Deerfield Beach Bankruptcy Attorney
Bankruptcy is a process in which consumers and businesses can eliminate or adjust some or all of their debts under the protection of the federal bankruptcy court and free from the constant harassment of their creditors. Bankruptcy can help you make a fresh start, save your home from foreclosure, or put your sinking business back on a course from the red to the black.
See below for some of the main areas bankruptcy can help you with, and call the Law Office of Adam I. Skolnik, P.A., to discuss bankruptcy or other forms of debt relief for your business or personal finances. Our Deerfield Beach bankruptcy attorney helps clients from Fort Lauderdale to Boca Raton and throughout Broward and Palm Beach counties. Our bankruptcy practice includes:
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Asset Protection
- Business & Corporate Law
- Bankruptcy & Debt Litigation
- Foreclosure Defense
- Loan Modifications
Get a Fresh Start With Chapter 7
In a Chapter 7 bankruptcy, all of your unsecured debt – credit cards, medical bills, personal loans – can be eliminated, or discharged, by the bankruptcy court. Before you can get a discharge of debt, the bankruptcy trustee has the option of selling your non-exempt property and putting the proceeds toward your debt. Thanks to Florida’s generous set of property exemptions, however, bankruptcy attorney Adam Skolnik can help you exempt most or all of your property from sale. Most, if not all, of the Chapter 7 bankruptcies we file are “no-asset” cases. We can also advise you on safe, legal ways to protect your assets from creditors, including reducing the equity in your secured property so that it is exempt from bankruptcy or not attractive to the bankruptcy trustee.
Bankruptcy filers qualify for Chapter 7 if their household income is below the average in Florida. If your income is above the state median, we’ll work with you on the complicated Chapter 7 means test to see if you are eligible. If you still don’t qualify, we’ll discuss with you how you could benefit from Chapter 13 or other debt relief, such as a loan modification.
Save Your Home From Foreclosure with Chapter 13
Chapter 7 is known as “straight bankruptcy” since it involves an outright elimination of debt. Chapter 13, on the other hand, involves a combination of adjusting some debts, eliminating others, and putting you on a plan to pay down your debts over a three or five-year period. We’ll work with you and the bankruptcy trustee to come up with a payment plan you can comfortably and reliably stick to, and at the end of the plan, remaining debts can be discharged. It’s easier to qualify for Chapter 13 than Chapter 7, and you don’t have to worry about the bankruptcy trustee going after any non-exempt property.
Chapter 13 is especially attractive to homeowners in default on their mortgage and facing foreclosure. With Chapter 13, you can roll any missed payments into your plan, curing the default and stopping the foreclosure. If you owe more on your house than its current market value, you might also be able to strip away second or third mortgages as unsecured debt, or cramdown your first mortgage to a more realistic amount. Not only do you avoid an imminent foreclosure, but you also make your mortgage more affordable in the long run.
Turn Your Business Around in Chapter 11
Chapter 11 is used most often by businesses that have fallen on hard times and are facing relentless pressure from their business creditors. Chapter 11 takes that pressure off and gives the owner time to come up with a plan for dealing with debt and other issues standing in the way of the company’s success. In Chapter 11, the business owner creates a plan of reorganization classifying creditor claims and detailing how these claims will be treated, including adjusting debts or modifying contractual terms as needed. Once the bankruptcy court confirms the plan, creditors will be obligated to abide by the plan’s provisions. The business can stay open and operate during the Chapter 11 proceeding, with the owner continuing to run the company as a “debtor in possession” with oversight from the court.
Debt Relief Through Bankruptcy in Deerfield Beach, Boca Raton and Fort Lauderdale
No matter what form of bankruptcy you file, you get immediate relief from the “automatic stay” – a court-ordered hold on foreclosure, repossession, lawsuits and other debt collection efforts. Bankruptcy gives you space from your creditors and the time to figure out a plan without constant worry and harassment. Don’t delay having an important conversation about your financial situation and finding out whether bankruptcy can help. Talk to an experienced Deerfield Beach bankruptcy lawyer today and chart a path now to financial freedom. In Palm Beach or Broward County, call the Law Office of Adam I. Skolnik, P.A., in Deerfield Beach for a free consultation.
