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Law Offices of Carol M. Galloway, P.A. Jacksonville Bankruptcy Lawyer
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Orange Park Bankruptcy Lawyer

Many people are hesitant to file for bankruptcy because they believe there is a stigma attached to it. However, bankruptcy is much more common than people think. Hundreds of thousands of people file bankruptcy every year, and it is not surprising considering that the average American carries $38,000 in debt. Whether you have medical bills, credit card debt, or other debt that you cannot repay, it is important to speak to an Orange Park bankruptcy lawyer that can advise you of your legal options.

Common Types of Bankruptcy in Orange Park

There are six different types of bankruptcy a person or business can file in Florida, but there are three that are the most common. These are as follows:

  •  Chapter 7: If you would like to have most or all of your debt discharged, you can file Chapter 7 bankruptcy. You must pass the means test to be eligible, and any non-exempt property will be sold to repay your creditors and debt collectors.
  • Chapter 13: Chapter 13 is not meant to discharge your debt, although some of it may be discharged. Instead, the majority of your debt is reorganized into a payment plan and you will repay it over a period of three to five years.
  • Chapter 11: Through a Chapter 11 bankruptcy, businesses can reorganize their debt and repay it while continuing to run the company. Individuals can also file Chapter 11 bankruptcy when they do not qualify for Chapter 13.

Filing Bankruptcy as an Individual vs. as a Business

If you are filing bankruptcy to deal with your personal debt, you will file the case in the district where you live. For example, if you live in Orange Park, you will file in the U.S. Middle District of Florida. You must have resided in the area for at least 180 days before filing. If you do not meet the residency requirement, you will have to file in the district of your previous address. If you have lived in multiple locations for the past 180 days, you should file in the locations where you spend most of your time.

If you are filing bankruptcy as a business, you should file in the same area where the company is located. The principal location of a company often depends on the circumstances and facts of the case. For example, many businesses operate in many different locations throughout Florida and so, a bankruptcy should be filed in the principal, or main, location for the business. If a business had headquarters in Orange Park, for instance, this is where the bankruptcy would be filed.

Our Bankruptcy Lawyer in Orange Park Can Help with Your Case

If you are thinking about filing bankruptcy, do not go through the process alone. At the Law Offices of Carol M. Galloway, P.A., our Orange Park bankruptcy lawyer can help you navigate the process and give you the best chance of a successful outcome. Call us now at 904-694-5489 or contact us online to schedule a free review of your case.

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