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Delray Beach Bankruptcy Attorneys

 

Bankruptcy lawyers Kelley & Fulton focus on bankruptcy issues in Delray Beach, FL

The bankruptcy attorneys in Delray Beach at the Law Office of Kelley & Fulton, P.L., work hard to make sure that anyone who is considering filing a bankruptcy petition understands the benefits of declaring bankruptcy and the possible negative aspects.

 

Benefits of Filing

After all, Chapter 7 bankruptcy relieves you of unsecured debt and allows you to start new, while under Chapter 13, you may pay back some of your debt, and after a set amount of time that ranges from three to five years, the rest of your debt is forgiven. Those are all positive results.

 

Negative Aspects

At the Law Office of Kelley & Fulton, P.L., our attorneys in Delray Beach also point out that it’s important to realize that filing for bankruptcy does not result in any tax debt being forgiven and that you must stay current on your mortgage and car payments in order to keep you home and vehicle. Plus, bankruptcy will be on your credit report for 10 years, and will damage your credit for some time. Although, you can rebuild it slowly.

 

Is Bankruptcy for You?

First, you’ll need to change certain aspects of your life if you do declare bankruptcy. Credit cards become a thing of the past and being approved for loans will be difficult at best. Also, you will need to figure out if it is to your benefit to declare bankruptcy. There are alternatives such as trying to work with your creditors or even agreeing to pay off part of the money you owe to them while the rest of your debt is forgiven. Both of these options will keep bankruptcy off your credit record.

A qualified, knowledgeable bankruptcy attorney can certainly aid you in making your decision concerning bankruptcy. But your lawyer cannot make the decision for you. Ultimately it will be your choice.

 

How It Works

The bankruptcy process is, overall, fairly simple. It is a basic five-step process. First, you’ll have to gather together all vital information regarding your financial situation. This includes tax records, financial statements, bank account information, and descriptions of your debts and assets. The next step involves presenting the information to your attorney who will help you determine if you may file for Chapter 7 or 13.

 

The next three steps involve filing with the court, your meeting with the court and creditors, and the court’s decision regarding your bankruptcy. They will either grant it or decide against allowing it.

 

Fraud and Bankruptcy

The bankruptcy attorneys in Delray Beach at the Law Office of Kelley & Fulton, P.L., always advise their clients to be totally truthful concerning their finances. Some people make a major mistake, and they decide to falsify information on their bankruptcy petition. They may attempt to hide assets, sell assets and stow away the proceeds, suppress information on earnings, or lie about their debt. If the court becomes aware of this type of activity prior to granting the bankruptcy, they will disallow your petition. If fraud is discovered after your petition is granted, the court will rescind it. In either case, you will probably be prosecuted for felony fraud, which may result in large fines and prison time.

 

Contact Bankruptcy Attorneys in Delray Beach

For more information on Florida bankruptcy, contact the bankruptcy attorneys in Delray Beach at the Law Office of Kelley & Fulton, P.L., at 561-491-1200. We are ready to serve you as you attempt to determine if bankruptcy is right for you. Courteous, professional, personalized service defines our practice. We are waiting to work with you.