It’s a fact that today that Americans are piling up more credit card debt than ever. In fact, the average household in America has at least $15,000 worth of debt. You’re probably thinking it only happens to those who are down on their luck, but it can happen to anyone–even you. Not everyone knows how to manage their money–bills pile up and at some point, it just becomes impossible to make ends meet. At The Law Offices of John E. Mufson, we know how difficult it can be to manage your bills, credit card debt, medical expenses, and the daily cost of living. It is a fact that most Americans today spend more than they make. If you’re fed up with calls from creditors or if you’re struggling to pay your bills on time each month, you might want to consider filing for bankruptcy, but only as a last resort. Reach out to the experienced bankruptcy law firm in Delray Beach. Reach out to the legal professionals at The Law Offices of John E. Mufson, to see what your options are.
How do I file For Bankruptcy?
The thought of filing for bankruptcy can be frightening let alone having to actually go through with it. Just the mere word can send shivers of panic down your spine. So, in trying times like these it’s best to take a deep breath and consider what your options are. After all, whether you’re filing Chapter 7, 11 or 13, the process can be complicated and best left to an experienced bankruptcy law firm like The Law Offices of John E. Mufson. It’s always in your best interest to find legal guidance for this matter because chances are your debt situation may not be as bad as you think. The compassionate team at The Law Offices of John E. Mufson is here to help you understand and consider all your options when it comes to filing for bankruptcy or not.
What are my best bankruptcy options? Chapter 7, Chapter 11, or Chapter 13?
All these bankruptcy options are available to individuals, but usually filing Chapter 13 makes the most sense. Let’s break it down here and see why:
• Chapter 7 – If you file this type of bankruptcy you are required to liquidate all of your assets to quickly pay off your debts. No payment plan is needed as all of the liquidated assets will be enough to cover your debt. If you owe far more than you could ever fathom paying back, then you may be a candidate for Chapter 7 bankruptcy.
• Chapter 11 – Mainly pertaining to businesses, but can also be applied to an individual, this type of bankruptcy is also a possibility. Essentially, a repayment plan is created to help reduce your debt. The case must be agreed to by your creditors and confirmed in court. Chapter 11 usually makes sense for individuals or businesses with a very large amount of debt to pay back.
• Chapter 13 – This type of bankruptcy is most commonly filed by individuals who have under $400,000 or less worth of unsecured debt. In this scenario, you keep your property in exchange for paying creditors your disposable income over a three to five-year repayment plan. Your creditors are required to stop all collection notices and you may even get your debt reduced or even wiped out completely.
As you can see, filing for bankruptcy is a complex matter best left to a professional to handle. At The Law Offices of John E. Mufson, we can help you regain your life and be free from debt once more. Don’t you owe it to yourself and your family to make this major financial change? You can count on the best bankruptcy law firm in Delray Beach to see you through this difficult time. Our exceptional team provides invaluable assistance, guidance, and representation to help dig you out of debt. To get started, please call us at (561) 272-1003 to schedule a free, no-obligation consultation in person or by phone.