Many people who could stand to truly benefit from the protections that the bankruptcy code offers do not take advantage of this help. Typically, this is due to misinformation about the process and its long term consequences. We hope that the general information on this page will help dispel some of the misconceptions about bankruptcy and answer your questions.
At Sacks & Sacks, P.A, our attorneys are committed to helping our clients obtain the maximum benefits from bankruptcy. Let us help you get the fresh start you deserve. Contact us with questions about your personal situation.
Jacksonville bankruptcy FAQ
- Will I have to give up my car, home and other assets? — No. There are exemptions in the bankruptcy code that can allow you to keep property under certain value.
- Will I ever be able to get credit again? — You will be in a better position to secure credit after your current debts have been discharged through bankruptcy.
- What kind of debt does bankruptcy discharge? — Most unsecured debts are discharged. Unsecured debts are any that are not tied to collateral such as a car or house.
- Will the means test keep me from being able to file for bankruptcy? — For most people the means tests only serves to help determine how their bankruptcy will proceed. The vast majority of people can still file for protection after taking the means test.
- Will bankruptcy stop wage garnishments, repossession and foreclosure? — Personal bankruptcy includes something called an automatic stay. The automatic stay puts an immediate halt to all collection activities, including wage garnishments, repossession and foreclosure.
- If my car was already repossessed can filing for bankruptcy help get it back? — If your car was repossessed in the last 90 days, bankruptcy can help get your car back. There are various factors that play into this and we can do an analysis of your particular situation to determine what outcome to expect.
- If my home is being foreclosed on, will bankruptcy help me keep it? — If you are already in foreclosure, the automatic stay will put a halt to the foreclosure proceedings and the repayment plan can help you catch up on arrearages.
To learn more about the opportunity that bankruptcy offers in rebuilding your credit, call 904-396-5557 or contact us online to schedule your free initial consultation with one of our lawyers.