When it comes to filing for bankruptcy, it can be difficult to understand the processes and the laws that pertain to it. People often feel embarrassed if it has gotten to the point where bankruptcy is their only option. However, millions of people, including A-list celebrities and prominent figures in society, have filed for bankruptcy to help them get back to being financially stable. Bankruptcy is a right that every U.S. citizen has to help them get back on the path to financial freedom.
Bankruptcy may be an ideal option for you if you have fallen behind in payments and are unable to get caught up. Because the process can be a bit complex for the average individual, it is advised to consult with our Coconut Creek bankruptcy attorneys prior to taking action.
The Bankruptcy Process in Coconut Creek
Our experienced Coconut Creek bankruptcy lawyers will advise you on the right time to file depending on your current situation. They will then be able to guide you through the entire process and do the heavy lifting for you.
At Loan Lawyers, we have over 100 years of combined experience in helping individuals get back on their feet financially. Over the years, we have successfully helped our clients with a variety of items including:
- Helping to increase the financial picture of our clients in general
- Helping our clients eliminate or reduce their debt
- Helping our clients through the bankruptcy application
- Helping to save our clients homes and assets
There are different chapters of bankruptcy with which an individual can file under. Which chapter you file under depends on your current financial situation, and your Coconut Creek bankruptcy attorney will be able to help you determine the right filing.
Chapter 7
To file under Chapter 7 Bankruptcy, you must qualify through a means test that looks at your current income, debt amounts, and other financial matters. If you are eligible to file for Chapter 7, you are typically granted an elimination of all of your debts.
Chapter 13
Those that do not qualify for Chapter 7 are able to file under Chapter 13 bankruptcy. Here, you are typically unable to eliminate all of your debts, but you are able to modify or restructure them. This usually includes reduced monthly payments or extended timelines for repayments. That way, you are able to manage your finances in a way that is better suited for you.
Chapter 11
Chapter 11 bankruptcy is for those that do not qualify for Chapter 7 and have too much debt to qualify for Chapter 13. This is usually the chapter that business owners file under if they have extreme amounts of business loans to repay. This chapter is much more complicated to file under, so it is highly recommended to hire the legal services of a Coconut Creek bankruptcy attorney before moving forward.
Contact A Bankruptcy Lawyer in Coconut Creek, FL Today
If you are facing large amounts of debt and are feeling as though you cannot get caught up, it may be time to consider filing for bankruptcy. For more information, contact us and schedule a consultation with our Coconut Creek bankruptcy lawyers at 844-344-4813.
