exempt” assets to repay creditors debt. Financial debts are completely wiped clean.
- Chapter 13 bankruptcy –“Reorganization Bankruptcy” is for employed individuals who are able to repay their creditors under a court-approved restructured payment plan. Individuals can retain their assets and pay back their debts in three to five years.
Our St. Pete lawyers can help you determine which type of bankruptcy you qualify for and which would provide the best path for you and your family moving forward.
Why Work With Our St. Pete Bankruptcy Lawyers At Osenton Law, P.A.
If you have analyzed your current financial situation and determined bankruptcy is your best option for eliminating or paying off debts, the next step is to find a law firm in your area with a proven track record who understands your situation and is committed to helping you get your life back on track. Our dedicated lead attorney, O. Reginald “Reggie” Osenton, has over 30+ years of experience guiding clients through filing for different chapters of bankruptcy and he is prepared to help you obtain much needed financial relief. 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!
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