Why Filing For Bankruptcy May Be Your Best Option

 

Fair or unfair, there’s a stigma which goes along with filing for bankruptcy. But the truth is debt and financial problems can happen to even the most responsible people. Whether it’s a divorce, a loss of job or massive medical bills from an illness, even some of the most successful people in the world have been forced to use this option. Donald Trump and Abraham Lincoln are among famous people who have filed for bankruptcy.  But there’s nothing to be embarrassed about. Bankruptcy can be an effective way to eliminate your debt by getting a fresh start and can help you get started on regaining your financial footing.

Countless people in Coral Springs and throughout South Florida have a common dilemma—debt. If your debt has become overwhelming and you’ve exhausted all your options to pay it off, bankruptcy can be a helpful solution. The first thing you want to do is hire an experienced and reputable bankruptcy lawyer. A knowledgeable bankruptcy attorney can evaluate your situation, guide you through the process and decided which type of bankruptcy best fits your needs—whether its Chapter 7 or Chapter 13.

There are a variety of reasons why filing for bankruptcy is your best choice. If you’re constantly hounded by creditors, you may have tried to negotiate a repayment plan on your own. Unfortunately in many cases, creditors are unwilling to compromise and want your full payment immediately. Another logical reason to file is if your liabilities exceed your assets. If your income and assets are insufficient, it can be impossible to pay off your debt.

If you choose to file for Chapter 7, your debt will be discharged at the end of the process. However, it’s important to keep in mind that some of your assets may be liquidated, and you will also be required to pass a means test to prove you are unable to pay for your debts. Chapter 13 bankruptcy allows a person to pay off a portion of their unsecured debt through a repayment plan which in turns helps to keep assets that would otherwise be liquidated in a Chapter 7.

Filing for bankruptcy is an important decision which requires significant thought. It’s best to get advisement from a qualified bankruptcy attorney who can effectively explain the process and has a track record of getting the best results. The law firm of Brodzki Jacobs & Associates in Coral Springs has helped many South Floridians resolve their debt issues by providing legal counsel and representation for both Chapter 7 and Chapter 13 bankruptcy. To learn more what a bankruptcy lawyer can do for you, call the office today at (954) 344-7737 to schedule a consultation.

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