Common Questions About Bankruptcy

If you are considering filing for bankruptcy, there are several commonly asked questions about bankruptcy. One of the most popular is, “Can I still get loans after filing for bankruptcy?” You can continue to work and repay your debts after filing for bankruptcy. The decision to file for bankruptcy is a personal one; therefore, it is important to know what type of consequences you will face. Bankruptcy questions in the Florida bankruptcy laws can be answered by an attorney.

Student loans, medical bills, collection debts, and taxes are all filed for bankruptcy in Florida. Although this is the case, other types of debts cannot be discharged under the Florida bankruptcy code. Some examples include child support (custodial child), income taxes, and lottery winnings. In addition, if a court orders certain debts to be discharged, they must be ordered paid within a specific time period after filing. Other financial obligations such as credit cards, automobile loans, and student loans are not dischargeable under the Florida bankruptcy code.

One of the first questions that you will receive from a bankruptcy attorney will be about child support. If you are seeking to reduce or eliminate child support payments after filing, it may be necessary to do some research. A bankruptcy attorney can help you determine how much of your child support is collectible and which of your circumstances will cause you to pay more. If a court orders certain payments to be repaid, the bankruptcy attorney may file for an order that directs the payment to be returned to the parent. This would not prevent you from paying spousal support or child support in the future, however.

When someone contemplates filing for bankruptcy protection, many individuals also wonder whether or not it will prevent them from obtaining a loan after they have filed. As discussed above, the bankruptcy exemption protects you from having to repay many debts after you have filed. However, you may have other debts that are protected from discharge once you have filed. Common questions about bankruptcy include how long it will take before you are able to obtain credit, whether a lender will consider your discharge to be “good faith” grounds for not giving you credit and whether lenders will turn down your loan application based on your bankruptcy filing.

Another one of the most common questions about bankruptcy filing is whether or not the debtor’s current income and assets will allow them to achieve a comfortable lifestyle after they have filed. There are some cases where this may be the case, but there are also others where it will not. For example, if you were to enter into a structured settlement payment plan, you would probably be considered a lower income than the average person. However, a structured settlement payment plan does not have any upkeep fees and you could easily achieve a comfortable lifestyle by simply maintaining your existing level of income. While your bankruptcy attorney does not know your specific situation, he/she will advise you of ways to achieve a reasonable lifestyle. This is something that you must discuss with your lawyer.

As was mentioned above, the most important reason for filing bankruptcy is so that you can solve your financial problems. Unfortunately, many people that file for bankruptcy do not take this very seriously and end up causing more problems for themselves by not seeking professional help or making wise decisions regarding their financial problems. You should consult a professional bankruptcy lawyer in order to determine what the best course of action is when considering your financial problems. In most cases, you can successfully file a chapter 7 bankruptcy proceeding without hiring an attorney. However, this is not always the case, especially when there is an outstanding debt that is tied to another property or when you have other unsecured debts that are not protected through a debt agreement.

This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee Florida! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.

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