A large segment of the economy in the United States runs off of consumer debt. That debt moves products, rings cash registers and keeps hundreds of thousands of people employed. A person or a family might have something happen through no fault of their own, and suddenly, they’re financially distressed and need help. That’s one of the reasons why we have bankruptcy laws. They keep the stream of commerce that runs across our nation flowing freely.
Most people who file for protection under the U.S. Bankruptcy Code are good people who often can’t believe that they’re even considering filing for such protection. They might have lost their job, their health care benefits or even their spouse. Humberto Rivera is a bankruptcy attorney in West Palm Beach, and most of the financial problems that he provides solutions for spin off of one of the above reasons.
A Chapter 7 bankruptcy is a liquidation that allows you to discharge unsecured debts like credit card balances, personal judgments against you or medical bills. You might even be able to keep certain assets by reaffirming them and continuing to pay on them. So long as you pass a means test, you’re eligible for Chapter 7 relief. If you can’t pass this means test, Mr. Rivera might still help you with substantial debt relief through a Chapter 13 bankruptcy repayment plan wherein you would have three to five years in which to get caught up on your bills. A Chapter 13 plan can stop a foreclosure action and call a halt to repossession of personal property.
If you’re drowning in debt and sinking quickly, call our bankruptcy attorneys in West Palm Beach at 786-529-6060.
