Five Things You Should Know Before Filing Bankruptcy

One of the most common sources of stress, anxiety, and depression in the United States is financial strains. If you’re in debt, you know how crippling it can be, affecting your life in unanticipated ways. Large amounts of debt can make it impossible to find decent housing, maintain your car properly, or take care of other obligations. It can feel like you’re drowning and struggling to stay afloat with no sign of relief in sight. Not knowing where you turn can make debt seem inescapable, but you do have options out there.

If you are considering filing for bankruptcy for debt relief, here are five things you need to know first. 

Understanding Different Types of Bankruptcy 

For the average person, debt solutions in Delray Beach are a foreign language. Bankruptcy laws are full of confusing language that make them difficult to understand without legal experience. Hiring a bankruptcy lawyer in Delray Beach can help you navigate and understand your options. 

The primary options for most people filing personal bankruptcy claims are Chapter 7 bankruptcy and chapter 13 bankruptcy.  

Chapter 7 Bankruptcy 

Also known as liquidation bankruptcy, filing under chapter 7 means that you are unable to make minimum payments on your debts to become debt-free. As the name suggests, this form of bankruptcy requires the liquidation of all assets to settle debts. However, it does give one the option to halt harassing phone calls and foreclosure proceedings, forcing creditors to accept the terms of your settlement. Once a discharge has been issued by the courts, you can then focus on rebuilding your credit. 

It should be noted, however, that not everyone qualifies for chapter 7 bankruptcy. If your debts are over a certain amount or you belong to a higher tax bracket, you may not qualify. Contact the Law Offices of John E. Mufson for more information today!  

Chapter 13 Bankruptcy 

The “reorganization” option for bankruptcy, chapter 13 is a form of consolidation and repayment plan. With a more affordable three to five-year payment schedule, this bankruptcy option offers debt relief without completely surrendering everything. Just as with chapter 7 bankruptcy filing, this option stops harassing phone calls and threats of repossession or foreclosure. Additionally, making your payments regularly and on time helps to build your credit as you pay off the debts. Once you’ve successfully paid off the agreed upon amount, your remaining debts will be dismissed. 

Consequences of Bankruptcy 

Filing bankruptcy isn’t a get out of jail free card. If you choose to liquidate, it will wipe out your good credit as well as bad. Bankruptcy filing also remains on your credit history for up to 10 years, which can affect things like trying to buy a home or car down the line. Having a bankruptcy on your credit history may also affect your chances of approval and interest rates on loans, ability to find an apartment, and other financial transactions. 

 What Bankruptcy Doesn’t Cover 

Not all debts qualify for dismissal through bankruptcy. If you owe child support or back taxes, bankruptcy will not remove these debts. Seeking other debt programs in Delray Beach can help you manage these expenses. The Law Offices of John E. Mufson can guide you through your options. 

Bankruptcy is on Public Record 

If you decide to file for bankruptcy, you should know that information will be available through public records. Not only will potential loan companies, realtors, and car dealerships be able to find the information, but others may be able to find it as well. If this is a concern for you, consider other debt solutions available to you. 

Creditors Can Challenge Your Request 

Filing bankruptcy is not a guaranteed solution. If you owe significant amounts to lienholders or other lenders, they can challenge your bankruptcy correct. A bankruptcy lawyer in Delray Beach can help you navigate the court process should a company decide to challenge your filing. At the Law Offices of John E. Mufson, we are well versed in bankruptcy law and fully capable of helping you make the best decision for your specific situation. 

For more information about how we can help you, contact us now! 



Call Mufson Law for Professional Wrongful Death Attorneys in Delray Beach  

Tired of Living with Debt? Discover Debt Solution in Delray Beach

Are you living with debt? Have you been doing so for most of your life? Do you want to leave this lifestyle behind? If you have answered “yes” to all these questions, especially the latter, then we can help. In fact, we want to help! The Law Office of John E. Mufson has been aiding individuals in getting rid of their debts once and for all. Nobody wants to carry such a heavy burden, especially if you don’t have to. Come in for a consultation and we’ll discuss a responsible and effective debt solution in Delray Beach.

