If you are wondering whether to file for bankruptcy, you are perhaps thinking about the consequences of the decision. A bankruptcy attorney will be the best ally to be on your side during this time. Many people who rush to file for bankruptcy end up devastated because of a dismissal of their application based on failure to pass the means test or because of abusing the bankruptcy.
Where a bankruptcy court deems your case abusive under the provisions of totality of the circumstances, you will forfeit the entire process. A court will determine whether your schedule of debts, income and expenses is favorable to help you remain with left over income that can be used to service your debts. The court will also consider your spending habits and the net worth of your assets. You are allowed to provide a statement of reasons justifying your lack of ability to repay your current debts. If the court observes a lack of good faith, you may risk losing your quest.
When filing for bankruptcy, you need to know that some cases fall clearly under chapter 7, while others do not. Often times, it is difficult to know whether the financial situation of an applicant qualifies under a specific chapter. Therefore, it requires a careful examination of the case to determine the best-suited chapter that captures the scenario. A reliable Bankruptcy Attorney in Fort Lauderdale will spend a generous amount of time to evaluate your case and discuss the situation with you.
A bankruptcy attorney, in the strictest sense, doesn’t promote or sell bankruptcy, but rather helps people avoid the same. Scott B. Babbitt P.A. Fort Lauderdale can help you evaluate all possible options and work out the best plan for settlement of debts or issues that are making you incapable to pay your creditors. Processes involving settlement agreements require huge payments to creditors. Moreover, there are tax implications of this approach. Therefore, you need to get expert advice from an experienced bankruptcy attorney before making any move aimed at settling payments to your creditors.
A Bankruptcy Attorney in Fort Lauderdale who is qualified and experienced can put you to an advantage compared with credit counseling agencies when it comes to discussing your matter with creditors. They have custom solutions to every person since they understand that every person has unique reasons that lead them into bankruptcy.