North Port is situated in Sarasota County, Florida, and is home to the world-famous Warm Mineral Springs. Many of our bankruptcy clients over the years have called North Port home, and keeping up with them has bestowed upon us the satisfaction of seeing so many people whose financial situation has become healthy and robust years after a bankruptcy.
Bankruptcy isn't necessarily the end of the road to lasting prosperity – but it can be the beginning. The long-term benefit of bankruptcy is the fresh start that a permanent debt discharge gives you. Bankruptcy isn't right for everyone, of course. And even those who can benefit from a bankruptcy could worsen their situation with a poorly conceived and executed bankruptcy.
“Can I Afford to Retain a Bankruptcy Lawyer?”
Perhaps a more appropriate question is, “Can I afford not to retain a bankruptcy lawyer?” .The Bankruptcy Code is incredibly complex, and a serious misstep could result in disastrous consequences. Likewise, you may not be able to afford to avoid bankruptcy, especially if you own significant property and you plan on filing under Chapter 13.
At David Holland Law, we understand that the same financial problems that prevent you from paying your creditors might make it difficult for you to afford our fees. That is why, unlike most other Florida bankruptcy lawyers, we allow you to pay your fees over time for as little as zero money down. Yes, you can afford us.
“Very informative with my questions and concerns. Have used his services and would highly recommend him.” – Toni
Frequently Asked Questions (FAQs)
What are the limitations of bankruptcy?
Unfortunately, bankruptcy is not a cure-all. The following are some of the problems that bankruptcy cannot solve:
- A bankruptcy might not allow you to keep your collateral without paying the underlying debt, unless a special exemption is granted.
- A bankruptcy will not discharge certain types of debt such as child support, alimony, guaranteed student loans (absent a hardship exception), criminal fines, and recent tax debts.
- A bankruptcy does not protect co-signers and guarantors from liability, even if your own liability is discharged.
- A bankruptcy cannot discharge debts that are not included in the bankruptcy.
What are the different types of bankruptcy?
There are four different types of bankruptcy available:
- Chapter 7: You must abandon all of your property other than property protected by Florida''s bankruptcy exemptions. The property is then sold to satisfy creditors and you receive a debt discharge.
- Chapter 13: You repay your debt over three to five years under favorable terms..
- Chapter 12: For family farmers.
Most individual debtors file under Chapter 7 or Chapter 13.
How do I decide whether Chapter 7 is right for me?
If you have no mortgage debts or car payments (or if you are sure you can keep up with those payments) and if your debts are all dischargeable in bankruptcy, Chapter 7 might be right for you. If your debts are primarily debts that are difficult or impossible to discharge under Chapter 7 (such as student loans or recent tax debts) then Chapter 7 might not be the right option. Otherwise, it depends largely on the details of your financial circumstances.
Is a Chapter 13 bankruptcy right for me?
If your income exceeds a certain threshold, Chapter 7 bankruptcy might not even be an option for you. Chapter 13 becomes a viable alternative if you are confident that, with the right adjustment in terms, you can pay most of your debts within three to five years. Chapter 13 will allow you to keep your property. It is particularly attractive if you are behind on a home mortgage or if you own a lot of non-exempt property that would be sold in a Chapter 7 bankruptcy.
Don't Let the Glue of Circumstance Harden Beneath Your Feet
A serious debt problem works like a progressive disease, especially if you are trapped in a high interest rate/minimum monthly payment cycle. Your situation is likely to get worse and worse as time goes on – until and unless you take decisive action.
The most decisive action you can take is to get a professional in your corner. Call David Holland Law today at (941)-744-5450, or fill out our online case evaluation form to speak with an experienced bankruptcy attorney and set up a free initial consultation. We serve clients throughout North Port, including Tarpon Point, Warm Mineral Springs, Tropicaire Boulevard, Pan American Boulevard, and elsewhere.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.