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Preparing For Your Bankruptcy Case

Bankruptcy6

If you are considering bankruptcy in the state of Florida due to overwhelming debt, you may not know how to begin the legal process of filing for bankruptcy. If you have attempted to repay your creditors, but your debt continues to grow, making the final decision to actually file for bankruptcy can be a difficult one. Learn how to prepare for bankruptcy and what legal options may be available to you.

Types of Bankruptcy

There are two types of personal bankruptcy you may file: Chapter 7 and Chapter 13. If you have a great deal of debt, your debt is larger than your monthly income, and you do not have a lot of assets you want to keep, you may want to consider a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is a way to discharge almost all of your debts in a quick manner, however, you may have to liquidate a lot of your assets in order to repay your debt.

A Chapter 13 bankruptcy is technically a reorganization of your debt so that you are able to pay your creditors over time. A Chapter 13 bankruptcy does not discharge a lot of your debt and will take longer to pay off, but you will be able to keep your assets.

Making the decision regarding what type of bankruptcy to choose can be complex and visiting with an experienced bankruptcy attorney can help you make the best decision in your situation.  You also may have no choice on which bankruptcy to declare.  Visiting with an experienced bankruptcy attorney can help you make the best decision in your situation

Document All Debts and Assets

Before you make a decision regarding what type of bankruptcy to file, it is best to complete a full inventory of all of your debts and assets. This inventory will help you determine how much debt you actually have, and what assets you may want to keep or sell. This exercise will not only help you prepare for bankruptcy but also help you determine what type of bankruptcy will be better suited in your specific situation.

Prepare All Documents

Regardless of what type of bankruptcy is appropriate for you, you will need to gather all of your financial documents. Not only will you need documentation of all of your debts and assets, but also proof of your income, credit reports, tax returns, a listing of all creditors, and any other financial documentation you may have.

Filing For Bankruptcy

At this point, the next step is to file for bankruptcy. This step can be challenging as the way the forms are filled out can make the difference between certain debts being discharged or being considered non-dischargeable by the court. The bankruptcy documents are required to be signed under oath, and you will be affirming that all of your statements are true and verifiable.

Contact an Experienced Bankruptcy Attorney Today in West Palm Beach

If you are considering filing for bankruptcy, contact Kelley, Fulton & Kaplan at 561-264-6850 for a consultation. Our experienced West Palm Beach bankruptcy attorneys can help you make the determination on which type of bankruptcy is best for your financial situation, help you gather all of the correct documents, and help you file your petition and necessary documents correctly and in a timely manner.

Resource:

uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-bankruptcy-basics

https://www.kelleylawoffice.com/the-small-business-reorganization-act-makes-bankruptcy-easier-for-small-business-debtors/

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