When you need the services of a personal bankuptcy attorney in Daytona Beach, FL, contact the Alexander Law Group. They help clients with chapter 7, chapter 13 bankruptcy protection, debt reduction, and foreclosures throughout Volusia County, including DeBary, DeLand, Deltona, Holly Hill, and Orange City, FL.
When an individual is no longer financially solvent, and has no other means to repay debts owed to creditors, filing for chapter 7 bankruptcy protection may be the only option to eliminate their debts. Any individual considering this option should know that this is a liquidating bankruptcy. It means that the court will require assets to be liquidated or returned to creditors to satisfy the debts. If you want to preserve assets like your home, car, furniture, and other property, you should consult with a bankruptcy attorney to discuss if chapter 13 is a better option for your situation.
A chapter 13 bankruptcy enables individuals to have their debt reduced with a repayment plan based on their income. To qualify for chapter 13, the debtor must have a steady source of income, such as from a job. Once you have filed for chapter 13, all creditor collection activity must cease. Any foreclosure activity is also temporarily halted while your case is in bankruptcy court. Since there is no liquidation involved, debtors can maintain their assets and real property. Also, Chapter 13 can help struggling homeowners stay in their primary residence and avoid foreclosure with a modified repayment plan.
A debt reduction program can help individuals avoid bankruptcy. Your bankruptcy attorney will negotiate directly with your creditors to lower interest rates, reduce the amount owed, and even reduce or eliminate penalties that will enable you to repay your debts. Debt reduction can provide relief for individuals with medical debt, credit card debt, and other debts.
Homeowners having difficulty making mortgage payments should consult with one of our bankruptcy lawyers. We may be able to help you avoid foreclosure and bankruptcy with a loan modification. A loan modification can lower your mortgage payments so you can keep your home.
For more information about your bankruptcy or debt reduction options, visit our website or contact us at (386) 734-3900 to consult with a bankruptcy attorney serving Daytona Beach, FL today!