We all struggle with debt from time to time, but when the bills simply become too high to manage where do you turn? Many people only think of negative things when they hear the word bankruptcy, but for some people it can actually help them a lot. When you’re in more debt than you can manage, it’s important to speak with an attorney who can help you go over the different options you have to eliminate your debts. For some, bankruptcy may be the best option. It all depends on your situation, how much debt you’re in, and the type of debt you have. In the Delray Beach area, there’s no one better to talk to than the attorneys at The Law Offices of John E. Mufson. We can help you eliminate the debts you have and help you regain financial stability.
Should I file for Chapter 13 bankruptcy?
For individuals there are two main types of bankruptcy. Chapter 7 is the liquidation form where you must sell your assets to pay back the debts you owe. Chapter 13 bankruptcy does not require you to sell your assets. Rather, in chapter 13 bankruptcy you have three or five year payment plan in which you make a manageable monthly payment to lower your debts. After the payment plan is up the rest of your debts are forgiven. Not everyone is eligible for this form of bankruptcy, which is why it’s important to speak with a bankruptcy attorney before you make a decision on how to eliminate your debts. Our team at The Law Offices of John E. Mufson are here to help you get back on your feet financially and lower the debt you owe.
How can Bankruptcy help me?
There are many ways bankruptcy could potentially help you. When you file, the harassing creditor calls will cease and it will also halt foreclosure if that process has begun. When you file for Chapter 13 bankruptcy, the three or five year plan gives you the chance to pay back your debts and even save your home from foreclosure.
People from all walks of life can find themselves struggling with debt. If you are unable to pay your monthly bills, it’s important to speak with a knowledgeable bankruptcy attorney. At The Law Offices of John E. Mufson we will work with you to find the best solution to eliminate your debts and try to avoid foreclosure. Call us today to schedule a consultation to speak with our attorneys.