When is Bankruptcy a Viable Option?
By David Kovari | Published on August 8, 2011 | 0 Comments
Filing bankruptcy is a tough decision and once you’ve decided to take that step, finding a qualified attorney should be a top priority.
Mr. David Kovari, a Boca Raton Chapter 13 attorney says the economic downturn created a surplus of bankruptcy lawyers and paralegal services, not of all which are qualified or willing to ensure your case will be filed correctly.
With more than 16 years of experience in bankruptcy law, Mr. Kovari has seen plenty of unqualified, suspect firms take advantage of struggling Americans either through debt consolidation scams or improper filing of bankruptcy paperwork.
The founder of The Law Offices of David Kovari says it’s important to go with an experienced attorney who will handle the case right the first time. This Boca Raton Chapter 13 attorney specializes in Chapter 13 and Chapter 7 bankruptcy and says both can be powerful tools to help people get rid of debt and put their finances back on track.
A means test is used to determine what type of bankruptcy someone is eligible for. Someone who doesn’t meet the means test due to income requirements could file Chapter 13, which is also known as individual reorganization. Through reorganization, debt may be reduced to pennies on the dollar, thereby greatly reducing monthly payments.
Mr. Kovari says too many people consider debt consolidation plans as their first option and don’t consult a bankruptcy attorney to learn what other possible alternatives, if any, may be available. Debt consolidation schemes may be costly and may still leave an individual with unaffordable monthly payments. Mr. Kovari recommends consulting a Boca Raton Chapter 13 attorney to determine what options best suit your situation.
Mr. Kovari says creditors and banks may want people to believe it will take several years to rebuild credit after a bankruptcy filing. The Boca Raton Chapter 13 attorney states that many individuals who file bankruptcy may be able to improve their credit scores in a short period of time.
For many people, bankruptcy offers an opportunity to wipe out debt and start all over again without the pressure of constant calls and threats from creditors.
*Disclaimer: This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.