Experienced Bankruptcy Attorney Sarasota Florida Can Help with Your Debts
At Lehn Law Firm in Sarasota, Florida, we provide bankruptcy attorney services to individuals and businesses. Call us at (941)-487-7100 for a free consultation!
Sarasota Bankruptcy Lawyer for Those Who Need a Fresh Start
Filing for bankruptcy is a decision that shouldn’t be made lightly but rather after a consultation with an experienced lawyer. The United States Bankruptcy Law provides various debt relief services for a business and an individual.
Article 1, Section 8, Clause 4 of the United States Constitution discusses filing for bankruptcy protection. Even though the process of doing so has changed since the late 1700s, the fact that it was present in the Constitution indicates that even our forefathers knew that people would need some protection against their arrears.
Chapter 7 and Chapter 13 are the most common insolvency forms for relief from debts for individuals. Although you don’t need a lawyer to file for bankruptcy, some steps can be complicated.
Courts don’t tolerate mistakes, and errors that may seem minor to you can cause you to lose your assets that could have been protected. That is why it’s best to hire competent bankruptcy attorneys.
Bankruptcy Attorneys Sarasota FL Can Help Determine the Best Choice
The idea of filing for insolvency carries with it a great deal of anxiety. Many people assume that their financial future is in ruin if they have to file for insolvency. While bankruptcy is never the first option for people, plenty of myths make the process seem much worse than it is.
Let our expert team at Lehn Law, P.A. firm help resolve your debts if you need assistance with overwhelming debts. We offer compassionate and personalized representation for the legal issues commonly faced by seniors, families, and ordinary people caught in challenging situations.
A Sarasota Bankruptcy Attorney Explains Your Options
The belief that bankruptcy is admitting that you are a failure is a dangerous myth. Successful Americans, including Henry Ford, George Foreman, and Milton Hershey, filed for bankruptcy during their careers. Need another example? Abraham Lincoln, whose face is on much of our money today, filed for bankruptcy.
However, insolvency is not your only option, and in some cases, it can be avoided. Our negotiators frequently work with creditors to establish out-of-court options. Often, we can negotiate a smaller amount of arrears payable in more convenient month-to-month installments.
With our law firm by your side, you can rest assured that your loved ones, your property, and your legal rights will remain protected. Lehn Law, P.A. has offices in Port Charlotte, FL, and Sarasota, and serves clients in and around Port Charlotte, Rotonda West, Placida, North Port, Charlotte County, and Sarasota County.
Most Common Methods of Debt Relief: Chapter 7 Bankruptcy Explained
Chapter 7 bankruptcy is the most popular type of personal relief from debts. It entails admitting to the court that you are unable to settle your financial obligations. Chapter 7 grants relief from debts by liquidating your assets and lets you have a fresh start. Student loans and court-ordered payments are among the only debts that are exceptions.
To be eligible for Chapter 7 bankruptcy, you need to pass a test and go through debt counseling. The procedure typically takes a few months. Keep in mind that a qualified insolvency lawyer can help you protect some of your assets from liquidation.
Filing Chapter 13 bankruptcy is an admission that you require assistance in handling your financial obligations. The court will reorganize your financial obligation by combining your payments into a single regular monthly payment. Payments are split among creditors, and this payment plan lasts for 3 to 5 years.
If you pay according to your Chapter 13 bankruptcy plan, you can keep your home from being foreclosed upon, and any debts left will be discharged.
Choose a Bankruptcy Lawyer with Experience
Another dangerous misconception about insolvency is that you lose everything if you file. No one is going to come to your home, kick you out, haul away all your earthly belongings and leave you destitute if you file for insolvency protection. Thanks to exemptions in insolvency, less than 5% of people lose property when filing for insolvency.
At Lehn Law, P.A., our insolvency attorneys can help you decide whether filing for bankruptcy is the most effective way for you to take control of your arrears. If it is, we will guide you through the steps from start to finish.
Contact Experienced Bankruptcy Attorney Sarasota For a Free Consultation
While insolvency does not mean lifelong financial ruin, it is not something to be used as a free pass on your debt. Some types of debt are rarely, if ever, included in a bankruptcy discharge. For example, you will probably still have to pay all student loan arrears, recent income tax debt, personal injury debts, and any outstanding legal orders such as alimony or child support even if you bo for insolvency.
Working with an experienced Sarasota bankruptcy lawyer can help alleviate the stress of the insolvency process while also busting other myths that are so prevalent. Lehn Law has a team of attorneys who can help ensure that you make a fully informed decision.
Whether you’re facing arrears, foreclosure, or insolvency in Sarasota, Florida, lawyers at Lehn Law, P.A. can give you guidance and information on insolvency, Chapter 7 or Chapter 13, that you need to make the most well-informed decision for you and your family. Contact us today!