A Panama City Beach Bankruptcy Lawyer Breaks the Myth That Bankruptcy is for Broke People
A lot of times, people associate bankruptcy with being so
flat broke that you have no other options. Or, if you do file bankruptcy that
the court will take all that you own and leave you with nothing or at least next
to nothing. However; both statements couldn’t be further from the truth. Bankruptcy in
Panama City Beach, FL is a way to keep your belongings. There is even one
type of bankruptcy that requires you to have a steady income to qualify.
Filing bankruptcy is a wonderful idea if you are trying to
protect your home or car if you are behind in payments and are worried about
losing them. When you file, an automatic stay goes into effect and then it
stops all collections and legal actions that could be taken against you
regarding your debt. This can mean anything from phone bills to cars.
There are two different types of bankruptcy. First, there is
Chapter 7, the most common type of personal bankruptcy. This is often called
the liquidation bankruptcy. Between 3-6 months or more, all your debt that
qualifies will be eliminated. Credit cards, medical bills, loans, utility bills
and anything else nonsecure will be gone and no longer under your
responsibilities. Next, Chapter 13 is a reorganization bankruptcy for those who
want to keep their assets. This can include their secured debts such as homes
and cars. This is when you are falling behind on your payments and need time to
catch up. You and the courts decide on a monthly payment plan for 3-5 years to
pay this back. After this, all your unsecured debt will be gone.
There are many more myths that need busting for bankruptcy,
so contact a Panama City
Beach Bankruptcy Lawyer, Lewis and Jurnovoy today!
Martin
Lewis and Steven Jurnovoy joined as partners in 1998 to create the law firm of
Lewis & Jurnovoy, P.A. The primary emphasis of the law firm is in the
representation of individuals and sole proprietors in Chapter 13 Bankruptcy
("Debt Consolidation") and Chapter 7 Straight Bankruptcy.
Lewis
& Jurnovoy, PA
1004
Jenks Avenue
Panama
City, FL 32401
(850)
913-9110
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