Are you looking for bankruptcy information in Boynton Beach, Florida? Get the answers to your questions about how bankruptcy can help you with your financial situation. Bankruptcy law in Boynton Beach is complicated and there are many different types of bankruptcies, so it is important that you understand what type of bankruptcy suits you best. We’ll take a look at some basic questions so that you can get informed before making any decisions.
What is Bankruptcy?
In bankruptcy, assets are sold to repay outstanding debts. Assets may include property such as houses or cars and personal possessions like jewelry. There is a lot of information available about the benefits of filing for bankruptcy in Boynton Beach, so you should be well informed when making your decisions from bankruptcy attorney Boynton Beach.
Why do people file for Bankruptcy?
People file for bankruptcy when they have unmanageable debt. Bankruptcy puts a stay on creditors so they can’t take money from your paycheck, retirement account, or home to repay the debt you no longer have the ability to pay off. There are many different types of bankruptcy cases that vary greatly in terms of eligibility and length. A good way to start is by talking to a local Bankruptcy Attorney in Boynton Beach, Florida who can answer your questions and help guide you through the process.
What must I disclose when filing for Bankruptcy?
In order to complete a bankruptcy filing, the debtor must disclose the following:
Eligible debts – These debts include any owed that is dischargeable through bankruptcy lawyer Boynton Beach. Examples of dischargeable debts include credit card balances, medical bills, and taxes.
Non-dischargeable debt – These debts cannot be discharged in a bankruptcy case and will need to be repaid in full after the bankruptcy is completed. Examples of non-dischargeable debts include child support, many kinds of student loans, mortgages, and court fines.
Do all debts need to be discharged in order to qualify for Chapter 7 or 13 Bankruptcy?
The answer is “yes”. However, some unpaid debts such as taxes, child support, and student loans may not be discharged. In order to qualify for Chapter 7 bankruptcy, you need to have the majority of your debts discharged. However, in chapter 13 bankruptcy Boynton Beach, there are two types. Pay as You Go plan and 3-5 year payment plan. If you owe less than $100,000 you can qualify for a chapter 13 bankruptcy Boynton Beach with just limited debt discharge.
Law Offices of Adam Farber, P.A.
1500 Gateway Blvd STE 220, Boynton Beach, FL 33426