Speak with Professionals about Debt Solution in Delray Beach

Navigating the financial world can be challenging, and at times quite confusing. Especially if it has nothing to do with your day job, and you lack the tools and resources to drastically change your upsetting financial situation. Thankfully, finances and helping people put away their financial nightmares are our expertise at The Law Office of John E. Mufson. We have been coming to the aid of clients for 25 years and advocate for those who may not know how to resolve debt issues for themselves. Providing bankruptcy representation and debt solution in Delray Beach to individuals and small business owners has been our mission and one that we’ve gladly taken on.

A great portion of the work we do at The Law Office of John E. Mufson has to do with representing consumer debtors and businesses who file under Chapter 7 or Chapter 13 of the bankruptcy code. We also assist those who need workouts with creditors, mortgage foreclosures and credit card lawsuits filed by creditors. We lend our undivided attention to each case, listening carefully to our clients’ concerns, developing a strategy specifically tailored to their unique circumstances. With great expertise and experience in such matters, it’s no surprise that our clients keep recommending us to others who are struggling with debt and need a way out, through either debt solution in Delray Beach or another approach better suited to their situation.

Review a Debt Solution Strategy in Delray Beach

The idea behind most debt solution methods in Delray Beach is to negotiate a deal with your creditors to reduce the amount of money owed, reduce the interest rate, extend a loan period, or at times a combination of these. Such objectives can be met through various debt solution plans. It is important that you commit to one that will ultimately work for you and your individual concerns. Luckily for you, that’s exactly what we can do for you at The Law Office of John E. Mufson. We can set you up with the best debt solution plan in Delray Beach so you can embrace a new life free of debt! Call us today at (561) 272-1003 and schedule an initial free consultation to talk about your options!

What is Debt Consolidation?

Debt consolidation is essentially when multiple debts are rolled over into a single one with a lower payment. One could use either a personal loan or a credit card to consolidate debt. If you’re unfamiliar with the idea of debt consolidation, you may want to see how it works, when it’s a good idea, and determine in which cases it is a bad idea. Equally important, you’ll want to find out who is the best team to consult when considering debt consolidation. Luckily for you, we’re here to tell you that The Law Office of John E. Mufson is exactly who you will want to seek counsel from at times like these. We can provide you with useful information about the various consolidation programs in Delray Beach and more.

How Does Debt Consolidation Work?

Before you commit yourself to any sort of debt solution method, it’s imperative that you are well informed about precisely how it works and if it will benefit or affect you, depending on your unique circumstances. To understand how debt consolidation works, let’s break down the process. According to industry experts, there are two main ways to consolidate debt, and both concentrate your debt payments into one monthly bill. The first option has a 0% interest, balance-transfer credit card: transfer all your debts onto this card and pay the full balance during the promotional period. You can also opt for the second option, which is a fixed-rate debt consolidation loan: you can use the loan to pay off your debt, then pay back the loan installments over a set term. Besides these two methods, there is the home equity loan and the 401(k) loan, which tend to be riskier choices since they could affect your home or retirement. Ultimately, the best way forward will depend on your credit score and profile, and other relevant details. Whatever option you consider, speaking with a professional about consolidation programs in Delray Beach is the best way to get started.

Is Debt Consolidation Good for You?

The answer to this question will be highly dependent on your situation. Debt consolidation is considered the best approach if you, for instance appear like a suitable candidate for a 0% credit card or low interest debt consolidation loan, if you have secure and frequent income to cover the payments toward the debt, and if the total of your debt, taking out your mortgage, doesn’t go over 40% of your income. Of course, every case will be different, but these are some of the key points you’ll want to look out before fully committing to debt consolidation.

For those who are overwhelmed by debt and think they will not be able to pay it off even with reduced payments, then debt consolidation may not be your best option. If you have a small debt load, then you may be better off by paying your debt in increments over a period of six months to a year. If the totality of your debts goes over half of your income, then you may need to seek debt relief instead. In any case, scheduling a consultation with a specialist in the matter is the best thing you can do for yourself. Call The Law Office of John E. Mufson at (561) 272-1003 and we’ll discuss the best consolidation programs for you!

Looking for the Best Debt Programs in Delray Beach?

