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How to protect assets in Florida

If your family is suffering from financial difficulties, know that you are not the only one. Hard-working people across Florida are struggling to make payments on their auto loans, mortgages, and the rest of their debts. If you've fallen behind on your bills, your creditors can take away your prized possessions and cherished belongings —even your vehicle or home!

DebtStoppers asset protection strategies will keep you in your house, save your car, and help you hold onto the things you own. Call or text us today at 786-420-4545 to request a complimentary asset protection consultation, and one of our skilled Florida lawyers will demonstrate how bankruptcy laws can help your family.

Understanding the Process and the Laws in Florida

When you finance a large purchase like a vehicle or a home, you sign a legal agreement with the lender. They'll front you the cash you need to cover the purchase, and in exchange, you make monthly payments until the balance is repaid.

Often, large loans like these are "secured" by the property you are financing. This means that if you fall behind and start missing payments, the lender can legally take possession of the car, home, or other property.

For example, if you took out a loan to buy your Florida home, you probably signed a mortgage allowing the lender to assume ownership of your house if you default on the loan. If you can't make a payment, the lender can use the foreclosure process to kick you out of your home, no matter how long you have lived there.

Protection Options

Fortunately, bankruptcy statutes can offer asset protection from foreclosure or repossession. Not only will personal bankruptcy allow you to keep your property, but it will also eliminate your debts and help you start over fresh. When filing in Florida, you can choose between Chapter 7 and Chapter 13.

Chapter 7 enables you to wipe out the majority of your consumer debts by discharging them. While Florida law permits a case trustee to sell some of your possessions to reimburse your creditors for your debts, this rarely happens. In fact, most DebtStoppers clients don't have to give up anything they own through Chapter 7.

If you are looking for guaranteed asset protection, Chapter 13 never requires you to sell any of your possessions; this type of bankruptcy reduces and reorganizes your debts into a reasonable 3-to-5-year payment plan instead. Rather than eliminating debts immediately, you'll pay them back over time while enjoying complete asset protection.

Another facet of the asset protection bankruptcy offers is called an "automatic stay." The moment you file your petition, the court issues this order, which prohibits your creditors from contacting you or trying to collect from you. This includes foreclosures and repossessions, keeping your property safe!

Choose an Asset Protection Attorney

As a bankruptcy law firm, DebtStoppers can provide our clients with asset protection plans that actually work. We've helped thousands of families keep in their houses, cars, and other possessions. Call or text us today at 786-420-4545 to schedule a free debt evaluation with one of our practiced Florida attorneys.

Don't let your creditors take away the things you've worked so hard to buy! Call or text DebtStoppers today at 786-420-4545 to start with your individual asset protection bankruptcy plan.