There are many times when people hold off on seeking filing for bankruptcy, because they think it sheds a negative light on their reputation. However, there are millions of people that file for bankruptcy, including business owners, CEOs, celebrities, and other high-profile individuals. Bankruptcy is a way for those drowning in debt to finally regain control over their finances and start a fresh chapter.
When you have found yourself in a tight financial situation where you owe a large amount of debt but are struggling to make your payments on time or even make your payments in general, it is time to consider bankruptcy. Our Westchester bankruptcy attorneys are here to guide you through the process.
Whatever the reason is as to why to are now facing an overwhelming amount of debt, Loan Lawyers is a reputable bankruptcy law firm in South Florida that has the experience and proven track record of helping individuals get out of debt as quickly as possible. We’ve got your back, so you can, once again, have that peace of mind that you are on top of your finances.
Filing For Bankruptcy
There are three different chapters of bankruptcy that are the most common for individuals, corporations, or partners to file under, which are Chapter 7, Chapter 13, and Chapter 11(for businesses and high net worth individuals).
- Chapter 7 Bankruptcy – Chapter 7 can potentially discharge all debt owed, allowing the individual to sell any non-exempt assets in order to repay creditors. To file under this chapter, however, you must pass a Means Test where they evaluate your income against your overall debt owed.
- Chapter 13 Bankruptcy – If you do not qualify for Chapter 7 bankruptcy, you are more than likely able to file under Chapter 13 bankruptcy. This is where you will receive new payment terms that your creditors agreed upon with you. This can mean an extension on your payment timeline, a decrease in your monthly payments, or even a decrease in the overall debt amount owed.
- Chapter 11 Bankruptcy – Chapter 11 bankruptcy is typically for business owners or individuals that have a steady and higher income coming in, but high business or personal loans that they still must make payments on.
How Our Westchester Bankruptcy Attorneys Can Help
At Loan Lawyers, we are dedicated to helping our clients navigate the bankruptcy process.
For more information, contact us and request a consultation with our Westchester bankruptcy lawyers today.