What Is Bankruptcy and What Does a Bankruptcy Lawyer Do

Do you need to file bankruptcy? Bankruptcy is a common option for those who are looking to get on the path of financial recovery. However, many people are unaware of what bankruptcy is and the importance of having a bankruptcy attorney.

What Is Bankruptcy?

Bankruptcy is a type of legal proceeding option for individuals who can’t repay their outstanding debts. When filing for bankruptcy, there are several types of chapters that a person can file.

Chapter 7 bankruptcy is best suited for individuals with little to no assets. Those who file for chapter 7 can dispose of unsecured debts, such as their credit card debt and medical bills.

It’s important to note that if you have nonexempt debts, such as family heirlooms, second homes, cash, stocks, and bonds, they will need to go through a liquidation process to repay some or all your unsecured debts.

Chapter 11 bankruptcy is one of the best options for businesses. Chapter 11 is focused on reorganizing, keeping companies in business, and becoming profitable again.

With the help of Chapter 11 bankruptcy, businesses can create a plan to improve profits, lower costs, and ultimately increase revenue.

Chapter 13 bankruptcy is best suited for individuals who make too much money. This allows the individuals who make consistent income to create a suitable repayment plan to pay down their debts.

These repayment plans typically occur over a course of three to five years. In exchange for repaying these debts, creditors will allow individuals to keep all their property.

Benefits of a Bankruptcy Attorney

If you’re thinking about filing for bankruptcy, it’s a good idea to consider a bankruptcy attorney in Palm Beach County.

An attorney can help you understand the best bankruptcy option for your needs. Using their experience, an attorney will evaluate your situation and determine which chapter will bring you the best results.

Another benefit of hiring an attorney is that it can help you save money. In fact, a lawyer can help you save by reducing the number of exemptions you claim.

In addition to this, an attorney can help you make better negotiations on your debts, such as your credit cards, mortgage, car loans, and other debts to help you get relief.

Lastly, hiring the right attorney provides individuals with the best legal representation to help them navigate the legal process. Filing for bankruptcy can be a long process that takes individuals through a complex system. Having an experienced attorney on your side can make the bankruptcy process feel as seamless as possible.

Quality Bankruptcy Attorney in Palm Beach County

Are you ready to file for bankruptcy? Here at The Law Offices of John E. Mufson, we’re here to help you through the bankruptcy process. Bankruptcy can be an excellent option for those who want to get on the road to financial freedom.

Whether you want to file chapter 7 or chapter 13, we have you covered. We also practice personal injury for individuals who have been in an auto accident, motorcycle accident, or experienced a slip and fall. Contact us today to learn more.