Protecting You by Navigating Complex Bankruptcy Laws
One of the most asked about practice areas at the Orlando Law Group involves bankruptcy law. By definition, bankruptcy is a legal proceeding in the United States that is designed to alleviate overwhelming debt owed by either an individual or a business.
If you are considering filing for bankruptcy in Orlando or throughout Central Florida, the attorneys at The Orlando Law Group are available to help.
The purpose of bankruptcy
The purpose of the bankruptcy option is to provide relief to debtors who could never realistically pay off their debts. This “fresh start” is an option for many people who are facing insurmountable debt.
While it is designed to help the debtor, it is important to understand that there are consequences to filing for bankruptcy, including restrictions on the ability to borrow in the future and the potential loss of personal property.
When serving as bankruptcy counsel in consumer bankruptcy cases, our lawyers at The Orlando Law Group meet directly with clients to explain the bankruptcy process and determine what bankruptcy chapter is appropriate.
Like other areas of law, bankruptcy law can be quite complex. Trying to navigate through elements like debts that cannot be discharged, child support, tax debt, student loans, and the option for repayment plans can be overwhelming. The Orlando Law Group’s bankruptcy lawyers focus on all aspects of bankruptcy.
Bankruptcy Law: Meeting of Creditors also known as a 341 Hearing
With regards to bankruptcy court, a 341 Hearing is a formal meeting of creditors and is an important part of the bankruptcy process. During this meeting, the debtor meets with an individual who is assigned or appointed to oversee the bankruptcy case. This person is known as a “trustee.”
The trustee handles administration activities and paperwork related efforts. These tasks include asking pertinent questions relating to the bankruptcy, checking the identification of the debtor, and The trustee will check identification and ask a series of questions about the bankruptcy paperwork. Creditors can attend and ask about financial matters as well, although few appear. Most 341 hearings last less than 10 minutes.
As a part of our bankruptcy service, we prepare bankruptcy petitions and schedules and attend the required 341 Hearing with creditors.
We also represent mortgage holders in commercial and personal mortgage foreclosures, as well as modifications, workouts, and receiverships.
The different types of bankruptcy
An individual who is in debt can file for bankruptcy either under
- Chapter 7 (liquidation)
- Chapter 13 (reorganization)
- Chapter 12 (family farmer reorganization)
- Chapter 11 (corporate financial reorganization)
While Chapter 11 cases are among the most commonly known, the vast majority of consumers file either a Chapter 7 or Chapter 13 petition.
Debtors may also be forced into bankruptcy by creditors in the case of involuntary bankruptcy, but only under Chapters 7 or 11.
Detailed information on bankruptcy law
Student Loan Repayment Strategies (link)
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Mandatory Credit and Financial Education