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Understanding the Basics of Bankruptcy from Bankruptcy Law Firms in West Palm Beach

If you talk to people who have filed for bankruptcy before, they’ll tell you that they did all they could to avoid filing. However, life sometimes doesn’t work out the way we think it should. They’ll say they cut back on their output in correlation with their income. They’ll tell you their meals have been simplified to save. If you see yourself making similar moves, chances are you’re in the same place. Fortunately, bankruptcy doesn’t have to be a bad thing, and it doesn’t have to define your life or your financial future. Bankruptcy is a learning opportunity to understand what works and what does not. In this article, we’ll dive into the basics of bankruptcy so that you can better understand what you’re up against. At Bruce S. Rosenwater & Associates, we believe that bankruptcy law firms in West Palm Beach can be a significant ally during such a trying and challenging time.

1. What is Bankruptcy

You might be surprised at home many people don’t understand what bankruptcy truly is. Essentially, it’s the process of telling a judge that you are no longer able to pay your bills or your debts. Then, the judge will sort through your paperwork, documents, assets, and liabilities to determine whether or not that’s the case. If they find that you are, in fact, not able to pay back what you owe, they will allow you to file for bankruptcy. Bankruptcy can help you keep your home, and it can also assist with handling many of your outstanding debts. 

2. Understanding what Bankruptcy Does Not Handle

To most people’s dismay, there are a few elements that bankruptcy doesn’t handle, including student loans, government debts, taxes, alimony, or purchase that occurred before filing. For example, if you decide to finance a boat and then file for bankruptcy, they will not cover that expense.

3. Creditors Will Stop Harassing

The biggest benefit of filing for bankruptcy is that creditors are required, by law, to stop calling and sending mail for collections. This can take a significant amount of pressure off of you and your family, as it’s often the endless phone calls and reminders that can make the process of debt so unbearable.

4. Hiring Bankruptcy Law Firms in West Palm Beach is Recommendable

If you’re on the fence about hiring a bankruptcy law firm, now is the time to say yes. The reason being is that bankruptcy is challenging, and there are many ins and outs that the average individual won’t know or understand. However, attorneys dealing with bankruptcy realize what to look for. They know exactly which tools to present to assist. Additionally, they bring significant peace of mind as they offer a knowledgeable and understanding perspective based on facts and experience. At Bruce S. Rosenwater & Associates, we’re proud to be one of South Florida’s leading firms, and we can’t wait to help you get back on your feet. To learn more and to have any questions answered by one of our law experts, call us at (561) 320-8219 today!