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Bankruptcy Overview
Most individuals would never think of
filing for bankruptcy
and hate to even consider having to face that
situation. Nevertheless, more and more people in
Florida are finding it hard to find jobs and are
unable to pay their bills. When someone is faced
with an overwhelming amount of debt with no way
out, there is a perfectly legal method to handle
your debt problems.
Bankruptcy was written as a legal means to
help those who can no longer repay their bills.
The law offers protection against harassing
creditors and can relieve you of a great burden
and stress.
Through the use of State and
Federal laws, a person is allowed to
discharge or restructure
their debt under certain circumstances. With
the assistance of a skilled
bankruptcy attorney, taking this legal
action may be the best choice you have.
Each person's circumstances vary. Depending
on your financial condition, you may qualify for
one or more of the following types of
bankruptcy:
Chapter 7
Chapter 7 Bankruptcy in
essence discharges your debt, if you qualify.
Any assets you have, with the exception of some
that are exempted are used to pay off your
existing creditors. Once the bankruptcy filing
is finalized, all of your debt is gone and your
creditors can no longer come after you. However,
certain debts such as taxes and child support
cannot be discharged, with certain exceptions.
In addition, a "means test" must be passed to
see if you qualify to use this type of
bankruptcy.
Chapter 11
If you own a business and are having financial
problems, this may be the type of bankruptcy for
you. This permits business to continue operating
while repaying the debts through a
court-approved plan.
Chapter 11 bankruptcy may also be
appropriate for individuals in certain limited
cases.
Chapter 13
Following changes in bankruptcy laws in 2005,
this type of bankruptcy is now the most common
one used for individuals. If you have steady
income, this plan will allow you to restructure
your debt and repay it within a set period of
time, such as 3 to 5 years. This bankruptcy type
allows you to keep your assets. Once your
repayment plan is complete, your debts are
completely paid off.
How We Can Help You
With over 22 years of experience helping
Businesses and Residents of Broward, Miami-Dade
and Palm Beach Counties, Attorney Thomas L.
Abrams will carefully review your financial
situation in order to provide you with the best
option for your circumstances. Our office
understands this is a difficult and stressful
time for you and will do our best to get you
through the bankruptcy process as quickly and
painlessly as possible.
Contact Thomas L.
Abrams, Esq. for experienced and caring legal
assistance when looking for bankruptcy
information.
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