Bankruptcy Our Client's Success Is Everything

West Palm Beach Bankruptcy Lawyer

Helping Clients Obtain Freedom from Debt

Under the United State Bankruptcy Code, personal bankruptcy may be filed by either filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Chapter 7 Bankruptcy is a liquidation of non-exempt assets which are distributed among your creditors to pay off your debt, while Chapter 13 Bankruptcy is payment plan made up of disposable income over a period of 3 to 5 years. If you are considering filing for bankruptcy, let Asghar Law help. Our team has the experience to help you get through the proceedings with confidence.

Dial (561) 609-0032 now and schedule your 60-minute consultation with the West Palm Beach bankruptcy lawyer at Asghar Law. You can also contact us online.

The Limitations of Bankruptcy

Not everyone qualifies for Chapter 7 Bankruptcy. In order to do so, an individual must make less than the state median income or qualify under the "means test." An individual who qualifies can file for Chapter 7 Bankruptcy and receive relief for eight years from the date of the debt’s discharge.

Chapter 13 Bankruptcy may only be filed if the individual has less than $307,675 in unsecured debt and less than $922,975 in secured debt. Chapter 13 discharge won’t be granted if debtor received discharge in Chapter 7, 11, or 12 four years earlier or more or a previous Chapter 13 discharge two years before.

Eliminate Your Debt

Chapter 7 Bankruptcy eliminates many kinds of debt, providing you with much-needed relief and peace of mind. However, there are some debts which cannot be resolved through Chapter 7 Bankruptcy.

Debts which cannot be forgiven include:

  • Student loans
  • Support obligations
  • Taxes

This will take place immediately upon discharge by the bankruptcy court. Chapter 13 Bankruptcy is similar to Chapter 7 Bankruptcy in that all debt is discharged except for student loans, support obligations, and taxes. However unlike Chapter 7 Bankruptcy, an individual is considered liable to their creditors in a Chapter 13 Bankruptcy until the payment plan is completed in 3 to 5 years.

Effect on Credit Score

The incidence of Chapter 7 Bankruptcy will remain on a person’s credit score for up to 10 years from the date of the filing. A Chapter 13 Bankruptcy may also appear up to 10 years on your credit report, however some creditors may report it only for 7 years.

If you are interested in having a bankruptcy consultation, please call (561) 609-0032 today.

The Asghar Law Guarantee

  • Your consultation will always be with an attorney, not a paralegal or case worker.
  • Multilingual staff members to help with your case.
  • Continuous updates on your case and detailed explanations on every step and changes in the law.
  • Customized plan of action created by the firm regarding your particular case.
  • Convenient payment plans available.

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