When debts have become such a major part of your everyday life, bankruptcy can be the best option for you and your family. Some people feel there is a certain stigma attached to bankruptcy but it can provide you with relief from creditors and protect your assets. Having the guidance of an experienced Altamonte Springs bankruptcy attorney can help ensure that you provided the new start that you need to become financially secure. At the Law Office of Russell S. Hershkowitz, LLC, we can provide you with the legal guidance and representation you need to successfully reach an agreement with the Court and your creditors.
In the event that you do not have enough income or savings to effectively pay off your debts, you can be eligible to file for bankruptcy. For some forms of bankruptcy, like Chapter 7, you will need to pass a means test. This is a method of calculating your income and expenses over the previous six months to see if it is better to discharge your debts. Keep in mind, filing for bankruptcy essentially stops all creditors from collecting any debts you owe, for the time being. Until the court establishes that you have your finances in order, things such as property and assets cannot be touched by collectors. An attorney who is experienced with bankruptcy proceedings can help you file the appropriate paperwork and advocate on your behalf to the Court.
The Federal Fair Credit Reporting Act states that chapter 13 bankruptcies may be reported for 10 years from the filing date. Credit reporting agencies will remove chapter 13 bankruptcies 7 years from the date the case was filed.
A chapter 7 bankruptcy is reported on your credit report for 10 years. After 10 years, the credit reporting agencies will then remove it from your record,
Our firm at the Law Office of Russell S. Hershkowitz, LLC has been serving the Altamonte Springs area for more than 25 years. Over that time, we have provided effective and insightful legal advice for many clients. We can help guide you through the bankruptcy process.