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Orlando Bankruptcy And Estate Planning Blog

Florida-based Acosta turns to Delaware for bankruptcy

In Florida, Acosta has entered into Chapter 11 bankruptcy. The packaged-goods marketing company filed for reorganization after it showed that changes in its industry and consumer behaviors had hurt its business.

The sales and marketing company based out of Jacksonville stated that it would file a reorganization plan to take around $3 billion of debt to equity. This plan would require the approval of its creditors. Interestingly, the company filed its petitions with the courts in Delaware, not in Florida where it is based.

Think twice before taking out a personal loan to consolidate debt

Many Florida residents dread thinking about their finances. You may be among the many people who hesitate before opening your mailbox because of the bills that are likely stacked inside, and you may avoid phone calls because it could be a creditor looking to collect. Though you are not alone in facing these difficulties, you certainly want to find a way out of the distress for yourself.

You may have recently begun looking into ways to better handle your debt, and you may feel overwhelmed by the options. Some methods may seem appealing, but you may also understand that some come with the chance of making matters worse. For instance, you may be considering taking out a personal loan to consolidate your credit card debt, but is it really the best option?

Bankruptcy has positives and negatives: Learn more about it

Bankruptcy can be a good thing, but it also has some negative consequences. If you plan to file for bankruptcy, it's smart to look into all of your options before you do. However, if you think that bankruptcy may be right for you, seeing the positives and negatives in a simple list could help you solidify your choice.

Bankruptcy has many positives to consider. Some of them include:

  • Being able to complete bankruptcy in only around three to six months with Chapter 7 bankruptcy or up to five years with Chapter 13 bankruptcy
  • Being able to eliminate unsecured debts as you emerge from bankruptcy
  • Potentially being able to access new lines of credit within one to three years of filing (the interest rate may be high)
  • Protecting you against aggressive collection action
  • Stopping harassing phone calls

Will your debt be holding you back in the New Year?

If you owe a significant amount of debt, you know how stressful it can be to have debt collectors calling you at all hours and bills appearing in your mailbox every day. There are many reasons why people may owe a significant amount of debt, and often, they are beyond your control. A medical emergency, the loss of a job or even the death of a loved one can cause a financial crisis in your life, eventually leading to a lot of debt.

As you look to the new year that is fast approaching, you may hope that 2020 will bring you a better and more stable financial outlook. Carrying a significant debt burden can hold you back from accomplishing certain things, but it doesn't always have to be like this. There are steps you can take to reclaim your financial future and security.

Even college students need basic estate plans

If you are a Florida college student, you'll probably soon be heading home for Thanksgiving break. While you're home with your parents and family, it's a good idea to handle some business you probably neglected to manage before you left home in the fall.

The matter involves estate planning. No, that's not a typo. While that topic probably is furthest from your mind, it's an important subject to cover for adults of all ages.

4 benefits of creating an estate plan

Many Florida residents like the idea of knowing what their future holds. Of course, it can be difficult to predict what exactly will happen in a person's life, which is why planning ahead for various scenarios is wise. In particular, you and many others may want to begin creating your estate plans.

Though planning for the future is beneficial, many people often balk at the idea of starting their estate plans. They may think that they do not have much, so they do not need to leave instructions on what to do with their remaining assets. However, estate plans can address far more than just property distributions, and it may be in your best interests to look into their other uses.

Bankruptcy could be the right choice for your situation

Bankruptcy is something that many people don't even want to consider, but the reality is that it's a good way to get out of debt under certain circumstances. Take, for example, a person who no longer works and who cannot make payments on their debts.

Their debts are largely made up of credit card bills and unsecured loans, so filing for bankruptcy is likely to dismiss those debts and help them get a fresh financial start. Putting off bankruptcy doesn't help make the situation any better, but it can mean dealing with harassing phone calls from creditors, court judgments and more.

Sears may emerge from bankruptcy with locations still open

If you own a business and are struggling to make ends meet, you may be considering bankruptcy. Bankruptcy is not always an easy decision to come to, but with the right type, it may be possible to keep your business open and to become profitable in the future.

With business, there are two primary forms of bankruptcy, Chapter 11 and Chapter 7. One business that has been struggling with bankruptcy is Sears. Sears will be emerging from bankruptcy, because it won initial judicial approval to pay creditors just three cents for every dollar Sears had owed.

What property will you lose if you file for Chapter 7 bankruptcy?

There are many reasons why Florida readers may be hesitant to file for bankruptcy. They may feel embarrassed, unsure of what will happen or what this could mean for their personal property. People often assume that filing for bankruptcy, particularly Chapter 7, means that they will lose their assets. 

Chapter 7 is liquidation bankruptcy, which means a person may lose some stuff in order to pay off debts. Before you let this thought scare you off, you may find it beneficial to know that there are exemptions available. This means that you may not have to give up some of the property that is most important to you while still effectively dealing with certain types of debt that are weighing you down.

Making the right bankruptcy choice for your financial future

When a person is in over his or her head with debt, it can be stressful for the entire Florida family. If you are unable to manage your financial obligations, you may be unsure of how you can ever get ahead and secure a better future for yourself. This may be possible by filing for either Chapter 7 or Chapter 13 bankruptcy. While not an easy choice to make, this could be a smart way to deal with your debt once and for all.

The right bankruptcy choice for you depends on the type of debt you have and your goals. Before you move ahead, it may be helpful for you to look carefully at your financial situation and learn more about eligibility requirements. When it comes to making such an important financial decision, you may find it beneficial to seek legal guidance before you proceed.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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