Explaining Chapter 7&13 Bankruptcy From a Panama City, FL Bankruptcy Lawyers

Bankruptcy is a scary process. Many individuals think that it is the end when they run out of money; this belief is not true. Broke people have a lot of chances of getting better. There are plenty of steps and things you can start doing to get out of being broke. One of those ways is filing bankruptcy with the government. It's smart to find Panama City, FL bankruptcy lawyers to help you with the transition.

When you begin your process, you should start by calculating everything. Calculate your assets, expenses, and funds. Be prepared to show it all to your lawyer. Before you get a lawyer, decide whether to do a Chapter 7 or 13 bankruptcy. These have different filing procedures and processes.

Chapter 7 is a form of bankruptcy where you liquidate your assets. This erases all your debts such as credit cards or medical bills. It erases it completely to where you don't necessarily have to pay any of it back. However, this form is harder to be eligible for. The only way you can do it is if you make the right amount of income. In this case, making less is more beneficial. Someone is assigned to deal with all of your assets that are not protected in liquidation. These are used to pay off your creditors.

Chapter 13 is a kind of payment plan. You are set up to pay back your debts in a given time; the great thing about this is that you keep all of your assets. This is more of a way to help form a plan to getting out of debt completely. If this plan works for you, reach out to a Panama City, FL Chapter 13 bankruptcy lawyer. They are skilled to help you with the full process and help you get out of debt and bankruptcy very quickly.

Bankruptcy might be a dreadful and awful thing to encounter, but it is nowhere near the end. You still have many chances to be able to come back from it. Consider a Panama City, FL debt consolidation lawyer if you are heading toward being bankrupt. They can help formulate a plan to getting you back on your feet.

For more information about Lewis & Jurnovoy, P.A. please call (850) 913-9110 or visit http://www.LewisandJurnovoy.com.