Individuals, couples, and businesses can all run into financial trouble. Situations like layoffs, illnesses, and economic recessions can result in an accumulated debt that is nearly impossible to pay off. If this occurs, the individual or business can initiate a bankruptcy proceeding.

Skilled Bankruptcy Attorneys in Florida

Bankruptcy can seem overwhelming, but sometimes it is the best solution for people or businesses facing significant debt. At EPGD Law, our knowledgeable attorneys are available to help anyone considering bankruptcy as a solution to their financial difficulties. Learn more about how our associates can help you by scheduling your consultation.

Benefits and Drawbacks of Filing for Bankruptcy

The bankruptcy process is structured to give individuals and businesses a fresh start. Bankruptcy offers a variety of benefits for eligible petitioners, including:

  • Potentially preventing foreclosure on your property
  • Avoiding wage garnishment
  • Preventing creditors from pursuing legal actions against you or your business
  • Erasing consumer, medical, and utility debts

This can help filers get out of overwhelming debt without losing everything.

However, it is important to know that bankruptcy comes with a price. Specifically, it can affect your credit and ability to borrow money for many years. Bankruptcies may pose problems like:

  • Preventing you from opening new bank accounts or lines of credit
  • Costing you collateral used to secure loans you can no longer pay off
  • Leaving you with certain nondischargeable debts, like student loans, recent tax debt, and support obligations

As such, working with a skilled attorney is critical to determine if bankruptcy is the right solution for your debt problems.

The Legal Demands of Filing for Bankruptcy

Bankruptcy is a complex and often misunderstood area of law. There are three major types of bankruptcies: 

  • Chapter 7: Restricted to low-income filers and erases debts in less than six months, but does not protect property like real estate.
  • Chapter 13: Available to high-income filers and does not wipe out debts. Instead, it allows them to set up payment plans on many debts, which also protects real property.
  • Chapter 11: Designed for businesses and allows organizations to remain in operation by setting up payment plans and restructuring the organization to avoid litigation.

The appropriate chapter is highly dependent on the facts of your individual or business needs. Before you file, discussing your situation with a skilled attorney is crucial to understand the best path forward.

Knowledgeable Legal Counsel for Personal and Commercial Bankruptcy Filings

At EPGD Attorneys at Law, P.A., we can analyze your current financial situation to determine whether bankruptcy is the best solution for you or your business and, if so, the appropriate bankruptcy chapter. We can answer your questions on a variety of bankruptcy issues, including:

  • Small Business Bankruptcies
  • Consumer Bankruptcies
  • Contested Bankruptcies
  • Bankruptcy Litigation

Learn more about how we can help you by scheduling your consultation with our skilled bankruptcy associates today.