Trusted and Experienced Bankruptcy Attorney in Stuart, Florida
Although the Florida economy is currently healthy and stable, many Florida residents and businesses still struggle with numerous financial challenges that result in bankruptcy.
Bankruptcy often comes with a wide range of emotions and struggles, such as embarrassment, worry and stress, and even fear for the future. On the other hand, bankruptcy can help alleviate debt, allowing individuals to start fresh. Furthermore, depending on the circumstances of a specific case, sometimes individuals can keep their homes even after filing for bankruptcy.
The legal team at The Law Offices of Travis R. Walker, PA specialize in various practice areas, including bankruptcies in Stuart, Florida. If you are struggling with debt and are looking for a way out, or for legal help and guidance, then contact our team today.
How Bankruptcy in Florida Works
The state of Florida recognizes two different types of bankruptcies: Chapter 7 and Chapter 11. You’ve likely heard these two types before, but what is the difference between the two?
Chapter 7 Bankruptcy—when an individual’s assets and debts are sold off to pay back the lenders and/or creditors. Chapter 7 bankruptcy is also known as “liquidation bankruptcy”.
Chapter 11 Bankruptcy—when an individual or business negotiates with the lenders and/or creditors to reduce or alter the terms of a loan or debt without resorting to liquidation.
Chapter 13 Bankruptcy—when an individual must have an adequate and stable income in order to satisfy payments in the proposed repayment plan.
Furthermore, there are many misunderstandings about bankruptcy in the United States, particularly because the official Bankruptcy Code is Federal Law, which means that all bankruptcy outcomes are the same. However, a bankruptcy case outcome may not necessarily be the same as a similar case in Texas or California.
The State of Florida has its own laws and income guidelines related to bankruptcies, and in many cases, allows homeowners and individuals to keep their properties.
Florida Bankruptcy Laws
If you have been a resident of Florida for at least two years, then many of the Florida bankruptcy laws will likely apply to your particular case. For example, you will likely qualify for Florida Homestead Bankruptcy Exemption Protection. This law essentially means that individuals are allowed a primary residence of unlimited value to be protected from lenders and creditors.
However, that doesn’t mean that every law will apply to your case because are you are a resident.
How The Law Offices of Travis R. Walker Can Help
At the Law Offices of Travis R. Walker, we take any and all bankruptcy cases seriously. We are also compassionate and helpful to ensure that individuals can keep their homes through bankruptcy. We have experience working with various bankruptcy cases, helping individuals file all the necessary paperwork and navigate the legal system.
If you have questions about bankruptcy, then contact the legal team at Travis R. Walker Law today.