Browse Tag by Financial affairs
Bankruptcy Law

Bankruptcy Law: Basics in Chapter 7, Chapter 13 and More

A chapter 7 bankruptcy in Florida gives extensive protections for debtors, allows them to reorganize their companies, settle debts, and resume a normal lifestyle. But the lender can also request the court for additional assistance if the debtor ignores the requirements of the discharge order clearly. It is wise for debtors in such circumstances to seek advice from a bankruptcy lawyer who has expertise in financial law and who can explain the implications of a chapter 7 bankruptcy.

Bankruptcy Law in Florida protects the debtor by limiting the right of creditors to collection and repossession of properties used as collateral. The trustee or the liquidator of the bankruptcy proceeding may also seize any assets used as security for the debt. This will mean repossession of a vehicle or other expensive item that may be needed to pay medical debts, or to cover the debt obligations. A bankruptcy law in Florida can also prohibit the debtor from engaging in certain conduct which could result in incurring further financial obligations.

 

To help you manage your financial affairs better, seeking legal advice is highly recommended. But, it is prudent to understand that attorneys do not deal with debt issues. They are specialists who can give sound financial advice. As in any other field, it is essential to make sure that you choose a reliable and honest debt attorney who can provide the correct diagnosis of your financial condition and provide sound recommendations. Your goal should be to make the best financial decision.

 

A Florida bankruptcy lawyer can provide the necessary assistance by handling the technicalities of filing bankruptcy. He can explain the various laws of the state including the nature of the bankruptcy process as well as the types of options available. He can also guide you regarding various aspects like asset freeze, debt roll-over and other related legal procedures. The financial analyst working with an attorney bankruptcy advice should be able to Florida bankruptcy attorneysgive sound financial advice. He must be able to analyze the current financial situation and provide suggestions to overcome the current financial crisis.

 

A bankruptcy lawyer in Florida also provides counseling services. This is usually done on a fee-basis. He will evaluate your financial position and suggest remedial methods that can overcome the current crisis. Other than these he can also negotiate with creditors for reducing the total debt amount. He can also work towards allowing payments to go directly to the creditors.

 

If you are considering filing for bankruptcy, then it would be prudent to seek the advice of a qualified bankruptcy lawyer. This legal practitioner will guide you through the process of filing bankruptcy as well as provide counseling services to those who may be adversely affected by the decision. The bankruptcy court is likely to grant an application if it finds that there is sufficient reason to do so.