Uncategorized

Home » Uncategorized » Credit Counseling and Types of Bankruptcy

As there are several forms that bankruptcy can take, it is important to know which type is right for you. An experienced bankruptcy lawyer in Clermont can help to guide you through this process.

Chapter 7
Since Chapter 7 eliminates all discharged debts altogether and usually resolves in less than five months, it constitutes a new beginning.

Chapter 13
Unlike Chapter 7, which eliminates discharged debts, Chapter 13 involves a payment plan that can extend from 3 to 5 years. Next to Chapter 7, it is the most frequently seen form of bankruptcy. Your bankruptcy attorney in Clermont may recommend Chapter 13 if your home is under foreclosure proceedings, as these proceedings may be halted through this process. All mortgage payments due during the 3-5 year payment plan must be made in a timely manner. Second mortgages may be removed under Chapter 13 if the home has lost sufficient value that the holder of the second mortgage would not benefit by foreclosure. In such a case, you would keep your home. If you are in a high-income tax bracket and have not passed the means test, if you have filed for Chapter 7 within the past 8 years or if you have many valuable possessions, your attorney may recommend Chapter 13 based on his or her analysis of your circumstances.

Credit counseling
Credit counseling is required both before and after you file. Certification lasts for six months. Both of these courses can be found online and range in duration from between 1-2 hours. You must finish the first course by the day before you file, or risk having the case dismissed. The second course can be taken shortly after you file, but it must be finished within 45 days of your court hearing.

Seek guidance
Having to file for bankruptcy can be a difficult and painful process. For help, call Merideth Nagel, P.A., your bankruptcy lawyer in Clermont at 352-394-7408 today.

CASE EVALUATION FORM


  • Please leave this field empty.
  • captcha
  •  I have read the disclaimer.
  • Press Esc to close

Serving West Orange County, Lake County, Sumter County & Marion County

  • TESTIMONIALS

    The more I get to know her the more convinced I am that she is the right attorney for me. The compassion and integrity I have seen is quite remarkable and I highly recommend you use her office to service… ~ Kelly,

  • TESTIMONIALS

    Ms. Nagel represented my wife and I in a bankruptcy case and also in a recent real estate transaction. I felt compelled to share our experience. Ms Nagel and all of her staff handled everything in a very professional matter… ~ Mike,

  • TESTIMONIALS

    Merideth Nagel has been a help to me, over the last 10 years, for multiple legal issues! As her client, and as a realtor who utilizes her real estate and title services, Merideth, along with her phenomenal staff, has afforded… ~ Tiki Jackson,

  • TESTIMONIALS

    “If it weren't for Merideth Nagel and her top-notch team of seasoned professionals, I shudder to think where my family would be today. At this firm, you are not a name, a face, a case number, or a quagmire. You… ~ Heather, Clermont

  • TESTIMONIALS

    “Merideth and her team have been a real blessing to me over the years! She helped me with real estate several times and estate planning. I can recommend her with full confidence!” ~ Nancy, Orlando

  • TESTIMONIALS

    “We utilized Nagel Law to assist us with a real estate transaction a little over a year ago. Merideth and her entire staff treated us with the utmost professionalism as well as eased our minds pertaining to this transaction. We… ~ Lynette, Orlando