Bankruptcy is a viable option among many people or businesses who are struggling financially with debt. A big benefit of filing for bankruptcy is that creditors are immediately stopped from continuing the pursuit of collection. Your right to file for bankruptcy is backed by federal law so this protection continues until your debt situations are figured out.
Within bankruptcy law, there are three common types of bankruptcy. They are Chapter 7, Chapter 11, and Chapter 13. Usually, the easiest method of bankruptcy is Chapter 7, which is also known as “liquidation bankruptcy.” This is because it usually involves liquidating nonexempt assets to pay off debts.
Chapter 11 bankruptcy is most commonly used in situations that are a bit more complicated in terms of a reorganization of a company’s or person’s finances. Chapter 13 is also known as “a wage earner’s plan” as it allows individuals or companies to develop a plan to repay the debt over time with income earned. This allows individuals or companies to retain their assets while repaying debts owed.
Chapter 7
Our Boynton Beach bankruptcy attorneys help clients struggling with debt to file for Chapter 7 bankruptcy. For the best fit for this type, we recommend clients with few assets and unsecured debts. This type helps to give a fresh start in life to clients.
Chapter 13
For Chapter 13 bankruptcy, we provide legal assistance to clients who need help reorganizing their bankruptcy. This type is ideal for clients facing imminent threats such as foreclosure or repossession. Another ideal situation for this type is for clients with short-term debt that can be paid off in due time. We focus on creating a suitable repayment plan that benefits them.
Warning Signs
- Using your credit card to pay for necessities every month. These necessities include mortgage, rent, gas, food, utilities, etc.
- Emptying your savings accounts and even using your retirement accounts to get by
- Being forced to consistently borrow money from family or friends to attempt to pay off debts
- Being constantly contacted or harassed by debt collectors
- Increased credit card interest rates to amounts too high to ever get caught up on
- Being overwhelmed by mail containing court documents including lawsuits and bills that you cannot pay
- Pending foreclosure on your home
- Pending repossession of your vehicles
Foreclosure
Is it worth it? If you are failing to keep up on your payments, our foreclosure attorneys will discuss with you if it best serves you to keep your home or not. While you may be current on your home, it is still worth the discussion. Since many people owe more to their home than it is worth now, it may be an opportunity to decide if it is worth holding on to or not. This is the time to look at your past financial decisions and choose which ones are bad deals and are best to walk away from.
Contact Our Boynton Beach Bankruptcy Attorneys Today
Loan Lawyers is committed to helping our clients get out of debt with a fresh start. Our Boynton Beach bankruptcy attorneys are dedicated to guiding you through the bankruptcy process. Contact us today to request a consultation.
The dedicated bankruptcy attorneys at Loan Lawyers have:
- helped over 5,000 South Florida homeowners and consumers with their debt problems
- saved over 2,000 homes from foreclosure
- eliminated more than $100,000,000 in mortgage principal and consumer debt
- recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations
Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.
