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Palm Bay Resident Financial Emergencies Solved by Filing Bankruptcy

Learn about your options when filing a Bankruptcy in Palm Bay, Florida

An important benefit of filing for bankruptcy protection is that the automatic stay goes into effect immediately upon the filing of your petition. The stay prevents creditors from continuing any collection efforts against you while your case is pending. Thus, all harassing telephone calls, demand letters and collection lawsuits against you must stop. For somebody who has been harassed by collectors for a long time, this can provide significant relief.

Have a financial emergency? Speak with a Bankruptcy Attorney to learn about your options.

Bankruptcy Attorney serving Palm Bay

Below are a few of the types of emergencies that the automatic stay can help a debtor handle:

Foreclosure

If you have fallen behind on your mortgage payments and your lender is threatening a foreclosure action, filing a personal bankruptcy can immediately (but temporarily) halt the proceedings. At a minimum, it will buy you additional time to remain in your home. It will also allow you extra time to try to negotiate a settlement or a deed-in-lieu of foreclosure with your mortgage lender. Finally, it permits us to help you avoid negative tax consequences.

Utilities

If you have missed payments on your electric, gas, telephone service, or other utilities, the automatic stay can prohibit your services from being disconnected for at least twenty (20) days. This may not seem very important, but when it is extremely hot or freezing cold outside, having electricity to run your air conditioner or heater is significant. While delinquent utility bills are not a sufficient reason to file for bankruptcy protection, they typically are a sign that you have other financial problems as well.

Garnishments

If a debt collector has obtained a judgment against you, it is likely that you have garnishments pending against your bank account and/or wages. The automatic stay stops all garnishments. Additionally, you may be able to eliminate or discharge the underlying debt linked to the garnishment action.

Evictions

If you rent your home and you have fallen behind on payments to your landlord, filing for bankruptcy can provide you some relief from an eviction action. However, if your landlord has already been awarded a judgment against you, the automatic stay will not halt the eviction process. However, if your landlord has not obtained a judgment, the bankruptcy filing will provide us time to negotiate with your landlord.

The above are only a few examples of the financial emergencies that a bankruptcy filing can assist you with. We can review your individual situation and help determine if filing a Chapter 7 or Chapter 13 is the best debt relief strategy for you.

Bankruptcy Palm Bay | Bankruptcy Melbourne | Bankruptcy Attorney Brevard County

If you live in the Palm Bay or the Melbourne area and are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment.  Our office is conveniently located on Sarno Road in Melbourne.  We offer free initial consultations for bankruptcy and foreclosure defense.


Tips for Discussing Bankruptcy with your Children

bky talk with kids pic

It is a natural reaction for parents to attempt to shield their children from dealing with financial troubles. However, if you are considering filing a personal bankruptcy case, it is wise to discuss it with your entire family, including your children. You can tailor the conversation to fit the age of your children, but it is important that they hear it directly from you.

So, how should you go about discussing filing a Chapter 7 or Chapter 13 case with your kids? There is no magic formula, but below are a few considerations:

  • You should be open and honest about your financial situation. This may mean different things depending upon the age of your children, but the primary focus should be on how the bankruptcy filing will be beneficial for the family. It is essential that your entire family understand how adjustments in your finances will need to be made.
  • One of the most important ways you can make your family feel secure while going through bankruptcy is to have a plan for your housing situation. When your kids know that they have a safe place to live, it makes them feel more secure. Thus, even if you intend to surrender your house back to your mortgage lender during the bankruptcy case, having a plan for new housing will help the family feel more comfortable about your circumstances.
  • Try your hardest to keep your normal schedule and routine while your bankruptcy case is pending. Children feel secure when they know what to expect. The less you disrupt their daily lives, the better they will feel about the process.
  • Finally, if possible you should strive to keep your kids in the same schools. Having to change schools, especially in the middle of the school year, can be very disconcerting. However, if it is necessary for your children to switch schools, be sure to make an effort to keep them in-touch with their established friends.

We understand that filing for bankruptcy can be stressful for everyone involved. We assist families every day in obtaining the debt relief they need in the least disruptive way possible. Let us help you get the financial help you need and ensure that the process goes as smoothly as possible.

The legal team at Faro & Crowder is ready to help. Our office is located in Melbourne, but we proudly serve individuals, families and businesses across the State of Florida.


Assessing Your Debt

 Assessing Your Debt - Brevard County Bankruptcy

Consider your debt relief options – Brevard County Bankruptcy Attorneys

If you are struggling financially and living paycheck to paycheck, it is time to consider your debt relief options. Filing a Chapter 7 or Chapter 13 bankruptcy can be the first step to taking control of your debt and getting your financial life back on track. The first step in making this decision is to objectively assess your debt.

What exactly does this mean? The Internet has several different websites that can assist you with the process. Most offer a “debt quiz” that gives you questions to answer regarding your financial status. By answering yes or no to these questions, the website may provide you with suggestions on how to improve your finances. But remember, this is very generalized advice and it is not legal advice, so it should be only used as a means for helping you assess your debt.

There are also websites that provide a debt calculator, which can be helpful because it permits you to enter the amount of your debt and the applicable interest rates. A debt calculator allows you to see how your debt will continue to increase over time. Again, these websites may offer generalized advice on ways you can pay your debt off.

The most vital action you can take is to be honest with yourself about your debt. If you are facing a temporary setback due to the loss of a job or divorce that you can overcome, then it makes sense to live by a budget until you have gotten back on track. However, if you are facing overwhelming debt and you believe there is no way you will ever recover from it, you should confer with a personal bankruptcy attorney.

No website or DIY book can replace the advice and guidance of an experienced lawyer. Let one of our attorneys review your individual finances and help you understand all of your debt relief options. Discharging your debt and obtaining a fresh financial start is often the best decision for our clients. In fact, many of them tell us they wish they hadn’t waited so long!

Contact Faro & Crowder, PA today for your FREE initial bankruptcy consultation

Stop living under the weight of your debt. Let us help. Contact Faro & Crowder, PA, today to schedule your initial consultation. Our office is located in Melbourne, but we proudly serve individuals and businesses across the State of Florida.


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