The bankruptcy lawers at Klein Law Group provide legal guidance for all types of bankruptcy, with offices located in Boca Raton, Fort Lauderdale and West Palm Beach, FL. Our attorneys can assist individuals and businesses that are struggling with insurmountable debt. Although many people worry about whether bankruptcy is a necessary step in handling debt woes, the process in fact can be an effective means towards providing a fresh start and can eliminate the stress that comes along with dealing with overwhelming debt.
We understand that situations such as the loss of a job, severe illness or disability, or death of a family member can result in individuals facing extreme debt and an inability to meet financial obligations. By providing a thorough evaluation to determine whether bankruptcy is a viable and worthwhile option for restructuring or eliminating debt, our experienced attorneys can provide you with the financial guidance and legal experience you need to provide peace of mind during difficult times. Filing, in many cases, allows individuals to focus on financial recovery by relieving harassment from creditors and providing the opportunity for a fresh start.
Our South Florida lawyers can guide you through all stages of the process. We can provide you with information related to Chapter 7, Chapter 11, Chapter 12 and Chapter 13 bankruptcy and can help you determine which bankruptcy is right for you. In addition to providing legal experience to help you file, our attorneys can also assist you with your financial recovery following bankruptcy discharge.
Filing for bankruptcy can help relieve pressure from creditors so you can focus on rebuilding your financial future. Our experienced attorneys have assisted hundreds of South Florida residents with their bankruptcy needs and offer financial and legal guidance, as well as legal representation, marked by professionalism, effectiveness and compassion.
Boca Raton Bankruptcy Law Firm:
If you are in need of an attorney, or are interested in discussing your financial and legal options as they relate to the various types of bankruptcy available, contact us at 561-367-5166 or fill out the contact form on this page. Our offices are located in Boca Raton, West Palm Beach and Fort Lauderdale, Florida.
Deciding to file can be a difficult and emotional choice, and one that is met with many questions. Our team of experienced lawyers is here to answer your questions and help provide you with solid guidance in determining whether bankruptcy is right for you. We can handle all legal aspects of bankruptcy filings, providing you with a fresh start.
Florida Bankruptcy FAQs
Bankruptcy is a legal process that offers protection to debtors that find themselves in situations in which they are unable to pay their debt. Bankruptcy protection laws protect both individuals and businesses. Various forms of protection are outlined in different sections of federal law and are recognized as Chapter 7, Chapter 11, Chapter 12 and Chapter 13, corresponding to the sections of the bankruptcy code. Voluntary bankruptcy is a process initiated by a debtor to relieve insurmountable debt. If creditors initiate bankruptcy proceedings because they are not being paid, the bankruptcy is considered to be involuntary, although this is a rare occurrence.
A debtor is any individual or business that owes money to another for the repayment of a debt.
A creditor is an individual or business that is owed money by a debtor.
If you file for Chapter 7 bankruptcy, some of your property may be liquidated to pay off outstanding debts, but there are certain assets that are protected, such as a primary residence (your home, car, insurance policies, annuities, 401k, IRA’s, and more). Chapter 13 results in a restructuring of debts that are repaid during a period of 3 -5 years, so assets and property are not sold to satisfy debt repayment. However, since every case is unique, it is important to meet with a qualified bankruptcy attorney to determine what assets and property will be sold off if you file.
There are certain rules and limitations to determine who can file bankruptcy, but most individuals and businesses are eligible for some type of bankruptcy protection. It is best to talk to an experienced lawyer to determine if bankruptcy is right for you (and if so, which type of bankruptcy filing best meets your specific circumstances).
Once a bankruptcy petition is filed, it can take as little as four months for a Chapter 7 bankruptcy to be completed. Chapter 13 bankruptcy is based on a repayment schedule that can last 3 -5 years from the time of bankruptcy filing.
An individual’s credit rating will be negatively affected by filing, but the extent of this impact is dependent on many factors and varies on a case by case basis. When individuals file Chapter 13 and adhere to their debt repayment plan, they begin the process of rebuilding their credit worthiness during the debt repayment period. With proper credit counseling and a renewed commitment to financial responsibility, debtors can rebuild their credit rating over the course of a couple of years following bankruptcy filing. A bankruptcy cannot appear on an individual’s credit report for more than ten years.
There are limitations as to how often bankruptcy protection can be filed and time limits vary based on the type of bankruptcy filed (eight years between filings for Chapter 7 but Chapter 13 can be filed more often). Petitions cannot overlap one another and a great deal of consideration should be given before filing more than once due to the negative impact it can have on a person’s credit rating.
Yes. When you file for bankruptcy protection, you are granted an automatic stay. This prevents creditors from taking any action against you to collect payment, including phone calls, letters, etc. Once a bankruptcy petition is filed, all contact between you and your creditors ceases and communication with creditors is only made by the bankruptcy trustee or your lawyer.
A bankruptcy means test is designed to determine whether an individual debtor is eligible to file Chapter 7. The means test examines a debtor’s income and compares it to the state’s median income to determine whether or not the individual is financially able to pay a portion of their debt in some capacity based on current and recent income history. If a debtor passes the bankruptcy means test, they can file Chapter 7. If debtors do not pass the means test because their income levels are too high, they may still be eligible to file Chapter 13, an option that restructures their debt obligations based on their ability to repay some portion of the debt over a period of 3 – 5 years.
A bankruptcy repayment plan is required when filing Chapter 13. This plan outlines how a debtor’s outstanding debts will be restructured and repaid over a repayment period, which typically lasts between 3 and 5 years. A bankruptcy repayment plan is developed by your attorney and must be approved by the trustee before a debtor’s Chapter 13 plan is confirmed.
We offer legal services in Boca Raton, West Palm Beach, Delray Beach, Boynton Beach, Fort Lauderdale, and surrounding areas.
**Disclaimer: Although we are bankruptcy attorneys, federal law has defined us as a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.