Skip to main content

Benefits of automatic stay in Sarasota, Florida extend beyond your financial stress

 If you feel overwhelmed or stressed about your debt, or worried about losing your home or facing the challenge of wage garnishment, then bankruptcy can help you. The decision to file for bankruptcy can feel scary, but it may be the best option to offset uncertainty related to the financial future. One of the key advantages of filing for bankruptcy is you will have the benefit of automatic stay. There will be immediate stay on recovery attempts and recovery calls by your creditors. The US Bankruptcy Code governs all bankruptcies in the country, which are heard in special federal courts.  

 

As you will come to know during your bankruptcy consultation Sarasota in Florida, it gives you a second chance to bring your financial life back on track. Chapter 7 and Chapter 13 bankruptcies are most commonly filed by individuals, while Chapter 11 bankruptcy is largely for businesses in distress. Chapter 7 bankruptcy will discharge most of your unsecured debts by liquidating your assets, and also credit card bills, personal loans, and medical bills. It is the quickest type of bankruptcy relief that you can get but you must qualify for this. Your attorney providing bankruptcy consultation Sarasota would inform you that you must pass Part 1 and Part 2 of your Florida’s Means Test.  



Means Test for bankruptcy  

If your household income is less than Florida’s median income, you qualify for Chapter 7 bankruptcy, provided you meet other eligibility criteria, and also get the benefits of automatic stay. If your income is more than the state’ median income, then you will be given a chance to pass Part 2 of the Means Test. You will be required to document all your allowable expenses for the previous six months, and your attorney providing bankruptcy consultation Sarasota will subtract that from your income. What will then be left will be your disposable income, and if you then qualify, then you will become eligible for Chapter 7 bankruptcy, and also get benefits of automatic stay.  

 

Repay your debt over an extended period of three to five years  

If you are left with enough income and do not qualify for Chapter 7 bankruptcy, your attorney providing you with bankruptcy consultation Sarasota may suggest you Chapter 13 bankruptcy. Also known as reorganization bankruptcy, you will be allowed three to five years' time to repay your debts under the supervision of a court-appointed trustee. Your property will not be liquidated, but you must have regular income to make the required monthly payment. You can’t take any loans during the repayment period. If you default in payment, your discharge may be rescinded.  

 

If you approach experienced bankruptcy attorneys, such as those available with Recovery Law Group, they will ensure that you get all benefits of automatic stay. Automatic stay will protect you from mortgage foreclosure, vehicle repossession, wage garnishments, collection letters, lawsuits, and more. This way, benefits of automatic stay are not limited only to protect you from harassment by creditors but will also save you from financial stress. Your life will become easier, and you will get the much-needed peace of mind.  

Comments

Post a Comment

Popular posts from this blog

Bankruptcy consultation Austin TX to provide relief to individuals from overwhelming debt burden

  Many people facing the challenge of managing their overwhelming debts resort to bankruptcy to get relief from debts that they cannot repay. This legal process is designed not only to give relief to the creditors but also ensure that creditors receive some payment based on the borrower’s financial situation and assets. One of the key benefits of bankruptcy consultation Austin TX with an experienced law firm, such as Recovery Law Group, is that your attorney will help halt all creditor actions against you, including foreclosure, repossession, wage garnishments, and harassment calls .         Majority of bankruptcy cases filed in Austin TX are under Chapter 7 of the US Bankruptcy Code. It allows for the complete elimination of covered debt, and is available to those whose monthly income is below the state’s median income for their household size. If your income is above the state’s median income, you may still qualify for Chapter 7 during your bankruptcy c...
Post a Comment
Read more

Know your rights against debt collectors discrimination while filing for bankruptcy in Denver

If you are struggling with debt, wage garnishments, tax liens, foreclosures, or mortgage payments, filing bankruptcy Denver in Colorado could be the right option for you that will help you put your finances back on track. Most of the individual bankruptcies in the USA are filed either under Chapter 7 or Chapter 13. Chapter 7 bankruptcy will discharge most of your unsecured debts, such as credit card bills and medical bills. However, you must liquidate your property to repay some or all of your unsecured debts if you have nonexempt assets, such as a second home, or investments like stocks and bonds. However, if you have no valuable assets and only exempt property, such as household goods, your specialist bankruptcy attorneys at Recovery Law Group can help you in repaying no part of your unsecured debt.    For filing bankruptcy Denver , you need to pass a Means Test. However, if you do not qualify for Chapter 7 bankruptcy, you may be advised to file for it under Chapter 13, also...
Post a Comment
Read more

Hire bankruptcy attorney in Reno, Nevada to get rid of your overwhelming debts and creditors’ harassment

Bankruptcy provides financial relief to debt-ridden individuals in the form of restructured debt repayment plan, or liquidation of certain assets to help pay a portion of debt to creditors. Bankruptcy is a court-supervised process wherein one legally declares their inability to pay outstanding debts. The US Bankruptcy Code governs all bankruptcies in the country, wherein a federal judge oversees the court and makes all the important decisions. A court-appointed trustee will either have debts settled by selling off the debtor’s assets, or work out a new repayment plan for your creditors.   When you hire bankruptcy attorney Reno in Nevada from trusted law firm, such as Recovery Law Group, you may be suggested two options for this – which are Chapter 7 or Chapter 13 bankruptcies, which are the most common forms of individual bankruptcies filed in the USA. Under Chapter 7 bankruptcy, you are required to sell your property which is not exempt. The list of exemptions varies from st...
Post a Comment
Read more