Benefits Of Filing For Bankruptcy

The advantages of Chapter 13 bankruptcy are that you can keep most of your property while making payments for three to five years to pay off your past due debt. You will only make one monthly payment to your bankruptcy debt trustee, who will then in turn make payments to your creditors in order for all your debts to be paid within that three to five year period. At the time of writing, you can qualify for this type of bankruptcy if you have unsecured debts below $360,475 and secured debts that are less than $1,081,400.

I am writing this article because I was stuck in a similar problem and I was searching for a bankruptcy attorney in Florida and now I want to help the peoples who facing similar problem. One day I contacted Richard Weinstein - an experienced South Florida attorney located at Suite 206, 312 S. Old Dixie Highway, Jupiter, Florida. And I got complete solution for my bankruptcy.

Another important suggestion is to talk to many different attorneys. Do not simply pick the first one you interview. Make appointments with several and ask questions such as:

• Bankruptcy offers you several options: When it comes to filing for personal bankruptcy, there are several options available to you. Chapter 7 bankruptcy involves total debt forgiveness and relief from creditors. Chapter 13 bankruptcy does not forgive debt, but rather restructures debt into more manageable payments.

Many debtors might choose to file under Chapter 13 bankruptcy because they have loans that required co-signers. With this type of bankruptcy, the third parties are protected from the creditors. This means that the creditors can no longer pursue either party in an attempt to collect the debt. They must deal with the trustee that the court appointed to the particular case if they have any questions or concerns.

It is important to remember that a bankruptcy filing will stay on your permanent report for ten years. It will hinder credit for the individual in the future. It does not mean you will never get credit just that you will pay higher interest rates on loans you are able to get. Over time you will be able to establish a new credit history and better interest rates will apply.

One of the most rewarding things about being a bankruptcy attorney is the ability to help people. I am really not interested in how people got into debt. That fact really doesn't matter to me. Whether it was from an illness, injury, job loss, divorce, overspending, or simply bad financial decisions, the situation remains the same. It may become important going forward in the future to that person. He may not want to travel down the same road that brought him into bankruptcy. For example, someone who did not have medical insurance and has a chronic illness may continue to incur medical bills that are uncovered in the future. For that person, he needs to make a change in his life, so that he doesn't become a victim to debt in the future.