Bankruptcy Attorney for Lake Worth, FL
Lake Worth is a coastal city in Palm Beach County situated in Florida, United States. It is named after the lake that flows through its eastern border, which was named after General William J. Worth. It is a vibrant and multi-cultural place and its people are environmental friendly with deep social ties. Lake Worth has rich architecture because of its historical background. Museums, theaters, art galleries, antique stores, music clubs, restaurants; all these attractions are present in the downtown of this place.
The land in Lake Worth is registered as resource area by the US Department of Agriculture. Geographically, Lake Worth is a small city but it is an amazing tourist destination. Lake Worth provides good business opportunities and creates jobs for many people.
Nevertheless, financial problems are encountered by every state, including Lake Worth. With all the opportunities to spend money on, some people may go bankrupt by spending too much on credit cards or outstanding debt.
When your debt is greater than your asset and income and you are unable to return it to your creditor, you can be considered bankrupt. In these circumstances, people or businesses can file for bankruptcy.
There are two types of personal bankruptcy you can file for:
Filing for bankruptcy can be useful for you in many ways. Above mentioned are few of them.
Keeping Creditors at Bay
Bankruptcy will help you keep the collection agencies at bay, as they will receive the notice; they are not allowed to harass you after that according to the law. The creditors will not be able to file a law suit or seize your asset with the exception of a few cases.
If you win the case, the court will relieve you from some debts (which are older than three years) which you don’t have to pay at all. You can also get rid of your debt in 3 – 6 months depending on the bankruptcy you are filing for.
Increase Payback Period
Bankruptcy, at times, may not reduce your paying amount but it will provide you with ample amount of time to payback instead which can be as long as 3 – 5 years.
Insurance Policies and Pension Plan
In the cases of bankruptcy, pension plans and insurance policies are sheltered by the laws of the state.
Securing your Cosigner
Some types of bankruptcy allow your cosigners, usually family members, to pay the debt money instead of you.
There are property exemption laws which can protect you house, car and other valuable properties depending on what you have done with them. However, there are some situations in which you cannot protect you property. It depends on whether you have used those properties to secure your loan.
Lastly, bankruptcy will bestow you with a fresh start to start a business, apply for new loans, and that too, with the initial low interest rates. Although your bankruptcy history will remain for 10 years, you can still apply for credit.
Bankruptcy can be challenging but it is the only way out. The best way is to hire a lawyer and let them take the decisions for you. If you live in Lake Worth, FL and require a bankruptcy attorney, you can contact Walker Law Firm at 561.689.1512 and get a free initial counseling session.