Bankruptcy Attorneys Palm Beach
Sometimes, people find themselves drowning in financial debt because of personal loans or excess credit card debt and have no other choice but to file for bankruptcy. While the negative stigma associated with bankruptcy may never fully go away, bankruptcy is a right that should be exercised to get a fresh start. At Loan Lawyers, our Palm Beach bankruptcy attorneys have years of experience helping our clients obtain the most sound outcomes during bankruptcy cases.
Understanding The Bankruptcy Process
To most people, bankruptcy is often thought of complicated and tedious and this is especially true if you try to file for bankruptcy on your own. At Loan Lawyers, our Palm Beach bankruptcy lawyers are here to help guide you through the process with your best interests in mind. If you are looking to file for bankruptcy, then consult with our Palm Beach bankruptcy lawyers today so that we can explain the full process to you and make sure you are aware of each step involved. We have helped thousands of our clients through the bankruptcy process by modifying loan payments, saving their valuable assets, and enhancing their overall financial status.
At Loan Lawyers, we get asked questions every day about bankruptcy in Palm Beach:
- What type of bankruptcy is best for me to file?
- How long does it take for the bankruptcy process?
- Will I lose my valuable assets during the process?
- Do I need to keep paying all debts, or can I have some forgiven?
- Does all of my income go to payments agreed upon, or am I able to save some as well?
These are just a few of the more common questions surrounding bankruptcy and the various areas of the bankruptcy process. At Loan Lawyers, we are happy to help answer all of your questions and advise you in the best way possible.
Chapter 7 Bankruptcy
Chapter 7 is one of the three main options when it comes to filing for bankruptcy in Palm Beach. Chapter 7 is the most common type of bankruptcy filed because it is the least complex option and requires the least amount of time. Chapter 7 offers the ability to dismiss all of your debts owed to get a fresh start financially.
Not everyone is eligible for Chapter 7. Before you file, you must take what is called a ‘Means Test’. This ‘Means Test’ examines your income against the amount of debt owed and determines your eligibility for filing Chapter 7 bankruptcy.
For those that do qualify for Chapter 7, they can have a range of debts forgiven, such as:
- Outstanding Medical Bills
- Debt from Collection Agencies
- Personal Lines of Business Debt
- Credit Card Debt
- Student Loan Debt (rare, but it is possible)
Although it is the least complex option, it is highly recommended to consult with an experienced Palm Beach bankruptcy as early as possible.
Chapter 13 Bankruptcy
Many people have incomes that exceed the limit allowed for Chapter 7 If you are not eligible for Chapter 7, then an alternative option would be to file for Chapter 13 bankruptcy. Chapter 13 grants an extended timeline for paying off your debts. Typically, individuals who file for Chapter 13 bankruptcy in Palm Beach are granted an additional five years to repay their debts. After filing for Chapter 13, you may be able to save your valuable assets such as your home and investment properties.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy was designed for business owners that are struggling with debt but also can apply to individuals with debt that exceed the limits of Chapter 13.
Contact The Palm Beach Bankruptcy Attorneys At Loan Lawyers
If you have found yourself in a difficult financial situation due to debt, contact us and speak with our Palm Beach bankruptcy attorneys today.
You can reach us at 954-523-HELP (4357), and we will provide you with a free consultation on the bankruptcy process and what we recommend in order to get you started on the path to financial freedom.