You are in debt. Frightened about your financial condition and desperate for answers, you’re searching for debt programs that can help you somehow regain your stability. Let us just tell you that you’re not the only one facing this kind of hardship. Many people today are in debt and they, just like you, are constantly looking for new and safe solutions to eradicate their debt and balance their status once and for all. In these circumstances, the best thing you can do is consult a specialist in the matter. You are already dealing with a less than comfortable scenario, the last thing you want to do is get yourself into another predicament. With the expertise and experience of the team at The Law Office of John E. Mufson, that won’t ever be the case. We will set you up with the best debt programs in Delray Beach, finally giving you the fresh start you need.

Actions, Not Promises with Our Debt Programs in Delray Beach

The worst thing you can do, if you’re currently struggling with debt, is to ignore the problem. Problems don’t need to be ignored, they need to be dealt with and resolved. What’s important is that whatever solution you’re considering is safe and eliminates the issue at the root. At The Law Office of John E. Mufson, we are used to working with clients who may have tried every possible resolution but have sadly not been able to put a definitive end to this challenge. The truth is that many haven’t filed for bankruptcy because they are afraid of the bankruptcy system, and have therefore decided to invest in other debt relief options such as loan modifications, debt consolidations, and more. Such measures, however, often achieve zero results and can leave the individual in worse financial shape. Don’t waste your time with these debt workout schemes, when you can consult a professional and get actual help.

Protect Your Assets with Our Debt Programs in Delray Beach

At The Law Office of John E. Mufson, we are experts at helping you resolve your debts while keeping your assets intact. In fact, we use the bankruptcy system to protect the rights of our clients and avoid repossession, foreclosure, and creditor lawsuits. During a free initial consultation, Mr. Mufson will review your situation thoroughly and advise you about the best ways to proceed in your particular case.

Contact Us to View the Various Debt Programs in Delray Beach

Debt isn’t something you should take lightly. However, you don’t have to worry if you act soon. Speaking with a known professional in the matter is the best thing you can do to secure your present and your future. Find the relief that you need today by calling the team at The Law Office of John E. Mufson at (561) 272-1003 and schedule your first appointment with our leading expert to discuss the best debt programs in Delray Beach.

Hire a Top Bankruptcy Lawyer in Delray Beach

Everyone can find themselves in a tough position financially from time to time. Are you swamped with bills that you’re unable to pay? Are you wondering what to do because you simply can’t pay your bills or afford daily expenses? If so, you might need to speak to a bankruptcy lawyer in Delray Beach. At the Law Offices of John E. Mufson we understand that it can be difficult when you fall on tough times. We’re here to help you find a solution to reduce or eliminate your debt, so you can get back to living your life.  

Should I file for bankruptcy in Delray Beach? 

When you’re unable to pay your bills, you might be thinking about filing for bankruptcy. When it comes to bankruptcy there are a couple different options you may have. Speaking with an experienced bankruptcy attorney in Delray Beach can help you understand your options and find the best debt solution for your situation. The Law Offices of John E. Mufson can help you understand the different types of bankruptcy that you may be eligible for. These options include:  

  • Chapter 7 Bankruptcy 
  • Chapter 9 Bankruptcy 
  • Chapter 11 Bankruptcy  
  • Chapter 12 Bankruptcy 
  • Chapter 13 Bankruptcy 
  • High Income Bankruptcy  

If you’re looking for a way to get out of debt, it’s time to speak with a bankruptcy lawyer about your options. Filing for bankruptcy can sound scary, but for many it can be the best option. Bankruptcy can allow you to eliminate your debt and start fresh, giving you the chance to rebuild your credit and hopefully avoid falling back into debt.  

Some people fall into debt because of poor spending habits. They use their credit cards too often only to realize how much debt they’ve racked up. Other however, have had medical emergencies or other things arise that are out of their control. No matter the reason you’ve fallen into debt, bankruptcy might be your best option to start fresh. To learn about your options, call a top bankruptcy lawyer in Delray Beach. Call The Law Offices of John E. Mufson.

Top 3 Reasons Why Bankruptcy Lawyers in Delray Beach are Necessary

Going through bankruptcy isn’t easy. It comes with complications and lingo that can be difficult to understand. That’s where hiring bankruptcy lawyers in Delray Beach are beneficial. Not only will they help you avoid bankruptcy if possible, but they will also lie out all of your options. One of the biggest mistakes a person can make is not hiring a professional lawyer when facing bankruptcy. In your time of need, you’ll need an expert, and here are three reasons why.  

