It can be easy to find yourself in debt but seemingly impossible to climb out of debt. Are you struggling to pay your bills every month? If so, finding a debt solution is something you need to and want to do as soon as possible. While many people fear bankruptcy, for some people it can be helpful for them to eliminate the debt they find themselves in. If you can’t afford to pay your monthly bills it’s time to speak with an experienced attorney. Our attorneys at The Law Offices of John E. Mufson can help you find the best option for you to climb out of debt and become financially free again.
What type of bankruptcy help in Delray Beach is best for me?
The answer to this question is different for everyone. Depending on the type of debt you have and the amount of debt you’re in can determine which bankruptcy option is best suited for you. There are two types of bankruptcy that are common for individuals looking to file. Chapter 7 and chapter 13 are the two main types of bankruptcy for individuals. Chapter 7 is the liquidation form of bankruptcy. You liquidate your assets in order to pay back your debts, and then are able to start fresh with no debt. Chapter 13 does not involve liquidation, but rather puts you on a payment plan to help pay back your debts. These plans are typically either 3 or 5 years and once you finish up the payment plan the rest of your debt is forgiven.
Some people fear bankruptcy. They have heard some misconceptions about bankruptcy and assume that if they file their credit will be ruined forever. This isn’t true though, and for many people filing for bankruptcy can actually improve their credit. This is because you are able to eliminate your debt and if you are financially responsible you can start to immediately rebuild your credit after you file for bankruptcy.
There are many different reasons why you may have fallen into debt. Car payments, credit cards and medical bills all pile up in a hurry and before you know it you realize you can’t afford to pay all these bills. Filing for bankruptcy may be an option for you, but before you consider filing call our attorneys at The Law Offices of John E. Mufson. We can help go over the different options you have and which will be the most helpful for you to eliminate your debt.