Delray Beach is a lively town with a touch of class and is treasured by the people of South Florida. It has numerous restaurants, shops, entertainment spots and its beaches are exceptional. Among all these opportunities, it is a great place for business and investment.
Nearly a 1000 businesses and firms are present there, aiming to improve the quality of life of the local people. Its thriving downtown is also a main tourist attraction with Atlantic Ave. being its crown jewel!
With all these opportunities, people sometimes get carried away and spend more money than they can afford to, resulting in financial trouble. AKA keeping up with the “Jones”. If you were looking for a fresh start and have landed in hot water, below, we have discussed how to file for bankruptcy in Delray Beach, Florida.
But first, here are the benefits and drawbacks of doing so.
Pros and Cons
Before you start filing for a bankruptcy, you need to know the pros and cons. This will assist you in coming to a conclusion and making the right choice for you and your family. The benefit of filing Chapter 7 bankruptcy is that it provides you with a new start by reducing your unsecured debt. On the other hand, Chapter 13 presents you with an ample amount of time (3 – 5 years) to pay back certain debts and forget about the rest of them.
The downside to filing however, includes the mention of a bankruptcy on your credit report for ten years, which might act as a hindrance when applying for loans again. Nevertheless, with time, you can reestablish that credit score with good financial practicing. Another drawback is related to paying the tax debt (mortgage and car payments), which is necessary, in order to keep your home and car. You can also decide to negotiate with your creditors, before declaring bankruptcy, by paying them an amount you can afford.
After deciding in favor of choosing bankruptcy, your bankruptcy attorney at Walker Law will decide which type (Chapter 7 or Chapter 13) will be more suitable in your case by considering the situation and your financial assets. The bankruptcy process includes:
- Assembling important financial information such as financial statements, tax records, information regarding your bank account, debt descriptions, and your assets.
- In the second step, the attorney decides which Chapter is most beneficial for you.
- The next step includes submitting documents in court, discussing the matter with the court and the creditors, and finally, it is the court’s choice whether to grant the bankruptcy or not.
It is important that all the legal documents you provide to your bankruptcy attorney should be accurate, otherwise the bankruptcy petition is rejected on this basis. Also, if fraud is exposed, then it will cause you more trouble, including prosecution for felony fraud, fine, and imprisonment. You don’t want that!
If you live in Delray Beach, FL and are looking for counseling regarding any legal query on debt relief or if you are in need of a bankruptcy lawyer; then contact the Walker Law Firm.
Whether they are easy or difficult, our exceptionally skilled and experienced bankruptcy lawyers will handle your lawful matters and relieve you of your worries, so that you can move forward in life with a clear mind. Call us today at 561.689.1512