Learning About Services Provided by Bankruptcy Attorneys in Lake Worth, FL

by | Sep 16, 2019 | Lawyers

By the time someone is ready to file for bankruptcy, it may be extremely difficult to even come up with the required fees for the service. Many Bankruptcy Attorneys in Lake Worth FL offer payment arrangements for their fees, knowing that the individuals are dealing with serious financial struggles. Court filing fees cannot be delayed, though. Those run from $310 for Chapter 13 to $335 for Chapter 7 as of 2019, and these are federally established fees.

Information the Client Must Provide

Bankruptcy Attorneys in Lake Worth FL must be provided with the client’s income statement, a list of monthly expenses, and a list of debts and assets. This helps determine whether Chapter 7 or Chapter 13 is the more suitable option. Many men and women have done enough research by now to know whether they would qualify for the repayment program of Chapter 13 or whether liquidation through Chapter 7 is the only possibility.

Relevant Statistics

Men and women may feel embarrassed and defeated when they take this step. They should understand that around 800,000 U.S. residents file for bankruptcy every year. Doing so is an effective way to regain control over one’s finances. The person either makes a completely fresh start with Chapter 7 or works on a more affordable way to pay back the money owed through Chapter 13.

About the Process

Filing for bankruptcy normally requires several meetings and at least one court hearing. Complicated paperwork must be completed correctly before the filing will be approved. Chapter 7 is more straightforward than Chapter 13. In Chapter 13, a trustee must combine all qualifying debts and divide them among the creditors to come up with an affordable monthly payment. The repayment plan can be structured for up to five years. The creditors also must agree on the plan.

Not all debts qualify for the Chapter 7 or Chapter 13 plans. Student loan debt normally must be handled outside of bankruptcy. Chapter 7 cannot liquidate back child support or spousal support payments. For more information on these plans, a consumer may visit our website, the site for the Law Offices of Sean I. Koplow.

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