If you’re considering filing bankruptcy in Orlando, FL, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Bankruptcy offers individuals and businesses a legal avenue to reorganize or discharge their debts. In Orlando, Florida, like the rest of the country, the qualification for filing bankruptcy hinges on several factors.

1. Means Test for Chapter 7: To qualify for Chapter 7 bankruptcy, you must pass the “means test.” The test compares your monthly income against the median income of a household your size in Florida. If your income is below the median, you qualify. If it’s above, you may still qualify based on certain allowed expenses and debt payments.
2. Regular Income for Chapter 13: Chapter 13 bankruptcy is designed for individuals with regular income who want to pay their debts but currently can’t. The person should have unsecured debts less than $394,725 and secured debts less than $1,184,200, as of recent standards (these figures may be adjusted for inflation).
3. Prior Bankruptcy Filings: If you’ve filed for bankruptcy in the past, it might affect your eligibility. For instance, if you’ve previously filed a Chapter 7 bankruptcy, you must wait eight years before filing another Chapter 7, and four years before filing Chapter 13.
4. Credit Counseling: Before filing, individuals must undergo credit counseling from an approved agency.

If you’re unsure of your qualification status, consult a local attorney for guidance tailored to your specific situation.

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Do You Need a Lawyer to File For Bankruptcy in Orlando, FL?

While it’s technically possible to file for bankruptcy pro se (on your own), it’s not often recommended, especially given the intricacies of the law and the potential for making mistakes that could compromise your case.

1. Complexity of Bankruptcy Law: Bankruptcy code is dense, and misinterpreting it or missing key steps can lead to dismissal of your case or loss of assets. An attorney can navigate these waters with ease, ensuring all documents are filed correctly and on time.
2. Exemptions: Florida has its own set of bankruptcy exemptions (assets you can keep even after filing). An attorney can help you maximize these exemptions and protect your property.
3. Peace of Mind: With an attorney, you’ll have someone to address your concerns, answer questions, and guide you through the process.
4. Negotiations: In some bankruptcy cases, negotiations with creditors are necessary. An attorney can advocate on your behalf.

Given the stakes, most individuals find that hiring an attorney is a small price to pay for the benefits received.

Cost to File Chapter 7 Bankruptcy in Orlando, FL

The costs associated with filing a Chapter 7 bankruptcy in Orlando, FL, can be broken down as:

1. Filing Fees: As of recent data, the court fee for filing Chapter 7 is $398 (subject to change).
2. Attorney Fees: These vary, but in Orlando, you can expect to pay between $1,100 to $2,700 for a typical Chapter 7 case.
3. Mandatory Counseling: Before filing, you’ll need to take credit counseling and debtor education courses. Each course can range from $25 to $60.
4. Miscellaneous Costs: This includes fees for obtaining your credit report, making copies, and postage.

Cost to File Chapter 11 Bankruptcy in Orlando, FL

Chapter 11 bankruptcy, often used by businesses and some high-net-worth individuals, is more complex and expensive:

1. Filing Fees: The filing fee for Chapter 11 is approximately $1,938.
2. Attorney Fees: Due to the complexity of Chapter 11, attorney fees can range from $11,000 to $35,000 or more, depending on the specifics of the case.
3. Management Costs: There are often additional costs related to financial reporting, compliance, and other administrative tasks.

Cost to File Chapter 13 Bankruptcy in Orlando, FL

Chapter 13 bankruptcy allows debtors to create a repayment plan:

1. Filing Fees: The Chapter 13 filing fee is around $393.
2. Attorney Fees: Most attorneys in Orlando charge a flat fee for Chapter 13, ranging from $3,300 to $5,600, though this can vary based on the case’s complexity.
3. Trustee’s Commission: This is a percentage (up to 10%) of your monthly plan payments, paid to the trustee overseeing your case.

In conclusion, the cost and procedure for bankruptcy vary based on the chapter filed. Given the legal and financial intricacies, consulting an attorney is typically in the best interest of the debtor.

Reliable Bankruptcy Attorneys in Orlando, FL

Below is a list of reputable bankruptcy attorneys in Orlando, FL. They can help you with both personal and business bankruptcy information.

Caplan Bankruptcy

31 N Hyer Ave, Orlando, FL 32801, United States

Law Office of Paul L. Urich, P.A.

1510 E Colonial Dr #204, Orlando, FL 32803, United States

Peter Francis Geraci Law L.L.C.

111 N Orange Ave Suite 800 PMB 4010, Orlando, FL 32801, United States

Benenati Law Firm

2702 E Robinson St, Orlando, FL 32803, United States

Orlando, FL Zip Codes We Proudly Serve:

32789, 32801, 32803, 32804, 32805, 32806, 32807, 32808, 32809, 32810, 32811, 32812, 32814, 32819, 32822, 32824, 32827, 32829, 32832, 32835, 32839

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