Boca Raton Bankruptcy Attorney
Bankruptcy is the legally declared inability or impairment of a person or corporation’s abilities to pay their creditors. Bankruptcy can be involuntary when a creditor files the claim, or voluntary if the debtor files the claim.
If you are struggling to maintain your finances and are facing an increasing amount of debt, our Boca Raton bankruptcy attorneys have the resources and experience to assist you. Contact Eric N. Klein & Associates, P.A., today at 561-353-2800 to discuss your options for restarting your finances.
Types of Bankruptcy
The primary purposes of bankruptcy are 1) to repay creditors in an orderly manner and 2) to give honest debtors a chance to restart their financial life. Bankruptcy allows a debtor to discharge debts or restructure his or her finances to pay off outstanding debts. The primary forms of bankruptcy for individuals and businesses include:
- Chapter 7 Bankruptcy. Liquidation bankruptcy in which a debtor liquidates assets in order to discharge debts. Available to individuals and businesses.
- Chapter 11 Bankruptcy. Reorganization bankruptcy that is available to both businesses and individuals but is most commonly used by businesses. A business may continue operating throughout the bankruptcy process and develop a repayment plan for satisfying creditors’ claims.
- Chapter 13 Bankruptcy. Reorganization bankruptcy available only to individuals. The debtor revaluates assets and debts to develop a repayment plan to pay off outstanding debts.
Depending on your circumstances, one type of bankruptcy may be more ideal for your situation than others. Our South Florida bankruptcy attorneys can help you evaluate your finances and legal options to determine which filing would be most beneficial for you. We can help you with your filing, repayment plan, and other legal aspects of your case so that you can start your financial recovery.
Contact Us
For a confidential consultation regarding your financial situation and bankruptcy options, contact a South Florida bankruptcy lawyer of Eric N. Klein & Associates, P.A., today at 561-353-2800.
