Wellington Bankruptcy Attorney
The Wellington bankruptcy attorneys at the Law Office of Kelley, Fulton & Kaplan help ensure that your bankruptcy proceedings go as smoothly as possible. At Kelley, Fulton & Kaplan, we work with a wide range of people who are struggling with financial difficulties and finally decide to start anew by declaring Chapter 7. Also, we ably provide services to those who are still liquid enough to file Chapter 13. One of the first things we will do is help you determine if you should and can file and whether you’re a candidate for Chapter 7 or Chapter 13 bankruptcy.
Determining If You Should File
In essence in order to file for bankruptcy, your debts must be greater than your assets. You are basically insolvent under bankruptcy because you can no longer afford to pay off your debt or meet your minimum financial obligations to your creditors. For those who want to file for Chapter 7, which much of your debt it forgiven, there is a two-part means test.
The first part of the test is used to figure out if you can repay 25 percent of your unsecured debt, such as credit card debt. Before this is determined exemptions are subtracted from income. Things such as rent and food are considered to be exemptions. These are accounted for before any creditors are paid.
Part two of the test compares your income to the median income for your state in conjunction with the size of your family. If your income is at or above the median income, you may not file for Chapter 7. You may file for Chapter 13 and with that develop a payment plan through the court. You may file under Chapter 7 if your income is below the median.
A Bankruptcy Lawyer Can Help
In collecting and organizing all of your financial information, the bankruptcy attorneys in Wellington at the Law Office of Kelley, Fulton & Kaplan, can be a big help. Your Kelley, Fulton & Kaplan bankruptcy lawyer will help you organize your debt and assets, make sure that you have provided all necessary information, and aid you in determining if you should file for Chapter 7 or 13. Plus, your attorney will fill out all necessary legal paperwork, coordinate all documentation, and file your petition with the court.
Along with enabling you to determine whether you may file for Chapter 7 or 13, your attorney will file your petition with the court, be with you during your hearing when you may face creditors and will have to answer questions under oath, and will also support you during the session when the court determines whether or not your bankruptcy is final.
Benefits You’ll Realize
When you file for bankruptcy all of your creditors will be contacted and a stay will be issued. The stay informs your creditors that during the bankruptcy process they can no longer contact you demanding payment or to discuss your debt. Once your bankruptcy is complete, you’ll be free from the inquiries of creditors and will be able to start anew, slow rebuilding your credit and saving money.
Contact Experienced Wellington Bankruptcy Attorneys
Contact the Law Office of Kelley, Fulton & Kaplan at 561-264-6850 today and one of our Wellington bankruptcy attorneys will gladly offer more information concerning how we can help you relieve your financial stress. Our experienced and knowledgeable bankruptcy attorneys will aid you in facilitating your bankruptcy, giving you a new financial start. Bankruptcy is not a badge of dishonor. It is a legal way for those who are under extreme financial stress to relieve crippling debt and rediscover their fiscal balance.