Bankruptcy… is it for me?

There appears to be a negative stigma surrounding bankruptcy; however, this may be the only option for a family trying to get back on their feet.There are several different types of bankruptcy, and you have to determine which is the correct chapter for you, or if there are other options that let you avoid a bankruptcy all together.

The most common bankruptcy for individuals is a chapter 7 bankruptcy, this is like a “do over” for a person who has not filed for the last eight years. Chapter 7 will let you keep certain assets, have you still pay some liabilities (most IRS debt, student loans, child support…) and the rest (medical debt, credit card debt, judgments, …) to be discharged.

A chapter 13 is knows as a “reorganization payment plan” this is to save your rental property, stop a foreclosure, and keep you on a budget that will help you maintain all of your assets while satisfying your creditors by paying them pennies on the dollar (everyone’s case and plan are different).

Before you take protected money and pay off unsecured debt, speak to an attorney about your rights, even if you are being sued, bankruptcy can help stop that law suit. Here at Schwam-Wilcox & Associates, we offer complimentary consultations to find out if you qualify, which chapter would be best for you, and what other options you may have. To learn more contact the firm by calling 407-245-7700, e-mailing at or by visiting our web site at, fill out the consult form on line and speak with an attorney to help you get back on track. When you are going through your worst, we are at our best! Home Offices: Orlando, Kissimmee, and The Villages.

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