What Are the Benefits of Declaring Bankruptcy in West Palm Beach?
It’s no mystery that life can be expensive in West Palm Beach. As one of the three main cities in South Florida, West Palm Beach is home to many businesses and homes all around the area. With 58.2 square miles, the city has many historical neighborhoods and communities. People all throughout the area, from Central Park to Prospect Park, Grandview Heights and everywhere in between, people are declaring bankruptcy in West Palm Beach. If your debts are beyond your control, it’s time to call our attorneys at Bruce S. Rosenwater & Associates, P.A. to learn whether or not bankruptcy is your best fit.
Can I benefit from declaring bankruptcy in West Palm Beach?
Bankruptcy is a process that can help create a clean slate, giving people the ability to push overwhelming debts out of the picture. But, not everyone qualifies for bankruptcy. There are two main types of bankruptcy people choose when declaring bankruptcy in West Palm Beach. Chapter 7 and Chapter 13. Chapter 13 offers a debt repayment plan that helps lower the overall amount due.
But Chapter 7 is another popular choice. Known as a liquidation bankruptcy, Chapter 7 bankruptcy is often the most popular choices when it comes to declaring bankruptcy in West Palm Beach. That’s because Chapter 7 bankruptcy can offer total debt removal for some unsecured debts. But, not everyone can qualify for Chapter 7 bankruptcy. There’s a means test that considers qualifications, such as:
- Household income less than the median for households of your size statewide
- Your income has declined suddenly within the last six months
- Lack of disposable income to repay some debts
- Owing more in debt than you earn in income
Our attorneys at Bruce S. Rosenwater & Associates, P.A. can help you understand whether or not you qualify for Chapter 7 bankruptcy. Chapter 7 can help eliminate unsecured debts, such as credit card debts. But, other debts may be best addressed through the debt restructuring approach offered by Chapter 13 bankruptcy.
How do I decide if I should declare bankruptcy in West Palm Beach?
As with any other financial decision, it’s important to consider all of the factors before declaring bankruptcy in West Palm Beach. At Bruce S. Rosenwater & Associates, P.A., we’re here to help you understand your best approaches to fighting debt. If you’re wondering which type of bankruptcy is your best fit, it’s time to consult with our attorneys. Schedule your consultation today!