As a trusted Orlando bankruptcy attorney, I understand that Hispanic families in Central Florida are responsible, hardworking, and honest people. That’s why when we find ourselves in a difficult economic situation here in Orlando, and we can’t pay our debts, we feel genuinely overwhelmed and tormented.
Your Options When Facing Debt in Orlando, Florida
If you’re struggling with debt in the Orlando area, you have several paths forward. Let’s explore each one:
Option 1: Making Minimum Payments
The first option is to make a superhuman effort and pay every creditor a little. Unfortunately, the way loans and credit cards are designed, making the monthly minimum payment doesn’t get us out of trouble quickly. Interests keep piling up and the balance doesn’t really decrease significantly. Many Orlando families feel like they’re rowing and rowing, but they’re not moving forward.
Option 2: Ignoring Debt (Not Recommended)
The second option is to ignore debt, not pay some creditors, and continue living the best we can with reduced income. This alternative presents several serious problems, so I do not recommend it. Under Florida law, creditors we don’t pay will be able to repossess the goods and items we buy. In addition, they can sue us and confiscate our salary, bank accounts, and even other goods that we had already paid off before.
Option 3: Bankruptcy – The Smart Choice for Orlando Residents
The third option, and in my opinion the smartest for Orlando families, is bankruptcy. But us Hispanics don’t like that idea. We have been taught to fulfill our obligations, and we see bankruptcy as a shameful thing. Nothing could be further from the truth.
Bankruptcy is not a moral decision – bankruptcy does not speak of our character or education. Bankruptcy is merely an economic decision. It is a legal tool provided by federal law to help Orlando residents and families throughout Central Florida resolve their finances and start fresh.
Bankruptcy Options Available to Orlando Residents
As an experienced Orlando bankruptcy lawyer, I help Hispanic families navigate two main options under Florida bankruptcy law:
Chapter 7 Bankruptcy in Orlando
Chapter 7, or total bankruptcy, allows you to discharge most unsecured debts quickly. Many Orlando residents qualify for Chapter 7 and can complete the process in just a few months.
Chapter 13 Bankruptcy in Orlando
Chapter 13 bankruptcy allows you to reorganize your debts into an affordable payment plan. This is particularly beneficial for Orlando homeowners who want to protect their property.
Both options allow you to maintain your homes and cars if you meet certain requirements. In many cases, we can even remove forever the second mortgage on your house and end up paying only the first! In addition, within Chapter 13, it is very common to achieve a mortgage modification, reducing the amount you have to pay the bank monthly – crucial for Orlando families dealing with rising living costs in Central Florida.
Benefits of Filing Bankruptcy in Orlando, Florida
As you can see, bankruptcy offers many advantages to Orlando residents and allows you to start a life free of debt and creditors. The possibilities are many. On the other hand, most of those who receive the benefits of this law manage to restore their credit with relative ease.
To those in the Orlando and Central Florida area who have spent difficult and sad moments thinking about their economic problems, I urge you to put aside fears and shame that have no reason to be. Join the thousands of Orlando citizens who have cleverly used bankruptcy to achieve a new beginning.
If you want to learn more about bankruptcies in Orlando, Florida, you can visit our bankruptcy hub at this link
Contact an Orlando Bankruptcy Attorney Today
If you’re in Orlando, Winter Park, Altamonte Springs, or anywhere in Central Florida and need help with bankruptcy, our experienced legal team is here to guide you through every step of the process. Se habla español.
Start now to prepare for a much brighter financial future!
Call our Orlando office today: (407) 545-1515
Located at 1330 S. Semoran Blvd., Orlando, FL 32807
DISCLAIMER: This article is provided for informational purposes only and should not be construed as legal advice. If you require legal advice or assistance regarding bankruptcy or any other legal matter in Orlando, Florida, please contact our firm at (407) 545-1515, or visit our website: myrnalegal.com. Our experienced Orlando bankruptcy attorneys are here to provide you with personalized legal guidance and support tailored to your specific needs and circumstances.