If you’re thinking about filing for bankruptcy, it’s nothing to be ashamed about. In fact, the average American has about $38,000 on average in personal debt excluding home mortgages. 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 Office of John E. Mufson, we know how tough it can be to manage your bills, credit card debt, student loans, medical expenses and just the daily cost of living in our materialistic society. If you owe far more than you make, if you’re fed up with calls from creditors or if you’re constantly worrying about your medical bills and inability to pay back your student loans, don’t despair, help is available. Call on a professional bankruptcy law firm in Delray Beach like The Law Office of John E. Mufson. We have a great success record and we’re considered one of the best bankruptcy law firms in Delray Beach.
How does bankruptcy work exactly?
Filing the paperwork for bankruptcy can be tedious and complicated, which is why it’s vital to engage the legal guidance and support of an experienced bankruptcy law firm in Delray Beach. The skilled bankruptcy attorneys at the Law Office of John E. Mufson can discuss all of your options when it comes to filing for bankruptcy and the best options to choose from.
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. These are considered the most sensible bankruptcy options:
Chapter 7 is a type of bankruptcy that an individual 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.
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.
Our bankruptcy law firm in Delray Beach is prepared to help you understand what filing for bankruptcy means and to determine your best options. Let the expert bankruptcy lawyers at The Law Office of John E. Mufson help you get rid of your debt and guide you towards the financial future you deserve. To learn more about how we can help with your individual situation, please call for a free consultation with one of our skilled bankruptcy attorneys in Delray Beach at (561) 272-1003.