Why You Should Hire a Plantation Bankruptcy Lawyer

If you have not been able to pay your debts for years or even months, then it is time you consider filing for bankruptcy. Individuals who are in debt and the ones who are experiencing financial crises often fail to realize that filing for bankruptcy may allow them to continue operating their business and keep their home.

If you don’t know a lot about filing for bankruptcy, it is best to consult with a professional Plantation bankruptcy lawyer. The attorney will walk you through the list of options available to you and help you decide whether you should file for bankruptcy or not.

How To Identify The Best Type Of Bankruptcy
There are several types of bankruptcy options available, but most small businesses and individuals opt for the following three types of bankruptcy options when they are in debt.

Chapter 13
Chapter 13 bankruptcy is an excellent option for individuals who have a large amount of debt but still earning a steady income. This type of bankruptcy allows them to create a new repayment plan, which will let them keep their house and all other assets.

Chapter 7
Chapter 7 bankruptcy might be the best option for individuals who have zero or very low income. The bankruptcy will allow you to classify some of your assets as exempt and keep them. However, other assets that are not classified as exempt will be liquidated to wipe out the debt.

Chapter 11
Chapter 11 bankruptcy is generally reserved for small-scale businesses and they may help businesses to discharge debt allowing them to continue operating.

If you are unable to determine which type of bankruptcy is the ideal option for you, then consult with an experienced Plantation bankruptcy lawyer, as they will be able to help you.

Leave a Reply

Your email address will not be published.