Jacksonville Personal Bankruptcy

Finding the Right Personal Bankruptcy Solution for You

An individual may seek bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code.  In a Chapter 7 bankruptcy, your assets are liquidated and your debts are wiped out, giving you a fresh start.  In a Chapter 13 bankruptcy, a repayment plan is established and your debts are paid off over a period of time.

In a Chapter 7 bankruptcy, your assets are liquidated to pay off your creditors and your debts are discharged.

In a Chapter 13 bankruptcy, a repayment plan is set up to pay back your debts over a period of several years.  Chapter 13 bankruptcy allows you to reorganize your debts and repay them over a period of time, rather than wiping out the debts immediately.

Bankruptcy in Jacksonville

The attorneys at King & Dolaghan, P.A. guide you through the pitfalls and loopholes of the bankruptcy law.  We help you decide what type of bankruptcy is right for you.  Meet with a Jacksonville bankruptcy lawyer to discuss your bankruptcy.

There are some limitations to filing for personal bankruptcy.  To be eligible for discharge, you must wait eight years between filing Chapter 7 bankruptcies.  There is a four-year limitation between filing a Chapter 7 bankruptcy and a Chapter 13 bankruptcy.  There is a two-year limitation between filing Chapter 13 bankruptcies.

Even if you fall between these time periods, you still may be able to file for bankruptcy and get relief from your creditors.

Be aware that bankruptcy does not get rid of all debts.  A debtor in bankruptcy still is responsible for these debts:

• Alimony

• Child support

• Most recent back taxes

• Most student loans

• Recent large purchases of more than $500 for luxury goods that were purchased within 90 days of filing for bankruptcy

• Fines or penalties of government agencies

• Fraudulent debts

• Cash advances of $825 within 70 days of filing for bankruptcy

Take the first step to regain control of your financial situation.  Talk to our attorneys about personal bankruptcy.

Call 1-904-387-9886 for a Jacksonville bankruptcy lawyer.