Personal Bankruptcy

If you need to file personal bankruptcy, we are here to help. We are available for Chapter 7 and Chapter 13 bankruptcy cases for individuals or small businesses. We can help you find a plan to pay off your creditors.

Chapter 7 and Chapter 13 are the two main personal bankruptcy chapters under which you can file. Chapter 7 is a liquidation of assets, while Chapter 13 is reorganization, in which the debtor creates a three to five year payment plan.

The primary reasons for filing personal bankruptcy are unforeseen medical expenses, excessive credit card debt, loss of employment, and divorce. Many of these events create not only financial difficulty but also a tremendous amount of disruption in your life and unneeded stress. This makes it especially important that you consider all available options and alternatives to make sure whatever action you settle upon is in your long term interest.

As you decide whether personal bankruptcy is your best option, you need to learn more about the federal bankruptcy law. It is an important decision, and the law and how it applies to your particular situation can be very complicated. Call me to get a clear explanation. 

Under Chapter 7 and Chapter 13, a trustee is appointed to supervise the assets of the debtor.  The proceeding can either be entered into voluntarily by a debtor, or initiated by creditors. After you file, creditors may not seek to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate. Furthermore, certain previous transfers of property, secured interests, and liens may be delayed or invalidated.

Before filing, it is best to consult a personal bankruptcy attorney with experience in the field. Here is a sample of a timeline when filing for Chapter 7:

• Day 1: The documents are filed with the court.
• Day 14: Creditors are advised by the clerk that a petition has been filed.
• Days 20 through 40: A meeting of creditors is held at the court.
• Days 20 through 30 and after: The trustee will sell any nonexempt assets available.
• Day 90: Unsecured creditors must have filed their claims.
• Days 60 through 90: The debtor is discharged and all debts (with some exceptions) are written off.

There are many reasons why people filing personal bankruptcy choose Chapter 13 instead of Chapter 7. Generally, you are probably a good candidate for Chapter 13 if you are in any of the following situations:

• You have a sincere desire to repay your debts, but you need the protection of the court to do so.
• You are behind on your mortgage or car loan and want to make up the missed payments over time and reinstate the original agreement. You cannot do this under Chapter 7. You can make up missed payments only in Chapter 13.
• You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 in the future. This would be the case if for some reason you can't stop taking on new debt.
• You have valuable nonexempt property. When you file for Chapter 7, you get to keep certain property, called exempt. If you have a lot of nonexempt property, Chapter 13 may be the better option.

Call us now at 888-328-5090 for personal bankruptcy assistance.

We always offer free consultations.

We provide advice on personal bankruptcy in Delray Beach, Boynton Beach, Riviera Beach, Lake Worth, West Palm Beach, Jupiter, Port St. Lucie, and Vero Beach.