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West Palm Beach Divorce Attorney > Blog > Bankruptcy > Do You Need Help with Bankruptcy in West Palm Beach?

Do You Need Help with Bankruptcy in West Palm Beach?

Bankruptcy has been a long-standing financial opportunity when debts and expenses simply become too much to handle. While businesses often find solutions to their debts through bankruptcy, this financial approach has become increasingly beneficial for individuals as well. A growing number of people are finding their financial freedom by declaring bankruptcy in West Palm Beach. If your credit card debts are more than you can handle, don’t stay trapped in the cycles of minimum payments and high interest rates. Bankruptcy in West Palm Beach may bring solutions to your overwhelming debt. If you’re considering declaring bankruptcy, speaking with a knowledgeable attorney from our team at Bruce S. Rosenwater & Associates, P.A. can help you learn your options.

When you’re considering filing for bankruptcy, it’s important to learn which type of bankruptcy is best for you. There are two types of personal bankruptcy in West Palm Beach, Chapter 7 and Chapter 13. Both options can bring incredible financial benefits and treatment of debt. Chapter 7 bankruptcy is an incredibly popular bankruptcy option. In Chapter 7 bankruptcy, unsecured assets are exposed for exchange of debts. Essentially, unsecured assets are eligible to be sold to pay for unsecured debts. Some eligible unsecured debts may include:

  • Student Loans
  • Credit Card Debt
  • Medical Bills
  • Personal Loans
  • Back Rent
  • Income Taxes

These are some of the unsecured debts which may be completely erased by Chapter 7, but your exact released debts may vary. You must pass a means test to qualify for the Chapter 7  process. Chapter 13  is for those who don’t qualify for Chapter 7, usually because they make more than the maximum debt to income ratio. Still, you can find great debt relief through Chapter 13. Instead of entire liquidation, debts can be considerably diminished and paid off in more manageable amounts. This debt restructuring can help you regain control of your financial situation.

Bankruptcy isn’t as simple as filling out a form and waiting for your debts to vanish. There are various processes and legal avenues that must be visited to complete the bankruptcy process. If you’re considering a bankruptcy filing, it’s important to learn about all of your options in the process. Our attorneys at Bruce S. Rosenwater & Associates, P.A. can help you throughout your bankruptcy process, providing invaluable legal counsel, assistance and representation as necessary. Don’t let overwhelming debt continue controlling your future. Bankruptcy in West Palm Beach may be able to help. To learn more, call our office at 561-688-0991 to schedule your free consultation.

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