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Bruce S. Rosenwater & Associates A law firm. For life.
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West Palm Beach Personal Bankruptcy Attorney

As bills pile up and creditors start to call more and more frequently, you may start to think more seriously about your options for debt relief. At the law office of Bruce S. Rosenwater & Associates, P.A., we know how challenging and emotional coping with large amounts of debt is, and we want to help. If you’re considering filing for personal bankruptcy, our West Palm Beach personal bankruptcy attorneys can guide you through the process, advise you along the way, and advocate for your best interests. Please call us today to learn more about personal bankruptcy and how we can assist you. 

What Is Personal Bankruptcy?

Personal bankruptcy refers to a legal proceeding whereby a court will declare the person bankrupt, and unable to pay their consumer debts as such. There are two different types of personal bankruptcy: Chapter 7 and Chapter 13 bankruptcy. If you are considering filing for bankruptcy, it’s important that you understand the distinctions between the two.

Chapter 7 bankruptcy 

Chapter 7 bankruptcy is for those of little income who have no way of repaying even a portion of their debts. Under a Chapter 7 bankruptcy filing, most of a debtor’s debts will be discharged, and non-exempt assets will be turned over to the court in order to pay a portion of remaining debts.

Chapter 13 bankruptcy

A chapter 13 bankruptcy allows a debtor to repay a portion of their debts over a three-to-five-year plan. As such, this type of bankruptcy is often advantageous for those who want to keep their home or other assets.

Should You File for Personal Bankruptcy?

The decision to file for bankruptcy is not an easy one to come to. Before you decide to pursue a personal bankruptcy, you should consider all of the following:

  • Have you already tried to negotiate your debt? Before you file for bankruptcy, you should work with your creditors to attempt to negotiate your debt. This may be an effective way of restructuring debt without filing for bankruptcy.
  • Do you owe more than you’re worth? If you owe more than you’re worth–which means that your liabilities are greater than your assets–then filing for bankruptcy may be your best option. If the opposite is true, though, then consider how you may be able to liquidate some assets to pay down your debts without filing for bankruptcy.
  • Do you understand your alternatives and the consequences? Finally, consider whether you really understand the consequences of filing for bankruptcy and whether you’ve considered all of your alternatives. Speaking with an attorney can help.

Call Our West Palm Beach Personal Bankruptcy Attorneys Today

If you have mountains of debt and you are feeling overwhelmed and helpless, filing for bankruptcy may be your best option. Before you move forward, though, you should consult with an experienced bankruptcy attorney who can advise you and help you to understand your options. At the law office of Bruce S. Rosenwater & Associates, P.A., our legal team can help. Call us today to learn more.

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