Always make your loved ones a priority. Going through bankruptcy is a lot of stress. It can be long and drawn out which adds lots of stress and leaves people feeling empty inside. Some people do not even want to speak with others until the bankruptcy is official. This is not recommended because you will only feel bad and this may cause you to feel depressed. Because of this, you need to make sure you spend as much time as you can with your family and friends, even if you are ashamed of your finances.
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Video: Types of Bankruptcy
Orlando Bankruptcy Attorneys Eric Lanigan and Roddy Lanigan orlando
The Lanigans are based in Winter Park but work with clients throughout Florida in cities from Altamonte Springs to Boca Raton to Cape Canaveral, Clearwater, Cocoa Beach, Daytona Beach, Deland, Deltona, Fort Lauderdale, Fort Meyers, Gainesville, Heathrow, Jacksonville, Jupiter, Kissimmee, Lake Mary, Maitland, Melbourne, Miami, Mount Dora, Naples, New Smyrna Beach, Ocoee, Orlando, Palm Beach, Sanford, St. Petersburg, Tampa, The Villages, Vero Beach, Windermere, to Winter Springs. If there is a city not listed, be sure to call to find out if the Lanigans serve your area.
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Finding Financial Relief with Bankruptcy Law
Can you not get ahead with paying your creditors? With a Law firms found locally, you can find all the help you need to use bankruptcy to find a solution. Your attorney can provide you with professional legal advice and help you determine if bankruptcy is a viable option for your case. Many individuals and businesses have experienced great results from utilizing different types of bankruptcy. Our experienced bankruptcy lawyers have the skills to manage all the forms and procedures involved with bankruptcy law. Organize your finances by working with a qualified bankruptcy attorney. Law firms found locally
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The Different Types of Bankruptcy
A chapter 9 bankruptcy is intended for use only by what is called “municipalities”, which is defined as towns, cities, and counties, among other governing bodies. If you are unsure whether or not you qualify, it is best to get the advice of a bankruptcy attorney. In a chapter 9, the municipality in question is allowed by a court of law to reorganize their debts by refinancing, lowering the interest rate, or even extending the deadline on outstanding bills. In chapter 9, the municipality looking to get a fresh start does not have to list any assets to liquidate, they are merely looking for an extension in order to help get them out of debt.
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Creditors Seeking Revenge: a Recipe for Expensive Discharge Litigation
Several years ago, for example, I represented a dynamic, well educated business consultant who came to me to file bankruptcy because his former business partner had just won a multi-million dollar judgment against him. It turns out that the dispute between these former partners had been festering for several years and earlier on in the state court litigation, my client had won a large judgment against his partner, and had levied against his former partner’s business banking account causing several checks to bounce.
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The Down Low on the Different Types of Bankruptcy
Chapters 12 and 13 allow debt relief for workers with regular income. Chapter 12 is reserved for farmers and fisherman, whereas chapter 13 is for all other types of employment. These chapters allow an individual to pay off his or her debt over an extended period of time. It allows the debtor to keep some valuable assets and requires that a plan be made to pay off creditors without having to lose his or her entire estate to the bankruptcy trustee. Finally, Chapter 15 provides the procedure for dealing with property that the debtor owns but that is located in a foreign country. These are referred to as “cross-border” cases.
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Learn the implications of bankruptcy and ways to avoid it
Reorganization bankruptcies are also known as chapter 13 bankruptcies. This is the most common type. In this case, you file a list of repayment plan with the bankruptcy court. Some debts are completely wiped out; you agree to pay a part of some debts while there are some financial obligations that cannot be eliminated even by filing for chapter 13 bankruptcy. Such obligations include alimony and child support payment, student loans, tax debts, compensation for injuries caused by you while driving in an intoxicated state and files and penalties imposed by the law like a speeding ticket. When you file for this type of bankruptcy, the court will draw up a repayment plan and your financial status will be strictly monitored to ensure that you are sticking to it. In many cases, a fixed amount is automatically deducted from your salary and deposited towards working off your debts.
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Documentation Required When Filing a Petition for Bankruptcy
One of the primary obligations of every petition filer is that it is absolutely essential that accuracy is strictly maintained when filling out each of the bankruptcy forms, in addition to the paperwork being completed in full. If any mistakes are discovered in the course of the case or upon later review, they can be corrected by filing an amendment. While this option is sometimes necessary, it is important to note that it takes time, which slows down the entire process, and will usually involve added costs. It is also very important to bear in mind that inaccuracies contained in the forms or other documentation can establish a degree of doubt in the minds of both the trustee and the creditors regarding the complete record of information provided to the court. One of the rather unfortunate situations to arise from this is that if the trustee determines that property or assets might have been hidden, or that financial matters like income or other transactions were falsely documented, the entire case could be dismissed by the court.
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