If you need a West Palm Beach bankruptcy attorney, you will find Brian K. McMahon, P.A., to be a reliable expert. He is a Palm Beach County native who has represented clients facing bankruptcy for the past twenty (20) years.

Attorney McMahon offers years of experience in Chapter 7, Chapter 11, and Chapter 13 bankruptcy for individuals and businesses. His credentials also include significant work as a personal injury attorney for numerous clients.

As a West Palm Beach bankruptcy attorney, Attorney McMahon helps clients deal primarily with three types of bankruptcy:

1  Chapter 7

2  Chapter 11

3  Chapter 13

The Chapter that you file will depend upon your income level and the number of assets in your possession.
It may help to learn more about each type of bankruptcy, so continue reading to understand how the process works. With this knowledge, you can then hire an experienced bankruptcy attorney in West Palm Beach to protect your financial future.

For individuals, Chapter 7 bankruptcy serves as a liquidation process. The initial steps are relatively straightforward. You attend a bankruptcy court and list a “schedule” of your debts, assets, expenses, income, and financial statement.

Before the court, you declare that you lack the assets to pay off your debt. Chapter 7 frequently occurs in cases involving credit card debt.

You must also provide a list of your own assets, such as a house or a car. Different state laws allow an exemption for some items in your possession from this list. These exemptions ensure that creditors or trustees cannot seize those possessions. In Florida, these exemptions include home and retirement plans, though the only protect up to a set limit.

Although some clients may prefer Chapter 7 bankruptcy due to the relative speediness of the process, it can become more difficult for the client if any issues arise during the process.

In both Chapter 7 and Chapter 13 bankruptcy cases, a bankruptcy trustee becomes appointed to oversee and investigate the debtor’s bankruptcy estate, which is a legal entity comprising the debtor’s property.

As an experienced bankruptcy lawyer, Attorney McMahon can offer legal guidance on the best way to move forward with your bankruptcy filing and deal with trustees.

Chapter 13 applies only in specific circumstances. Chapter 13 might be appropriate if you:

1  Earn more than the medium income (or $74,000 in Florida for a family of four)

2 Have fallen behind on mortgage payments

3 Want to retain assets that do not receive protection from the law

In any Chapter 13 filing, Attorney McMahon works with clients to come up with a payment plan to present to the bankruptcy court. Despite what some websites may say, you do not need to pay off all your debt under Chapter 13. Instead, you create a payment plan based on how much you can reasonably afford.

While most bankruptcies in West Palm Beach will fall under Chapter 7 and Chapter 13, Chapter 11 bankruptcies still occur when an individual or business faces exceedingly high levels of debt.

According to US bankruptcy law, Chapter 11 falls under “reorganization” bankruptcy. It is a standard tool for businesses that may have a better chance at financial recovery if they restructure their debt under this filing.

As an individual, you should consider filing Chapter 11 bankruptcy if you possess an expansive investment portfolio with numerous debt-burdened properties.

Deciding whether to file for bankruptcy will not be an easy decision, nor should it be. Common reasons to file for bankruptcy include:

1 Losing your job

2 medical debt

3 Entering a divorce settlement

4 Accumulating credit card debt

5 Withdrawing from your 401(k) to pay down debt

Whatever the reason, if you expect to receive an unpayable bill, bankruptcy might be worth considering.
However, your situation and level of debt will determine if filing for bankruptcy makes sense. You may be able to ease your financial burden through debt management programs, loan consolidation, or strict budgeting.
Therefore, you should consult a qualified West Palm Beach bankruptcy attorney before making any hasty decisions.