How to Tell if Chapter 7 Bankruptcy is For You: Tips from a Top Chapter 7 Bankruptcy Lawyer in Delray Beach

If you’re thinking about filing for bankruptcy, you may be wondering, “How could this happen to me,” or that it’s something to be embarrassed about. But the truth is that it happens to people from all walks of life. Your grandmother, teacher, the mailman, or your doctor could file for bankruptcy at some time in their life. Sometimes bills pile up and it just becomes impossible to make ends meet. It’s nothing to be ashamed of and the good news is that help is available. At The Law Offices of John E. Mufson, we now it can be hard to manage your bills, credit card debts, medical expenses, and just the daily costs of living. It’s even harder to manage today when so many are out of work due to the COVID-19 pandemic. 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 bills, call our team of expert chapter 7 bankruptcy lawyers in Delray Beach today. We have a great success record and we’re one of the best bankruptcy law firms in Delray Beach.

How does bankruptcy work exactly?

Filing the paperwork for bankruptcy can be tedious and confusing, which is why it’s essential to call on the legal guidance and support of an experienced bankruptcy law firm like The Law Offices of John E. Mufson We are here to discuss the best options with you when thinking about filing for bankruptcy in Delray beach. 

What are the different types of bankruptcy options in Delray Beach?

There are a few different types of bankruptcy options and one may be a better choice for individuals and another may be a better choice for business owners. 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 and calling on a chapter 7 bankruptcy lawyer in Delray Beach is your best option. With a Chapter 7, structure bankruptcy 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.  

How can you get started?

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 chapter 7 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 Chapter 7 bankruptcy lawyers in Delray Beach.