Fort Walton Beach Chapter 7 & 13 Bankruptcy Attorney
To many people, "bankruptcy" is a scary word. At Richard S. Johnson and Associates, P.A., we're here to debunk the erroneous bankruptcy myths and guide you to a better financial future. If you are struggling to get out of debt, Chapter 7 bankruptcy can allow you to discharge your debt and make a fresh start.
If you are in Fort Walton Beach or Okaloosa County, contact our bankruptcy attorney toll free at 866-381-9124 to schedule a free initial consultation.
We will administer the "means test" to determine if you qualify to file Chapter 7. If your income exceeds the threshold, we will explore Chapter 13.
Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy discharges most of an individual's debt, such as credit card balances and other bills. Although many people believe that filing for Chapter 7 will wipe out all of their debt, only loans and debt considered "dischargeable" can be erased.
What is Dischargeable Debt?
A bankruptcy lawyer can advise you about which of your debts will be discharged by filing Chapter 7, and which debts will remain. Typically, the following debts are dischargeable:
- Personal loans
- Credit cards
- Medical bills
- Repossession deficiencies
- Auto accident claims
- Judgments
- Business debts
- Leases
- Guaranties
- Certain tax debts
Should You Reaffirm Your Debt?
If you are filing for Chapter 7 bankruptcy, you will need to decide whether to reaffirm your secured debts. Typically, these include your home mortgage and car loan. Many people believe that they must sign a reaffirmation agreement in order to keep their home and vehicle. However, this is not always the case. At Richard S. Johnson and Associates, P.A., we will analyze your individual circumstances and advise you on whether to reaffirm your debt during Chapter 7 bankruptcy.
Filing for Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to set up an affordable plan for repaying a portion of your debt in a three- or five-year time period. Following three or five years of regular, on-time payments, your remaining dischargeable debt will be forgiven. Many people file for Chapter 13 when they are facing impending consequences of delinquent payments, such as foreclosure.
To learn more about how our Fort Walton Beach bankruptcy attorney can help you, contact us online or call us toll free at 866-381-9124 for a free initial consultation.
* We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
