Resolve Your Debt Issues with a Bankruptcy Lawyer in Coral Springs, FL

 

Financial hardships can happen to anyone. Regardless of your income, a loss of job, divorce, illness or a death in the family can bury a person into a mountain of debt overnight. When your debt grows completely out of control and there’s no way to repay, filing for bankruptcy may be your best option. When facing the option to file for either Chapter 7 or Chapter 13, it’s vital to have an experienced bankruptcy lawyer in Coral Springs, FL on your side.

The decision on whether to choose Chapter 7 or Chapter 13 bankruptcy is as important as the decision to file for bankruptcy itself. It’s usually based on income or your ability to resolve your debt. Chapter 7 is usually the quickest method to help discharge your debt and get a fresh start on your finances. But not everyone will qualify. To become eligible, the debtor must prove they can’t afford to repay their debt based on their income. You will have to take a means test, which measure’s your income against those with similar jobs and backgrounds. Once the court determines the debtor is eligible for Chapter 7 bankruptcy, they must enroll and complete credit counseling with an agency approved by a United States trustee. The responsibility of the trustee is to ensure the debtor is able to pay off their debt as much as possible to creditors.

Chapter 7 allows a person to resolve their debt more quickly. The debtor will be allowed to keep certain exempt property. However, other assets are liquidated by the trustee to repay creditors. Chapter 13 allows an individual to repay their debt through a payment plan. Many people who file for Chapter13 earn too much money to qualify for Chapter 7. This means they have sufficient income to eventually pay off their debt. While it can take years for to resolve debt through Chapter 13, the individual will not have to worry about their assets liquidated.

Regardless of whether you’re filing for Chapter 7 or Chapter 13 bankruptcy, it’s essential to receive counsel from an experienced bankruptcy attorney in Coral Springs, FL. The bankruptcy lawyers of Brodzki Jacobs & Associates can provide experienced and comprehensive representation for both Chapter 7 and Chapter 13 bankruptcy in Coral Springs, FL. The firm also provides legal services for family, immigration, family mediation, child custody as well as pre-nuptial agreements in Coral Springs. If you’re faced with overwhelming debt, call the law firm of Brodzki Jacobs & Associates today and schedule a consultation.

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