Declaring for bankruptcy is not an easy choice to pick. Have you been wondering if whether or not you should declare for bankruptcy? Do you have an idea of what bankruptcy is exactly? A bankruptcy is declared when a person is not able to pay what he/she owes. A bankruptcy should not be declared when you’ve gone completely broke and have absolutely no money at all. It is recommended to contact professional lawyers and Ft Lauderdale Bankruptcy Lawyer are willing to help you make the correct decision if you’re considering bankruptcy. Make sure to not sell any item or hide any money, or you will get in trouble with the government. If you try to sell one of your assets to someone for a high price and keep the money, they will take back the assets you sold and sell it themselves.
If there is something you should never do, and will regret doing is buying luxury goods, or get into debt after you declare bankruptcy. The debt you declare after bankruptcy will be money that you will owe and it will make you get into an even bigger debt. There are different types of bankruptcy you could declare which are Chapter 7 or Chapter 13. The difference between these two options is that in Chapter 7, you will be free from a portion of all your debt and you won’t have to pay it back. In Chapter 13, you will a three to five years repayment plan depending on your income and the debt you already owe from student loans, car payment, house mortgage, etc. Choosing Chapter 7 can be a pain since some of your assets might be sold in order to pay back what you’ve owed, unless you didn’t have that much to begin with then they’re most likely let you keep your necessities.
It is also recommended to file for a bankruptcy before you’ve gone completely broke because you’ll have the chance to choose Chapter 13 that will allow you to extend the time for the debt you owe. Wouldn’t it be better to get a debt time extension than having to go through the struggle of dealing with the loss of all your assets, credit cards, and you might still be obligated to pay some of the money you owe? It is important to contact a Ft Lauderdale Bankruptcy Lawyer to assist you better in making the right choice.
Let Ft Lauderdale Bankruptcy Lawyer guide and lead into making the most convenient bankruptcy option today!