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Nowack & Olson, PLLC Florida Bankruptcy Lawyer
  • $0 down and low payment plans available. We can assist you without having to leave your home.

Learning more about bankruptcy

Filing for bankruptcy may make it possible to have debts reorganized and repaid over time or discharged completely. However, there are limitations to such a decision that Florida consumers should know about before deciding to file for protection from creditors. For instance, certain debts such as student loans or back taxes owed generally cannot be discharged. Furthermore, anyone who cosigns on a loan with the debtor may still be required to pay some or all of the loan back.

It is also important to note that any debts incurred after filing cannot be discharged. What bankruptcy can do is help an individual stop a car or other property from being repossessed. Those who are in foreclosure may have a chance to work with their lenders to possibly work out new payment terms. In the event that utilities have been shut off, bankruptcy may help get them turned back on. It may also prevent any proposed action to shut off one or more utilities at a later date.

It may also be possible to stop wage garnishment or other collection efforts through bankruptcy. However, collection efforts may continue if they are to pay for child support, alimony or other types of restitution. After receiving a discharge, debtors are no longer legally required to make payments to creditors.

Filing for bankruptcy may allow debtors to get a fresh financial start. Those who are looking to file may wish to first speak with a lawyer. Legal counsel may explain in greater detail the process of obtaining relief from creditors and what other benefits bankruptcy may provide. In general, creditors cannot continue with collection efforts while a case is pending. In a Chapter 13 case, debtors may generally retain property as long as they adhere to their repayment plan.

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