If you find yourself swimming and debt with no hope for relief, you should hire a Bankruptcy Attorney in Fort Lauderdale. A lawyer within this field is well-versed in proceedings that may allow them to negotiate a settlement with your creditors and lower your total debt considerably. He or she may also establish a payment schedule through bankruptcy that allows you to pay your debts over time without incurring additional charges.
Foreclosure is a primary reason for filing bankruptcy. It is through bankruptcy that you can secure your property and make adjustments to the monthly payment amount. What you should realize, however, is that a bankruptcy will not affect your interest rate. What you can expect is a combination of your overall debts into one payment option that allows you to pay one monthly payment that fits within your budget. This amount is determined by the bankruptcy laws and guidelines for the state of Florida.
Prevent Automobile Repossession
The probable repossession of your car or truck will also lead to the need for bankruptcy. If you find yourself unable to continue on-time payments due to considerable debt, bankruptcy could be the answer you need. Through this debt-relief option, you may prevent a repossession and secure your assets. If your automobile is considered business property, it is possible to list the loan associated with the automobile within your bankruptcy claim. As business property, you can prevent liquidation by adding this property into the claim if you select the correct method of bankruptcy.
Liquidating Your Assets
A Bankruptcy Attorney in Fort Lauderdale provides you with bankruptcy options, which allow you to liquidate assets to pay off debts. The drawback to this form of bankruptcy is that as a business owner, you may lose control of your company in the process. This is not always the case, but it is a high probability. If you have considered selling part of your business to achieve debt relief, however, this could result in the best option to accomplish the task. It will secure personal assets and prevent them from inclusion in the bankruptcy. These personal assets include your home, vacation property, and personal automobiles.