Common Questions about Bankruptcy

Bankruptcy FAQ

Will I lose everything when I file for bankruptcy?

Most people who file chapter 7 lose absolutely nothing. The large majority of those who need to file bankruptcy are under such severe financial stress that without the help of a Jacksonville bankruptcy attorney from our firm, they will just continue the anxiety, constant creditor calls, threats and the permanent damage to their credit that unpaid bills always brings. We can help!

Is there any way to avoid foreclosure?

There are many opportunities to fight back against foreclosure. Each individual case is unique, and you should immediately contact our firm. The process moves forward fairly quickly, and if you know you will soon be facing foreclosure, we urge you to get us involved as early as possible so that we can review your loan documents for fraud or other errors, and seek out any opportunity that could help you avoid foreclosure. Whether you want to keep the property or feel you need to be free of the obligation, we offer a wide range of opportunities to resolve your issue.

What if I have too much property or make too much income to file chapter 7?

There are cases in which an employed person has too many assets to qualify to file chapter 7. In such cases, chapter 13 is a great alternative, as it will give you the opportunity to pay off your overdue obligations over a 3 - 5 year period. This can be the solution you need, and often gives us the time to renegotiate the terms of your mortgage and other advantages that could serve you well.

Will my credit be ruined for years after bankruptcy?

Although it is true that your credit report will show the bankruptcy, in most cases we find that our clients have already run into serious issues with regard to their credit. In fact, a foreclosure is often more serious on a credit report than a bankruptcy, if you hope to buy a home in the future, lenders are wary of those that have allowed a property to go into foreclosure. If you carefully manage your finances after bankruptcy, most people start getting credit offers within a much shorter period of time than you might imagine. Credit restoration after bankruptcy is an important issue, and we can help.

Contact a Jacksonville bankruptcy attorney from our firm if you have any questions about filing for bankruptcy.