While bankruptcy has a negative connotation associated with it, it actually is a very beneficial and real option for many people or businesses who are struggling financially. To build on this, an immediate benefit is that when you file for bankruptcy it immediately stops creditors from continuing their pursuit of collection. Federally, it is your right to file for bankruptcy if the circumstance presents itself.
There are three common types of bankruptcy within bankruptcy law: Chapter 7, Chapter 11, and Chapter 13. Chapter 7 is generally the easiest one of the three. It usually involves liquidating nonexempt assets to pay off debts, hence why it is also called “liquidation bankruptcy.” When situations are a bit more complicated when it comes to a reorganization of a person’s or company’s finances, then Chapter 11 bankruptcy is more suitable. Chapter 13 bankruptcy is a good choice for individuals or companies who need are still earning a wage and can repay their debt over time. This “wage earner’s plan” as it is called, allows assets to be retained as debts are paid off over time.
Chapter 7
Our Wellington bankruptcy attorneys are here for our clients who are struggling with debt to file for Chapter 7 bankruptcy. The usual fit for this type of bankruptcy is people with few assets and unsecured debts. We focus on clients who want a fresh start in life.
Chapter 13
Our Wellington bankruptcy attorneys focus on providing legal assistance for Chapter 13 bankruptcy. This assistance comes with the help of reorganizing their bankruptcy. The ideal client for this is someone who is facing an immediate threat such as repossession of their vehicle or foreclosure on their home.
The main objective here is identifying and implementing a suitable plan of debt repayment so that the client can get a handle on their debt while not giving up their home or possessions.
Warning Signs
- Needing to use your credit card for necessities: mortgage, food, gas, rent, utilities, etc.
- Substantially dipping into your savings account or retirement accounts to stay afloat
- Consistently being bothered by debt collectors
- Constantly borrowing money from family or friends to pay off debts
- Credit card interest rates increasing to amounts too high to keep up with
- Getting continuous court documents in the mail that include lawsuits and bills you can’t pay
- Possible foreclosure on your home
- Possible repossession of your vehicles
Foreclosure
Foreclosure is a scary thing, but sometimes it can be worth it. Our foreclosure attorneys will work with you to decide if it is the right decision to go ahead with foreclosure or not depending on your situation.
Many people owe more to their home than it is worth. If this is the case then it may be an opportunity to decide if it is worth holding onto it or not. We encourage our clients to take this time to look at their past financial decisions and choose which ones are worth it and which ones are not.
Contact the Wellington Bankruptcy Attorneys at Loan Lawyers
At Loan Lawyers, we are your trusted and effective Wellington bankruptcy lawyers. Get in touch with us today!
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.
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Loan Lawyers is made up of experienced consumer rights attorneys who use every available resource to develop comprehensive debt solution strategies. Our goal is to take on those burdens, resolve those problems, and allow our clients to sleep soundly knowing they are on the path to a better future.
