If you’re thinking about filing for bankruptcy, then you are not alone. Millions of Americans file for bankruptcy every year and it’s a serious growing epidemic. If you’re reading this, you’re probably bogged down with a lot of debt from credit cards, school or personal loans that you just can’t handle. If you find yourself wondering, “How could this happen to me,” it’s nothing to be ashamed about. It’s more common than you think. The truth is that it happens to people from all walks of life. Sometimes bills pile up and it just becomes impossible to make ends meet. At The Law Offices of John E. Mufson, we know how tough it can be to manage your bills, credit card debts, medical expenses and just the costs of day-to-day living. If you owe far more than you make in a month, if you’re fed up with calls from creditors or if you’re constantly worrying about your bills, call the experienced bankruptcy law firm in Delray Beach, The Law Offices of John E. Mufson. We have a great success record and we’re one of the best bankruptcy law firms in South Florida.
How Does Bankruptcy Work Exactly?
Filing the paperwork for bankruptcy can be complicated, which is why it’s vital to engage the legal guidance and support of an experienced bankruptcy law firm in Delray Beach like The Law Offices of John E. Mufson. We are here to discuss all of your options when it comes to deciding whether to not to file for bankruptcy.
What Are My Bankruptcy Options?
There are a few different types of bankruptcies and one may be a better choice for individuals and another may be a better choice for business owners. The two most common types of bankruptcy are:
Chapter 13 is the best choice for many individuals. If you have the financial ability to pay off some of your debts but not all of your balances, then Chapter 13 may be the right fit for you. This form of bankruptcy involves a debt restructuring plan. Your income, debt, and expenses are analyzed, then your debts are restructured into payment amounts and cycles that match your financial capabilities. This means that with the help of Chapter 13 bankruptcy, you pay back only a small portion of your debt, a portion that won’t cost more than you can handle. The leftover balances after the Chapter 13 payment period can simply be wiped clean in many cases.
Chapter 7 is another type of bankruptcy that you can file. If you owe far more than you can pay back, then you may be a candidate for Chapter 7 bankruptcy. Here, assets are exchanged for exemption of debts. Essentially, your credit card debts, medical bills, and other debts are wiped completely clean. You are not required to set up a payment plan, but instead, you exchange nonexempt assets for debt liquidation.
At The Law Offices of John E. Mufson, a leading bankruptcy law firm in Delray Beach, we’re here to help you understand how to approach bankruptcy and determine if it’s the right move for a person in your financial situation. We can guide you towards the healthy financial future you deserve, with legal assistance, support and the best representation in South Florida. To learn more about how we can help with your individual situation, please call (561) 272-1003 for a free consultation and to meet with one of our skilled bankruptcy attorneys.