How to Know When it’s Time to File for Bankruptcy

Piling up debt seems like the norm our society today, and so it makes sense that more and more people will see filing for bankruptcy as the only alternative to getting out of debt in the coming years. While it isn’t something we want to happen anytime soon, there are some that see bankruptcy as their only option to escape debt. Your outstanding debts over the years may include credit cards, mortgage, car loan, hospital bills, doctor and dentist bills, car loans, student loans or personal loans. If these debts have become more than you can handle, filing for bankruptcy may be a viable financial option. If this sound like you, then don’t despair because there is help for you out there. If you’re considering filing for bankruptcy, it’s important to find an experienced bankruptcy lawyer in Delray Beach to work with because you want to make sure you file all of the papers properly or risk being turned down by a bankruptcy court. At the Law Office of John E. Mufson, our expert legal team is here to help you navigate through the bankruptcy process from start to finish. It can be overwhelming, but rest assured, we specialize in helping our clients find a wide range of solutions to paying back debt.  

Common Mistakes to Avoid if You’re Thinking of Filing for Bankruptcy 

Filing for bankruptcy isn’t an easy process and it requires more than just filing paperwork. You might not know that should not do this before filing for bankruptcy:  

  • Don’t incur any more debt. We know that sounds like a no brainer but you’d be surprised at how many people still continue to use their credit cards after they file the bankruptcy paperwork. You risk not being approved because the bankruptcy court may think that you aren’t serious and have no intention of paying your debts back. This would actually be considered fraud. 
  • Don’t lie about your assets or provide inaccurate information. This is the time to let it “all hang out,” so to speak. If you lie about any of your assets you could be subject to penalties that could equal thousands of dollars. This would include not so obvious things like assets in safe deposit boxes or storage units. Worse yet, lying about assets may cause a bankruptcy court to dismiss your case altogether.  
  • Don’t file for bankruptcy if you think you might come into some money (like a gift or an inheritance) within the first year of filing. It’s most likely that your bankruptcy case will be dismissed because you can use this money to clear up your debt on your own. 
  • Don’t wait too long to file for bankruptcy. It’s always best to file as quickly as possible so that you don’t incur any more debt and especially if a creditor has a lawsuit against you. A bankruptcy attorney in Delray Beach like The Law Office of John E. Mufson can help you make sense of it all and can advise on the ins and outs of bankruptcy law. 

If you’re thinking about filing for bankruptcy, it could not have been an easy decision for you. But when you work with our experienced legal team at the Law Offices of John E. Mufson in Delray Beach, you’ll get honest answers and the highest quality customized client care that you deserve. If you’re considering bankruptcy but our team determines that it’s not aligned with your financial needs and goals, we’ll be upfront and let you know. While you may be shocked to realize that bankruptcy isn’t in your best interests, you’ll also be glad that a bankruptcy lawyer in Delray Beach was upfront with you about your options for debt relief. If filing for bankruptcy is the plan best for you, our legal team will take the time to fully explain your options so that you’re truly confident in the decisions you’re making. Call us today at (561) 272-1003 for a free consultation. We are available to our clients both nights and weekends. 

Fighting Foreclosure: Five Things You Need to Know

Owning a home is a goal we all have, so to achieve homeownership is a big milestone. As a financial commitment, home ownership can be challenging, especially as your financial situation changes. Illness, job termination or layoffs, unexpected bills, and other financial strains can make it difficult to keep up with mortgage payments. If you find yourself struggling to stay afloat, threats for foreclosure can feel like the end of everything you’ve worked hard for. Don’t give up—you still have options. If you’ve been notified of foreclosure proceedings against you or you’re struggling to stay ahead of that looming threat, here’s five things you need to know. 

Review Mortgage Documents 

Before you panic, carefully review your mortgage documents. Look for clauses specifying the procedures your lender must follow to execute foreclosure. If they have not followed the proper guidelines, it does not invalidate their claim, but this can buy you time to build your foreclosure defense.  

Beyond just reviewing your mortgage documents yourself, you should also have a foreclosure defense attorney in Delray Beach review it as well. Their knowledge of foreclosure law can be useful in determining your next steps and helping you take advantage of any loopholes that may exist. 

Review the Legality of the Foreclosure 

As previously mentioned, a foreclosure defense attorney can use their legal knowledge to your advantage. Mortgage lenders must follow certain procedures which may include providing proper notice of default and opportunities for debt settlement. If it is determined that your home mortgage provider did not follow these laws, it can help to reverse their attempts to foreclose on your home. Again, this does not eliminate your troubles, but it will provide a bit more time to find a solution.  

Contact Your Lender 

Most mortgage companies don’t actually want to waste the time and resources on going through the courts to foreclose on a home. It is more cost effective for them to keep a current resident in place than to try to find a new home buyer. Even if you have defaulted on your loan, if you contact your lender you may be able to come to an agreement in regards to settling your debt and keeping your home. A foreclosure defense attorney in Delray Beach may also come in handy here as well. Lawyer involvement forces your mortgage lender to play fair and work with you in order to avoid heading to courts. 