Gain an Alternative Perspective with Bankruptcy Lawyers in Delray Beach 

When you’re facing bankruptcy, it can be challenging to make good decisions. Your emotions are running high, and you may even be desperate. However, as we all know, it’s never a good idea to make decisions that are rash. With a lawyer, you can gain an alternative perspective. They are able to look objectively at your case, honestly telling you what your best plan of action is. They’ll look at the facts, your finances, and your previous choices to paint a clear path.  

Knowledge is Key for Bankruptcy Cases 

Bankruptcy comes with a handful of confusing terms and piles of paperwork. With a lawyer on your side, you can relax as they explain what you’ll need to know. They’ll assist you in filing the necessary paperwork, as they’ve most likely done this a hundred times. Chapter 7 and Chapter 13 are the two options for bankruptcy, and they’ll thoroughly ensure that you’re choosing the best possible path forward.  

Peace of Mind with Bankruptcy Lawyers in Delray Beach  

Perhaps most importantly, bankruptcy lawyers can help you obtain peace of mind. In this complicated process, it can be difficult to feel that you are able to breathe. Fortunately, that’s what the experts at Mufson Law are there for. We aid you in making the right decisions so that you can rest assured that you’ve chosen correctly. Without the help of a lawyer, other individuals may come to regret their choices. At Mufson Law, we’ll ensure that your future is appropriately set up for success so that you can get back on your feet sooner. If you’re facing bankruptcy, don’t do so alone. Call 561-513-4564 today, and start fresh.
 

A Consolidation Program in Delray Beach Can Help You Manage Your Debt

You see them advertised all the time — debt consolidation plans promising to wipe out mounds of bills, putting you on easy street. But there’s no such place. The experienced bankruptcy lawyers at The Law Offices of John E. Mufson can help you decide if a debt consolidation program in Delray Beach is right for you.

Consider Looking into a Debt Consolidation Program in Delray Beach

You’ve seen the ads: “One low monthly payment.” Many of those companies promise to help get you a 0% credit card or low-interest rate credit card. But truth be told, in many cases, because you’re financially overwhelmed, and your credit score is likely tanking, you’re not going to qualify for such a debt consolidation. And studies show that most people end up running up debt again.

You need to be very careful about choosing to work with a debt consolidation company.
In general, we advise you to avoid them, and, instead, work with a nonprofit agency or a bankruptcy attorney, who can explain to you your options in handling your debt.

Here’s some information, in case you’re leaning towards bankruptcy. The two most common bankruptcy programs are Chapter 7 and Chapter 13. Here are the highlights of each one:

Chapter 7:

  • Individuals and business can file
  • Known as a liquidation form of bankruptcy
  • Most of your property is sold and used to pay back your debts
  • Aimed mostly at people with limited incomes who are not able to make minimal payments on their debts.
  • It takes about three to five months to discharge the debt

Chapter 13:

  • Individuals only (including sole proprietors) can file
  • Known as a reorganization bankruptcy; no liquidation process
  • Your property is not sold, and if you successfully complete a court-mandated repayment plan, you may be able to keep your property
  • Typically takes about three to five years to discharge the debt

Don’t let massive debt and worrying about it, overwhelm you. The Law Offices of John E. Mufson has filed more than 2,000 bankruptcy cases in South Florida, and we are ready to help you. When you are ready to examine a debt consolidation program in Delray Beach, call us at (561) 272-1003 for a free consolidation.

Bankruptcy Attorney Can Help You Select Debt Programs in Delray Beach

Financial setbacks can happen to anyone. Crushing credit card debt. Medical Bills. Job loss. Divorce. Many contributing factors can send into a financial abyss. Being there can be overwhelming. You need help. If you’re looking for debt programs in Delray Beach, call the experienced bankruptcy attorneys at The Law Offices of John E. Mufson.

