Before you decide to file bankruptcy it is always a good idea to at least consult with a Bankruptcy Attorney in Wellington FL. This way they can go over your records with you to make sure that you even qualify to file bankruptcy. The unfortunate downside to filing bankruptcy is that it does cost $300 and you are not going to get that money back if you are denied. Having an expert look at your financials beforehand could potentially save you $300. They would be able to answer any questions you have about filing bankruptcy and they would make sure you file for the right kind of bankruptcy.
What Are The Different Kinds Of Bankruptcy?
When you hire a Bankruptcy Attorney in Wellington, FL one of the first things they are going to sit down and do with you is figure out whether you should be filing Chapter 13 or Chapter 7. Most people want to file Chapter 7 because it is the only type of bankruptcy that is going to wipe your credit history clean. Chapter 13 is a type of bankruptcy where you get put on a payment plan so you can pay off all your debts over a period of three to five years.
Will All Of Your Debts Be Erased?
Whether or not filing bankruptcy is going to wipe out your debts depends on what kind of debts you have. Chapter 7 will erase anything that is not a secured debt. It also will not touch things such as unpaid child support, spousal support, or unpaid tax debts. It is very possible that some of your more valuable assets might be seized and liquidated in order to pay your creditors some of the money that you owe them.
One of the biggest reasons why someone is going to file Chapter 13 bankruptcy is to stop the process of a foreclosure. If your home is in the process of being foreclosed on, you are not going to want to waste any time contacting a law firm such as Law Offices of Sean I. Koplow in order to file Chapter 13. Chapter 13 would also put you on a payment plan to get your mortgage payments up to date and would suspend the foreclosure process from happening.
