Filing for bankruptcy may be one of the most difficult decisions a person has to make in his or her lifetime. While bankruptcy is often regarded as a dreadful and humiliating option, it was initially put in place to provide assistance. There can be many misconceptions as to when a person should file for bankruptcy, and also what will likely happen after he or she does file for bankruptcy.
When should I file for bankruptcy?
There is no specific dollar amount that alerts you of the best time to file for bankruptcy. However, there is a consensus on when to do it. You should file for bankruptcy as soon as you realize that you are not able to fulfill your financial responsibilities in a timely manner. If you hesitate for a lengthy period of time or keep putting the decision off, your situation will only get worse.
What will likely happen to my assets after I file for bankruptcy?
The biggest concern most people contemplating filing for bankruptcy wonder if whether the will lose their assets (house, car, etc.). This is where a reputable bankruptcy attorney in West Palm Beach will be of great service. You will want to make sure that you file for the proper chapter of bankruptcy, which will likely be either Chapter 7 or Chapter 13. Generally speaking, Chapter 13 bankruptcy will allow you to reorganize your debts and keep your non-exempt assets, while Chapter 7 bankruptcy will work to dismiss debts such as personal loans, credit cards, and more; however, you will be required to turn over your non-exempt assets to your trustee to distribute to your creditors. In order to best determine which chapter is right for you, it is wise to consult a knowledgeable bankruptcy law firm, such as Kelley & Fulton, before proceeding.
You may often wonder what will happen to assets that are important to your current lifestyle. Property such as your car or home can often remain in your possession provided that you be able to continue making the necessary payments. The attorneys and Kelley & Fulton can review your particular situation with you so you have a better idea what it at stake before you file.
If you have considered filing for bankruptcy and do not know where to turn, Kelley & Fulton would like you to know that you are certainly not alone. We invite you to schedule an initial consultation with an experienced bankruptcy attorney in West Palm Beach and let us get better acquainted with your individual situation today.