Call Us to Discuss Debt Programs in Delray Beach

Attorney John Mufson has more than 25 years of experience in providing bankruptcy representation and debt relief services to individuals and small-business owners in Palm Beach County. How do you know it’s time to start looking for help managing your debt? Here are some signs that you are in financial trouble:

  • Your credit cards are maxed out
  • Your credit card is often declined
  • Your checks bounce
  • Creditors call you constantly
  • You’re in danger of losing your home
  • You often take money from your saving to help pay bills
  • You have no savings
  • Debt collectors are suing you
  • You often withdraw money from your 401-k or pension
  • You often borrow money from family/friends
  • Worrying about your bills keeps you up at night

If you need help making decisions over your finances or lack thereof, contact The Law Offices of John E. Mufson. We will explain your options. We favor bankruptcy over debt consolidation. Here are some advantages of filing for bankruptcy:

  • Creditors are forced to accept the terms of bankruptcy
  • It eliminates unsecured debt
  • You are not subject to taxation for your discharged debts
  • An automatic stay will protect you from garnishments, repossessions, and foreclosure
  • Places an immediate stop to creditor harassment

Lead Attorney Mufson has filed more than 2,000 bankruptcy cases in South Florida, and he can help you. We represent consumer debtors and businesses who file under Chapter 7 or Chapter 13, the most common bankruptcy programs. When looking for debt programs in Delray Beach, visit the bankruptcy attorneys at The Law Offices of John E. Mufson. Call us at (561) 272-1003 and make an appointment for a free consultation.

Talk to Us About Debt Solution in Delray Beach

Medical bills, credit card bills, student loans, job loss, bad investments. Many different issues can send our finances spiraling downward and out of control. If you are overwhelmed with debt and wondering about your next steps, call the experienced bankruptcy law firm – the Law Offices of John E. Mufson. We can help you seek the best debt solution in Delray Beach.

Bankruptcy May Be Your Best Debt Solution in Delray Beach

For many people, bankruptcy is the answer to their financial problems. The two most common bankruptcy programs are Chapter 7 and Chapter 13, and both have advantages and disadvantages. We can talk to you and help you decide which one is best for you. Here are the main differences between the two:

Chapter 7:

  • Individuals and business can file
  • Known as a liquidation form of bankruptcy
  • Most of your property is sold and used to pay back your debts
  • Aimed mostly at people with limited incomes who are not able to make minimal payments on their debts.
  • It takes about three to five months to discharge the debt

Chapter 13:

  • Individuals only (including sole proprietors) can file
  • Known as a reorganization bankruptcy; no liquidation process
  • Your property is not sold, and if you successfully complete a court-mandated repayment plan, you may be able to keep your property
  • Typically takes about three to five years to discharge a debt

Whatever financial move you’re considering, you’re in the right place. Attorney John Mufson has more than 25 years of experience in providing bankruptcy representation and debt relief services to individuals and small-business owners in Palm Beach County. Our firm has filed more than 2,000 bankruptcy cases in South Florida.

Contact us to see if bankruptcy is the appropriate debt solution in Delray Beach for you. We’ll help you understand your rights and options. Call The Law Offices of John E. Mufson at (561) 272-1003, and make an appointment for a free consultation.

Debt Solution in Delray Beach: How to Avoid Harassment

Financial struggles can be quite stressful. Having a mountain of debt and feeling like you can barely chip away at it is difficult. There are many forms of debt, including credit cards, student loans, mortgages, car loans, and more. Debt collector calls do not help. In fact, they add more stress to the overwhelming pile. Did you know that debt collector harassment is against the law? If you are looking for debt solutions in Delray Beach, contact Mufson Law. 

How Debt Solution in Delray Beach Can Help with Debt Collector Harassment  

There are rules when it comes to the role of the debt collector. Though many are just doing their jobs, there are times when a debt collector can go above and beyond, harassing people with debts. The Fair Debt Collection Practices Act (FDCPA) protects consumers being harassed over the phone and by mail. While debt collectors may identify themselves every time they call, notify, file a lawsuit, or verify the debt, there is an extensive list of things they cannot do.

The FDCPA helps to protect individuals from being called at unreasonable hours. Debt collectors are only allowed to call between 8 am and 9 pm. They are also not allowed to call numerous times. This is considered abuse and can also be considered harassment. If an individual has asked for the calls to stop with a written notice, then the debt collector is not allowed to continue calling.  

Additionally, debt collectors cannot use profane language, report false information, seek unrealistic amounts, or deceive the individual. Unfortunately, this is more common than one may think. At Mufson Law, we help residents with debt solutions in Delray Beach. We provide a free evaluation of one’s case, followed by the best possible options. If a debt collector is harassing you, then you deserve a strong and supportive team on your side like Mufson Law. Call us today at (561) 272-1003 to find out more.