At the Law Offices of Benjamin "Skip" Martin we handle bankruptcy cases involving Chapters 7, 11, and 13. Skip will help you determine which chapter will be most beneficial for you while determining if bankruptcy is the right approach for relieving your financial stress. Bankruptcy can be an opportunity for individuals overburdened by debt to get a fresh start towards a more solid economic future. Understanding the difference between the different types of bankruptcy is the first step in the process.
Chapter 7 is sometimes referred to as straight bankruptcy. It is a liquidation proceeding in which the person can keep property that is exempt. If a person meets statutory residency requirements, they may be able to keep their home and other personal property. Non-exempt property is surrendered to a trustee and potentially sold to pay off debt to creditors. A discharge of debt (cancellation) in this type of bankruptcy usually takes around 4 months. Skip will work with you to complete a bankruptcy evaluation form to get to know your specific financial situation and help you make an informed decision. He can continue to work with you to rebuild your credit after you have been discharged and will offer advice on how to proceed throughout every step in the Chapter 7 filing process.
At the Law Offices of Benjamin "Skip" Martin we work with businesses or individuals who may need to file Chapter 11 bankruptcy. Chapter 11 reorganizes a debtor’s business affairs and assets to help companies or individuals restructure their debts. If your business is struggling with unpaid debt or is facing lawsuits or seizure of assets, contact our office to find out if filing for bankruptcy is right for your situation. Skip has worked with sole proprietorships, large corporations, and every other business type in between. Contact our office to restructure, reduce, or eliminate secured and unsecured debt. His goal is to help you keep your business and give you a fresh start and to protect your income and assets which may be lost due to too much debt. Contact us at any of our offices in Sarasota, Bradenton or Port Charlotte for bankruptcy assistance and to start recovering from your debt as soon as possible.
Chapter 13 is a bankruptcy option that individuals can use which involves adjusting or reorganizing debt. It allows you to keep non-exempt property in contrast to Chapter 7 which may require you to surrender that property to the trustee. If you have a regular monthly income and can afford to make small monthly payments over a three to five year period. Chapter 13 can be the solution you need to get out of debt. Chapter 13 is also an excellent way to deal with taxes owed to the IRS or Florida Department of Revenue. While the process takes longer than Chapter 7 to complete, the risks are lower and eligibility requirements are less restrictive. Contact The Law Offices of Benjamin “Skip” Martin for more information and to find out if this method of debt elimination will work for you.