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Wellington Bankruptcy Attorney

It can be very easy to feel alone when you decide to file for bankruptcy, but in truth, almost 800,000 people filed for bankruptcy in 2016 (the most recent available year of data). While it can be difficult and intimidating, bankruptcy is the single best method to restart your credit after some tough financial times, and the law gives many chances to get your finances back on track. Having an experienced Wellington bankruptcy attorney on your side can help the process go more smoothly.

Individual and Business Bankruptcies

The majority of bankruptcies are individual in nature, filed under either Chapter 7 or Chapter 13 of the Bankruptcy Code. A knowledgeable attorney will be able to assess which type of filing is best for an individual’s specific situation, as the two chapters are aimed at those with very different assets. A Chapter 7 bankruptcy is intended to primarily clear unsecured debt (that is, debt not secured by collateral), examples of which would be medical debts and credit card loans. Generally, a debtor’s non-exempt assets are sold off to cover as much as possible, with most of the remaining unsecured debt wiped out by discharge. A Chapter 13 bankruptcy is intended for those with more assets, and is more a reorganization of debt than discharging it entirely.

While individual bankruptcies have become more common, many are unaware that businesses can also file for protection under the U.S. Bankruptcy Code, and often do, using Chapters 7, 11, or in some rare cases, Chapter 12. It is important to keep in mind that if one is a sole proprietor of a business, though, they must file an individual bankruptcy plan under Chapter 7 or 13, or as a “debtor in possession” under Chapter 11, because a sole proprietor’s personal assets serve as business assets in such an arrangement.

An Attorney Works For You

One might wonder what an attorney can do for someone in bankruptcy, but the most important thing that a bankruptcy lawyer can do for you is to act as a go-between with creditors and government workers like bankruptcy trustees. Your attorney should complete the relevant paperwork and ensure it is filed in a timely manner, as well as representing you at the mandatory creditors’ hearing. Perhaps most important of all, an experienced bankruptcy attorney will be aware of the little details that most laymen might miss. For example, a person is not able to file for Chapter 13 debt reorganization if they have more than $394,725 in unsecured debt (or $1,184,200 in secured debt, such as auto loans or mortgages). This is not a well known fact.

It is also a good idea to have representation if a creditor decides to challenge your bankruptcy case in what is called an adversary proceeding. Adversary proceedings can be brought over several different issues, such as potential discharge objections or debates over priority of unsecured liens, but they are litigated like mini-lawsuits – not technically part of the bankruptcy, but a tangential matter. Trying to go through such things alone can be extremely intimidating and can wind up costing you money in the long run.

Contact Our Wellington Bankruptcy Attorneys For Help Today

Bankruptcy is a long process that can feel insurmountable, especially if you are alone. The Wellington bankruptcy attorneys at Markarian & Hayes use our business minded problem solving approach to work with you toward an outcome that lets you get back on your feet. To schedule an initial appointment, you can use our web form or call us.

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Markarian & Hayes
Markarian & Hayes is located in Palm Beach, Wellington & Vero Beach, Florida and serves clients across Florida from Vero Beach to the Florida Keys, including those in and around Palm Beach, West Palm Beach, Pahokee, Delray Beach, Loxahatchee, Coral Springs, Boca Raton, Boynton Beach, Lake Worth, Deerfield Beach, South Bay, Pompano Beach, Hobe Sound, Stuart, Port St. Lucie, Sebastian, Fort Pierce, Hollywood, Tampa, Tallahassee, Orlando, Martin County, Broward County, Hillsborough County, Leon County, Palm Beach County, Fort Lauderdale, Miami-Dade County and Sebastian. The firm’s lawyers also have a long history representing clients’ interests throughout the Caribbean.
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