Jacksonville Bankruptcy Lawyers

Chapter 7, 11 & 13 Bankruptcy Advice

If you are struggling with debt and wonder whether you should consider filing for bankruptcy, ask yourself the following questions:

• Are any of your credit card accounts more than 30 days late?
• Do you only pay the minimum payment due on your credit cards?
• Do you float or bounce checks in order to buy food or pay monthly expenses such as electric or gas?
• Do you have multiple mortgages on your house?
• Are you thinking about taking out another mortgage?
• Have you reached the credit limit on one or more of your credit cards?
• Have you borrowed money to pay off your credit cards only to accrue significant balances again?
• Do you live from paycheck to paycheck?
• Have you borrowed money from friends or relatives to meet obligations?
• Are you behind on your house or car payments?
• Is your house in jeopardy of foreclosure?

If the answer to more than one of these questions is yes, call the Bankruptcy Law Firm of Lansing J. Roy to schedule a free initial consultation. We are an experienced, affordable, full service Florida bankruptcy law practice that is dedicated solely to helping clients with debt relief.

Individuals can file for bankruptcy protection under Chapter 7, Chapter 11, Chapter 12, and Chapter 13 of the Federal Bankruptcy Code.

In a Chapter 7 bankruptcy, all of the petitioner’s dischargeable debts are eliminated. Secured creditors, such as the banks holding mortgage and car loans, must continue to be paid if the petitioner is going to keep the property. Petitioners filing under Chapter 7 must qualify under a means test calculation.

If an individual does not qualify to file under Chapter 7, he or she may decide to file under Chapter 13. In a Chapter 13 case, also sometimes called a wage earner plan, you agree to repay your creditors under a payment plan that lasts approximately three to five years. With a Chapter 13 bankruptcy, you can often structure lower payments, lower interest rates, and reduced principal amounts. All payments are made under the supervision of the bankruptcy court.

Chapter 11, often called a reorganization bankruptcy, involves establishing a plan to repay creditors over time And also can be used for an individual whose debt is too large to qualify for Chapter 13.

Chapter 12 is designed specifically for the reorganization of family farms and is similar to Chapter 13 but includes some debt ceilings.

The Bankruptcy Law Firm of Lansing J. Roy, P.A., represents clients who need to file for bankruptcy under Chapters 7, 11, 12 or 13 and who live in the Middle District of Florida, Jacksonville Division. We have the skill and experience to assess your individual financial situation, examine all of your options and help you take control of your financial life.