WEST PALM BEACH CHAPTER 7 BANKRUPTCY ATTORNEY
You may have already made the decision that bankruptcy is a wise solution for your situation, or you might still be wondering is bankruptcy right for me? Originally, our lawmakers recognized that an honest and responsible person could get into an impossible financial situation. In answer to this they established bankruptcy as a legal solution to provide relief and a fresh start.
There are different avenues, the best known of these are Chapter 7, and Chapter 13. Chapter 7 is sometimes referred to as liquidation bankruptcy. As in anything to do with the law, there can be pitfalls in a bankruptcy proceeding which you will need to avoid.
ELIGIBILITY THROUGH THE MEANS TEST
To qualify for a Chapter 7 filing you must have passed a means test and have completed a credit counseling course by an approved provider. If your situation doesn't pass this test then Chapter 13 may be right for you. Prior to filing your bankruptcy petition, your financial information must be organized. All debts, obligations, assets and income must be reviewed. Some obligations such as student loans, IRS taxes, and child support are not dischargeable.
WHAT COMES AFTER FILING?
After the petition is filed, the court will place an automatic stay on all collection actions by creditors, a trustee will be assigned to your case, and a meeting with your creditors will be held. After this, your assets will be sold and the proceeds paid to your creditors to satisfy their accounts. You will need a skilled Chapter 7 lawyer to work closely with you throughout the process to help you achieve your goals and ensure certain qualifying assets such as your home, vehicle, or retirement accounts are protected.
As a bankruptcy lawyer in West Palm Beach, I believe in taking a hands-on approach. By working with you personally to evaluate your situation I can help you find the solution which fits your needs. Arriving at the decision to proceed with exercising your right to declare bankruptcy can be difficult. Reviewing the benefits of bankruptcy may be helpful to you. To discuss your concerns with a knowledgeable bankruptcy lawyer call Attorney Edwin Walker.