Bankruptcy
IS BANKRUPTCY AN OPTION?
Under the right set of facts, it may be to your advantage to file for bankruptcy court protection. If so, we can help.
There are two types of bankruptcy. Your financial circumstances will determine which bankruptcy is right for you if you go down that path. There are different eligibility requirement for each.
Chapter 7, or liquidation bankruptcy, means that your "estate" – i.e., your assets – is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed.
Reorganization bankruptcies can be filed under the following guidelines:
- Chapter 11 – businesses and individuals with many assets
- Chapter 13 – individuals with steady income
Your payment plan is strictly enforced. If you fall behind in your plan payments, it is likely your bankruptcy case will be dismissed. This will result in your plan ending along with and its protections.
Whether bankruptcy is an option and whether it is advantageous for you to consider this option is entirely up to your personal circumstances. This can only occur after a thorough review of your present situation.
We will discuss with you the availability and desirability of this option when we review your foreclosure case.A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.
Please review our site and see what we may be able to offer you.
Feel free to Call us at 772-647-7943.
