Helping Port Charlotte Debtors Put Humpty-Dumpty Back Together Again
Port Charlotte, located in Charlotte County, Florida, has been recognized by many major publications as one of America's best places to retire. However, you cannot enjoy retirement with serious financial problems; indeed, you may not even be able to retire at all. In addition to strictly financial problems, creditors constantly breathing down your neck can drive you mad.
The good news is that your options might be better than you think they are. Bankruptcy may not be inevitable – sometimes a negotiated agreement with creditors is the better choice. For other debtors, however, the fresh start that a bankruptcy offers might be just what is necessary. Ultimately, the choice among the various options depends on the details of your finances.
The Road to Complete Financial Recovery
Bankruptcy, should it turn out to be the right option for you, is only the first step along the road to complete financial recovery. You will not have arrived until your credit score has fully recovered. It is true that your credit score will take a hit after a bankruptcy – a Chapter 7 bankruptcy will stay on your credit record for ten years while Chapter 13 will remain for seven years.
In the long run, however, a bankruptcy (especially a Chapter 13 bankruptcy) might even help your credit score by reducing your debt burden. We know of many examples of former clients of ours who are now prospering after having declared bankruptcy and come out clean on the other side. At David Holland Law, we can also help you through the post-bankruptcy credit rebuilding process.
Our Client Says:
“Mr. Holland returned my call quickly and was very helpful! He answered my questions and said he would be available for further assistance if I needed him. Very friendly and professional.” 😊 Linda W.
Frequently Asked Questions (FAQs)
What is the credit counseling requirement?
Credit counseling is a normally prerequisite to filing for a Chapter 13 bankruptcy. You must select a state-approved credit counseling agency. Your credit counselor will ask you for detailed financial records, and he will probably do his best to prevent you from filing for bankruptcy if he can find any other options. Credit counseling is not tremendously time-consuming.
What happens after I file for Chapter 7 bankruptcy?
Immediately after you file::
- The court will appoint an Interim Trustee.
- The court will enter an automatic stay.
- There will be a creditors' meeting that you will be expected to attend, even if no creditors actually show up (they usually don't).
- The Interim Trustee will question you under penalty of perjury if you make false statements.
- The Interim Trustee will either recommend your bankruptcy petition or oppose it.
The court will also appoint a Permanent Trustee. The Trustee will liquidate your assets and then pay your creditors with whatever cash your assets yield.
What is an automatic stay?
An automatic stay is entered by the bankruptcy court about three months from the date that you file your petition. It ties the hands of your creditors: they cannot take action against you without the approval of the bankruptcy court. Creditors pursuing criminal fines, alimony, child support, student loans and certain other debts are not covered by the stay and can still take action against you.
How does a Chapter 7 debt discharge work?
A Chapter 7 discharge:
- eliminates any court-imposed financial liability against you; and
- prevents non-exempt creditors from pursuing liability claims against your personal assets or ever taking action against you to collect the debt.
It is important to remember that creditors can still take collateral to pay your debts unless a bankruptcy exemption applies (your personal residence may be protected, for example). Co-signers and guarantors will not benefit from a Chapter 7 discharge.
Take the First Step Today
You may feel like a boxer trapped in a corner of the ring, being pummeled by a seemingly invincible opponent. Although this is only a metaphor, it bears a distinct resemblance to what debtors go through psychologically. Fear not – help is available and it is never far from you. Our bankruptcy lawyers have been mixing it up with our clients' creditors for many years now.
Contact David Holland Law by calling (941)-744-5450 or filling out our online case evaluation form to speak with an experienced bankruptcy and debt defense attorney today. We serve clients throughout Port Charlotte, including Charlotte Harbor, El Jobean, Grassy Point, Edgewater, and Gulf Cove.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.