Examine Finances 

It is also in your best interest to try and settle monetary disputes with your lender outside of the courtroom. Going to court only accrues further debts as you will be responsible for costs and fees. Before you get to that point, try to examine your finances and determine what you can do to get back into the green. Look for areas where you can potentially lower or eliminate your bills so allow for more breathing room.  

As you examine your finances, you may also want to consider if bankruptcy is the best option for you. Filing bankruptcy can put a hold on foreclosure proceedings and stop debt harassment in Delray Beach. Depending on your specific situation, you may file either Chapter 7 or Chapter 13 bankruptcy in order to reconstruct your financial situation. Be forewarned, though: bankruptcy filings will remain on your credit history for 10 years and may require you to completely rebuild your credit. It may also require you to liquidate your assets and ultimately your lenders and creditors can dispute your filing. 

Court Appeal 

If you have exhausted all of your options, going to court to appeal a foreclosure may be your final option. If it is, having an experienced foreclosure defense attorney in Delray Beach working on your behalf can help you save your home. With the law office of John E. Mufson, you can take advantage of over two decades of foreclosure and bankruptcy law experience. We help you to understand all your options so you can make an educated decision for your future. We are dedicated to getting you the best possible outcome no matter what direction you choose to take. 

Contact us today to begin exploring your foreclosure defense options. 

Five Things You Should Know Before Filing for 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! 

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  

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!

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.

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.

 

How Debt Programs in Delray Beach Can Help Those Struggling with Student Loans

In the first quarter of 2018, student loans surpassed $1.5 trillion. Student loans are now the second-largest category of household debt in the United States, trailing only home loans. Student loan debt accounts for more money than owed for credit card debt and auto loans. Skyrocketing student loan debt could lead some young people to search for debt programs in Delray Beach. 

How Debt Programs in Delray Beach Can Help Student Loan Borrowers

According to USA Today’s College Factual: the average student loan for borrows is more than $8,000. What makes that figure all the more staggering is than half of all students borrow.

The cost of earning a college degree continues to rise faster than inflation. As students borrow more money to cover the costs, loan defaults are increasing as well. According to Investopedia, 70 percent of college grads have student debt, with an average debt at more than $37,000 at graduation.

For students who are struggling to repay their loans, debt programs are available, and Mufson Law can introduce you to them. Chapter 13 bankruptcy is one of the best options, as it allows you to keep your possessions, but it also helps to stop the interest on your loans from increasing. Additionally, past-due student loan debts can be added into your repayment plan, which can last three to five years. While you still have to repay the debt, you’ll at least be able to say that you are in a stronger position than you had been before.

If you’re facing student loans and are curious about the debt programs in Delray Beach, the professionals at Mufson Law encourage you to reach out immediately. We know that the stress can be overwhelming, but with twenty-five years of experience on your side, you’ll be able to face the future with more hope and optimism. If you struggle with student loan debt, call us today at (561) 272-1003.

How to Handle a Foreclosure from a Foreclosure Defense Attorney in Delray Beach

Buying a home is a major milestone in life. Many new homeowners are optimistic and excited as they imagine their lives in their new home. However, sometimes life does not go as planned, leaving millions of American’s suffering from foreclosure or falling short of the monthly mortgage payments. It’s crucial that homeowners understand the basics of foreclosure. Like the adage says, knowledge is power, and the same is true for having a professional foreclosure defense attorney in Delray Beach.

If you need a foreclosure attorney in Delray Beach, reach out to the Law Offices of John E. Mufson today!

Approximately seven million people lost their homes during the great recession. In 2015, 4.3 million homeowners had a house that was worth less than what they owed on their mortgages. When this happened, many homeowners assumed that it wasn’t worth it to keep the home. However, the smarter move would be to keep the house until the market increases, and it regains its prior value.

While the housing market has recovered, many homeowners remain at risk of losing their homes and wonder what the best way to handle a foreclosure is.

The most important thing any person can do is to hire a foreclosure defense attorney. Going through the foreclosure process alone is grueling and also, confusing. Hiring a professional will ensure that the options are all laid out in front, and an expert will help to make those decisions. Often, when individuals are in the middle of a crisis, it can be hard to make a good decision that will benefit them in the long-term.

With a foreclosure defense attorney in Delray Beach, this will never be an issue as there is an outside perspective that can see the past, present, and future for precisely what it is. If you’re currently suffering from the possibility of foreclosure, then you’ll want to call the Law Offices of John E. Mufson today. We can help you to assess your options and represent you through to the end. Foreclosure does not mean the end of the world. Instead, think of foreclosure as a fresh start, but be sure to do it the right way. Call us for a free consultation and witness as we help you to turn your life around.