If you are considering filing bankruptcy, let the attorneys at the Wynn Law Firm assist you in determining the best choice for your situation. Either a Chapter 7 bankruptcy or Chapter 13 bankruptcy may be appropriate in certain scenarios. Our attorneys often use what they have coined as the Four Corners Approach when advising everyday consumers on what remedies may be available to them through Bankruptcy. The Four Corners approach takes an in-depth look at these four questions:
• What type of debt do you have?
• What do you desire to do with that Debt?
• How much money is coming into the household each month?
• What type of assets are you trying to protect?
The attorneys at the Wynn Law Firm apply their experience and knowledge to analyzing these questions in order to determine what form of bankruptcy is possibly right for the client.
Most consumers fall within one of two categories: Chapter 7 or Chapter 13. A chapter 7 bankruptcy is a more streamlined, liquidating bankruptcy that allows clients to shed unwanted debt without jeopardizing exempt property. However, if a person finds themselves in a situation where perhaps they are behind on their home or a car and they want to save the asset while dealing with their debt situation on the whole, then a Chapter 13 may be a more appropriate remedy.
Contrary to what you may hear, bankruptcy does not mean that you are going to lose your home, your car, or that you will never be able to borrow money again. Bankruptcy is a powerful tool that lets everyday people even the playing field in an unfair environment in order to achieve financial relief and freedom.
It is important for all consumers to know that both Chapter 7 and Chapter 13 provide them with the relief and full discharge that they are looking for in bankruptcy; however, deciding which type of bankruptcy is best suited for a person takes skill, knowledge, and creativity. These are the types of traits that have helped the attorneys of the Wynn Law Firm serve the citizens of the Florida Panhandle and Beyond for over 40 years.