Bankruptcy Law and How Attorney Can Help

Understanding Bankruptcy Law and How Attorney Can Help

Attorney Miles holds a LL.M. degree Master of Laws Taxation, and she is a Certified Public Accountant with over 15 years of experience in federal, state and international tax, including working with billion-dollar businesses at Big Four. She can help with Bankruptcy cases.

Bankruptcy law provides individuals and businesses facing financial difficulties a legal way to eliminate or restructure their debt. Filing for bankruptcy allows you to find relief from overwhelming financial burdens, stop creditor harassment, and work toward a fresh financial start. However, bankruptcy law is complex, and the process can be difficult to navigate without professional legal assistance. A skilled bankruptcy attorney can provide guidance throughout the bankruptcy process, ensuring you achieve the best possible outcome. Below, we will explain the basics of bankruptcy law and how an attorney can help you file for Chapter 7 bankruptcy, Chapter 13 bankruptcy, or Chapter 11 bankruptcy.

Types of Bankruptcy and How an Attorney Can Help

Chapter 7 Bankruptcy: Known as "liquidation bankruptcy," Chapter 7 allows individuals or businesses to eliminate most of their unsecured debt, such as credit card balances, medical bills, and personal loans. However, some assets may be liquidated to pay creditors. A bankruptcy lawyer can help you determine which assets are exempt from liquidation and guide you through the process of debt discharge.
Chapter 13 Bankruptcy: Also called "reorganization bankruptcy," Chapter 13 enables individuals with a steady income to create a repayment plan to pay off some or all of their debts over a period of three to five years. A Chapter 13 bankruptcy attorney will assist in negotiating a feasible repayment plan, protecting your assets, and ensuring that the repayment plan is approved by the court.
Chapter 11 Bankruptcy: Primarily for businesses, Chapter 11 bankruptcy allows companies to restructure their debt while continuing operations. A business bankruptcy attorney can help with negotiating a repayment plan with creditors and developing a strategy for reorganizing business operations and financial obligations.

How a Bankruptcy Attorney Can Help You

Filing for bankruptcy involves a series of complex legal procedures, and having an experienced bankruptcy attorney on your side is critical to ensuring a smooth process. Here are some of the ways a bankruptcy lawyer can help:

Assessing Your Financial Situation: A bankruptcy attorney near me can review your finances to determine which type of bankruptcy is most appropriate for your needs. They will evaluate your income, assets, and debts, helping you decide whether to file Chapter 7, Chapter 13, or Chapter 11 bankruptcy.
Filing the Bankruptcy Petition: The bankruptcy process requires filing a significant amount of paperwork. A bankruptcy attorney can ensure that all forms are completed correctly and submitted on time, avoiding costly mistakes and delays.
Stopping Creditor Harassment: One of the immediate benefits of bankruptcy is the automatic stay, which halts creditor actions such as wage garnishments, foreclosure, lawsuits, and collection calls. A bankruptcy lawyer can ensure that the automatic stay is applied properly to protect you from creditor harassment during the bankruptcy process.
Protecting Your Assets: A major concern during bankruptcy is losing assets. A bankruptcy attorney will guide you through state and federal exemptions, ensuring that your assets such as your home, car, and retirement savings are protected as much as possible during the bankruptcy process.
Negotiating with Creditors: If you are filing for Chapter 13 bankruptcy, your attorney will negotiate with creditors to set up a manageable repayment plan based on your financial situation. In Chapter 11 bankruptcy, your attorney will work with creditors to develop a restructuring plan that allows you to continue business operations while paying down your debt.
Tax Implications: Bankruptcy often has tax implications that need to be addressed. A bankruptcy attorney can advise you on how your tax liabilities will be affected and help you navigate complex issues related to the discharge of tax debts. A tax attorney experienced in bankruptcy law can also provide guidance if you have tax debts that need to be handled during bankruptcy.
Post-Bankruptcy Guidance: After your bankruptcy case is discharged, a bankruptcy attorney can provide important advice on rebuilding your credit, managing future finances, and avoiding common financial pitfalls.

Why You Need a Bankruptcy Attorney

While it is possible to file for bankruptcy without an attorney, doing so can be risky. Bankruptcy law is complicated, and even small mistakes can result in your case being dismissed or your debts not being discharged. A bankruptcy lawyer ensures that your case is handled professionally, protecting your rights and maximizing the benefits of the bankruptcy process.

Filing for bankruptcy is a life-changing decision that requires careful planning and advice. A local bankruptcy attorney can guide you through every step of the process, helping you eliminate or restructure your debt, stop creditor harassment, and get a fresh financial start.

If you're considering bankruptcy and need assistance, it's crucial to consult with a qualified bankruptcy attorney to understand your options and protect your financial future. Contact Attorney Alena Miles at 727-977-8270 today to schedule a consultation and take the first step toward financial freedom.

Serving Clients in Florida's Middle District

If you are located in Florida's Middle District, our experienced bankruptcy attorneys are here to help. We proudly serve individuals and businesses in cities across this district, including:

Tampa
Orlando
St. Petersburg
Clearwater
Lakeland
Fort Myers
Ocala
Sarasota
Jacksonville
Daytona Beach

No matter where you are in Florida's Middle District, Attorney Alena Miles is here to help you navigate the bankruptcy process with confidence. Whether you need advice on Chapter 7 bankruptcy, Chapter 13 bankruptcy, or Chapter 11 bankruptcy, she understands the laws specific to this district and will help guide you through your case from start to finish.