Insurmountable debt can be one of life’s most troubling situations. When individuals or businesses are unable to meet their financial obligations, they can find themselves exposed to various harassing collection efforts, foreclosure, wage garnishments, business failure, repossession, and other troubles. To make matters worse, these situations only worsen with time if a person’s debts are not satisfied in a timely manner. If you or your business are struggling under the weight of mounting debt, it is crucial you seek qualified legal help from a Boynton Beach Bankruptcy Attorney at The Wallace Law Group, PL.
Our founding lawyer, Steven Wallace, has been helping clients find cost-effective and lasting solutions to their debt for more than a decade and can use his skills to get back on track towards financial freedom. With in-depth knowledge in the legal fields of bankruptcy, business law, and tax law, our firm can help you get back in control of your finances and achieve much-needed relief. Whether you are in need of a Chapter 7 or Chapter 13 bankruptcy to solve your personal finances or a larger scale Chapter 11 reorganization plan to save your business, you will find the top-quality legal support you need to get on the road towards a debt-free future.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common and quickest form of bankruptcy for individual consumers. Also known as liquidation bankruptcy, this type of petition provides immediate protection from collection efforts through court-imposed automatic stay. While some of your assets will be liquidated by your bankruptcy trustee and distributed to satisfy creditors, state and federal exemptions allow you to protect many of your assets from being seized by the court. Chapter 7 bankruptcy is a means-based privilege and requires you to submit to an income and debt analysis to determine your eligibility. This type of bankruptcy is meant to allow honest debtors the opportunity to achieve a clean slate.
Chapter 13 Bankruptcy
If you do not qualify for Chapter 7 bankruptcy may still be able to find relief via a Chapter 13 bankruptcy filing. Chapter 13 bankruptcy is available to those who have a steady source of income or who wish to protect certain assets from creditor seizure. Exactly like Chapter 7, Chapter 13 applicants are granted the same protections under automatic stay. Instead of liquidation, however, this method involves creating a three to five year repayment plan which is submitted to the bankruptcy court for approval. Upon completion of this repayment plan, all remaining unsecured debts are discharged.
Chapter 11 Bankruptcy
Small businesses, corporations, partnerships, sole-proprietorships, and certain qualified individuals that are overwhelmed by debt may seek refuge through Chapter 11 bankruptcy. Chapter 11 can involve both reorganization and liquidation. If a reorganization is used, business owners are generally left in control while a court-sanctioned repayment plan is implemented to repay creditors. Otherwise, liquidation of assets will be used to satisfy all debts. This plan, as well as its execution, are left in the bankruptcy court’s control until it is completed.
Wallace Law Group can help with bankruptcy cases in the following locations:
- Palm Beach
- Ft. Myers