Is it time for me to consider Bankruptcy in Delray Beach?

Are you constantly receiving bills you can’t pay every time you check the mailbox? Are you worried your home may soon go into foreclosure and you don’t know what to do? Then it may be time to consider filing for bankruptcy in Delray Beach. Many people have financial struggles from time to time and if you simply can’t afford to pay your bills filing for bankruptcy may be the best option for you. Many people get scared when they hear the word bankruptcy, but for those who are in debt, it could be an option to help you get the fresh start you need. At The Law Offices of John E. Mufson, we have a team of attorneys who can help you find the best option to eliminate your debts. Whether it be filing for bankruptcy or going through another debt consolidation plan we’re here to help you lower and even eliminate your debts.

What are my options when it comes to filing for bankruptcy?

There are two main options when it comes to filing for bankruptcy as an individual. The first is Chapter 7. This is the liquidation form of bankruptcy in which you must sell your items to pay back the debts you owe. This will allow you to get a fresh start financially and begin to rebuild your credit.

The second option for individuals is Chapter 13. With this form of bankruptcy in Delray Beach, you’ll combine your debts into a manageable monthly payment rather than having to sell your belongings to pay back your debts. Usually, this is a 3 to 5 year plan and after the rest of your debts are forgiven.

Which form you file for depends on the type of debts you have and the amount of debt you’re in. Working with an experienced attorney can help determine which is the best option for your current financial situation. Once you file for bankruptcy you can immediately begin to rebuild your credit and working towards a better financial future. To learn about your bankruptcy options and to see if filing for bankruptcy is right for you, contact our attorneys at The Law Offices of John E. Mufson.