Pompano Beach Personal Bankruptcy Attorney
Liquidation vs. Reorganization - Which is best for me?
If you are seeking a fresh financial start, you have several bankruptcy options available to you. These many options may at first seem overwhelming. However, all bankruptcy options can be boiled down to two debt relief methods: Liquidation and Reorganization.
Each of these options has their own benefits and drawbacks. An experienced bankruptcy attorney can best help you identify the right type of bankruptcy to file to effectively discharge your debts.
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Decades of ProficiencyWith two decades of dedicated service, we've assisted countless clients with their legal needs, covering 67 counties in Florida.
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What is Liquidation Bankruptcy?
A liquidation is the sale of the debtor’s assets and the use of the proceeds of that sale to issue disbursements to the creditors that are owed money by the debtor. In certain cases, the debtor will be able to retain assets that are exempt under the law.
There are several bankruptcy chapters that utilize liquidation, the most common of which is Chapter 7. You should consult bankruptcy attorney prior to filing a liquidation bankruptcy. This type of bankruptcy can lead to the forced sale of assets as well as claims being brought by a private trustee.
The professionals at Bilu Law, P.A. are here to advise you on potential liquidation options. We can help determine your exempt assets and guide you through this process.
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What should I do if I'm considering filing for bankruptcy protection?If you are considering filing for bankruptcy protection it is important to speak with an experienced attorney who can review your unique situation and provide legal advice so that you can move forward and find financial freedom.
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Does filing for bankruptcy mean my business will close?Not necessarily. Depending on the chapter of bankruptcy that is filed, a business may be able to continue operations while reorganizing their debts in a payment plan.
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I'm honored to leave Bilu Law this great review. After calling many lawyers in Florida about a real estate issue, I felt Bilu Law genuinely cared. They listened, asked the right questions, and made my desired outcome their priority. The cost was reasonable, and their dedication was relentless.- Carlos -
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"I had the pleasure of working with Ron Bilu and his assistant Andrea. Choosing this law firm was the best decision I have ever made. Both Ron and Andrea were with me every step of the way and were very kind, helpful, and knowledgeable. In the end i was very pleased with the results and would recommend his services to anyone in need of a great real estate attorney. Thankyou so much Ron!"- Doris -
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What is Reorganization Bankruptcy?
A reorganization is a bankruptcy where the debtor proposes a plan to repay creditors. This repayment plan may offer to pay creditors a fraction of their claims against the debtor. It may also permit the extension of payments over a certain period of time to allow the debtor to better control their financial situation.
Importantly, a reorganization will avoid liquidation of the debtor’s assets to repay debts as long as the court can confirm the debtor’s proposed repayment plan. Such forms of bankruptcy can be effective for saving a home from foreclosure.
Several bankruptcy chapters use reorganization, such as Chapter 13. A bankruptcy lawyer can help you develop your repayment plan and file under the right chapter to handle your debts.
Learn more about how Bilu Law can help you by reaching out to us online or calling (954) 239-7386. We offer free initial consultations for debtors throughout South Florida.
