Floida Bankruptcy Laws | Common Florida Bankruptcy Myths

Answers to Common Myths About Bankruptcy in Florida

For those with unmanageable debt, the prospect of filing for bankruptcy protection may be a scary one. That fear is magnified by persistent myths, half-truths, lies, stereotypes and other misinformation about Florida bankruptcy laws the process. Despite whatever you may have heard in the media or from friends and family, it is important to remember that every bankruptcy filing, like every individual's particular financial situation, is fact-specific and unique to that person. The result you obtain by filing a bankruptcy will be dependent upon your unique set of facts and circumstances. It is imperative that you consult with an experienced bankruptcy attorney, like the attorneys at K. Hunter Goff, P.A. who know what questions to ask you and who can spot and handle the unique issues your case may present.

The bankruptcy Law Offices of K. Hunter Goff, P.A., from locations in Orlando, Tampa and Lake County, helps people throughout Central Florida with bankruptcy solutions that make sense for their individual situation. Contact us to discuss your situation with an experienced Florida bankruptcy firm committed to honest, practical solutions to debt relief.

Common questions and concerns about Florida bankruptcy

Orlando bankruptcy attorney Hunter Goff helps people understand the truth behind the myths and answers many common questions to help ease people's fears about filing for bankruptcy. Common issues clients have when seeking information about bankruptcy include:

Bankruptcy is no longer an option for me - A common myth since bankruptcy laws changed in 2005, this is prevalent and simply incorrect. The numbers are in and they show that the changes in the bankruptcy law enacted in 2005 had little effect on a person's ability to discharge their debt in a Chapter 7 bankruptcy.
Bankruptcy is only available once in a lifetime - This is also simply not true. Because financial emergencies such as divorce, job loss or extended illness could happen more than once in your life, the law allows you to receive a discharge from a Chapter 7 Bankruptcy once every eight years and a person can file for Chapter 13 several times, if necessary, depending on that person's individual situation.
Your will lose your home, car, everything - A debtor who files for bankruptcy protection is afforded certain exemptions that can be claimed to protect his or her assets. These exemptions include protections for vehicles, equity in the debtor's primary home, personal property exemptions, 401(k), IRA, and 403(b) retirement investments, and many, many more.
What happens to bank accounts, debit cards and credit cards? - In almost every case, you will continue to have access to your debit card when you file bankruptcy. You do not have to close your bank accounts when you file for bankruptcy protection. You are required to disclose all of your creditors when you file for bankruptcy.
Will a bankruptcy prevent applying for future credit? - Bankruptcy is only about your past credit. Rebuilding credit after bankruptcy is not as difficult as you may think. With credit counseling and smart debt management you can buy a car or home or secure new lines of credit.

Beware of debt relief advice from creditors

Our firm can calm any fears you may have about credit counseling and the bankruptcy process. Contact the Law Offices of K. Hunter Goff, P.A., to arrange for a consultation to discuss your financial situation with an Orlando bankruptcy lawyer and put your mind at ease about the bankruptcy process.