If you are at the point that you feel that you’re drowning in debt with no lifeline to hold on to, filing for Chapter 7 bankruptcy could be the best way to reset your life and get it back on track. Filing for Chapter 7 bankruptcy lets you obtain a discharge of debts signed by a bank-ruptcy judge. This option is for people who have no immediate way to pay off their debts because of certain circumstances like death in the family, medical expenses, drop in household income, or job loss, and they are unable to come to an agreement with the creditors about how to resolve their financial problems.
Every situation, however, is different and should be treated as such. There are still conditions to be met, including passing a means test and identifying dischargeable and non-dischargeable debts. A Chapter 7 Ft Lauderdale bankruptcy lawyer can help you navigate through what you can and cannot do in your route to eliminate your bad debt.
You can start getting your life back on track, and stop creditor harassment by eliminating your bad debt. While there are certain debts that cannot be discharged, like child support, some taxes, and debts secured by property that you are retaining, you may be able to discharge most of your debts including:
Filing for Chapter 7 bankruptcy can be daunting, but we pride ourselves on helping to lighten this burden for residents of Fort Lauderdale, Boca Raton, West Palm Beach and beyond. It’s important for you to know that you are not alone in this journey. We are here to help you as we have helped thousands of people who were facing unimaginable situations like foreclosures and crushing debts. We are a husband and wife team of bankruptcy lawyers in Fort Lauderdale who care about helping people to gain financial freedom. Contact us now for a free case evaluation.
Christian and Lisa McCue are law graduates of the Nova Southeastern University, with over forty years of combined experience in handling legal affairs of others, especially in the most difficult areas of finance: Personal bankruptcies, mortgages, foreclosures, and corporate liquidation.
As a married couple, we understand the challenges that financial hardship can present for families. We focus on providing not only competent legal support, but also on helping you manage the emotional upheaval by taking the bulk of the burden off your shoulders.Read More About Christian and Lisa McCue
Bankruptcy is a legal option that allows people or businesses to eliminate debts they are unable to repay. Through bankruptcy, debtors can either discharge the majority of their debts, or create a structured payment plan to repay some or all of the debt.
People who file for bankruptcy normally file for either Chapter 7 bankruptcy or Chapter 13 bank-ruptcy. In Chapter 7, most debts are discharged and some assets might be liquidated to cover debts. Chapter 13, on the other hand, restructures your debts into an affordable monthly repayment plan. At the end of the plan, the remaining debts are discharged.
There is no common answer as each bankruptcy case is unique. There are different factors at play such as the types of debt you are dealing with, the assets you want to keep, and your ability to generate income and repay at least some of your debts. Generally, however, if you have minimal assets and low income, Chapter 7 is probably the better option. If you have assets you want to protect, and your income demonstrates an ability to repay some or all of your debt, then Chapter 13 may be the best option. Either way, it is best to consult with an experienced Florida bankruptcy lawyer at The McCue Law Firm before taking any action.
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