Frequently Asked Questions
Insight from Our Palm Beach Attorney
Will I lose my home or car in bankruptcy?
When you file for bankruptcy, there are a variety of options you can pursue
to avoid foreclosure or
repossession. The Law Offices of Carol D. Ellis can help you to determine how best
to proceed based on your personal financial situation. If you are facing
foreclosure, it is important that you act at once before the situation
moves beyond your control.
How do I qualify for Chapter 7?
To qualify for filing
Chapter 7, it is required that you take the "means test." This test determines
your eligibility for Chapter 7. Ensuring that you actually qualify before
filing is important; if you make errors, you could be denied the right
to file, or could even face legal consequences. Our Palm Beach bankruptcy
lawyer has extensive experience in helping clients determine what chapters
of bankruptcy they should file under or other helpful alternatives.
Will my credit be ruined for years after filing for bankruptcy?
Although bankruptcy definitely affects your credit to some extent, most
people discover that once the bankruptcy is final, they can begin rebuilding
their credit. The opportunities to begin regaining credit can arise fairly
quickly after bankruptcy, usually with high interest, secured credit cards
or other offers. If you carefully manage your finances after bankruptcy,
you will soon get better credit offers as time passes. Most people who
must file bankruptcy already had serious problems with their credit report,
which means bankruptcy can give them a clean slate to work from.
Is there any way to fight foreclosure?
Yes, there are numerous ways to avoid
foreclosure on your home or property. The first step is a full review of all mortgage
documents and filings. We have discovered many cases where the filings
were done incorrectly or promises were made to the mortgage holder that
were false. After a review of your documents and financial situation,
we can help you to determine the best course of action to help you fight
What is the difference between contested and uncontested divorce?
The difference between and uncontested and contested
divorce mainly has to do with agreements between the spouses. If both spouses
agree on a divorce and come up with a plan to split their assets with
no objections, this is generally known as an uncontested divorce. However,
if one or more disagreements arises between the involved parties and they
cannot come to a decision without the need of mediation, this is a contested divorce.
What is a trust and why do I need one?
trust is an agreement that transfers assets to people of your choosing. It can
help properly distribute your assets to loved ones and protect them from
various other legal matters. It is another method of safeguarding your
assets and ensuring that your resources will be allocated exactly as you
want them to be after you pass away.
If you have more questions about bankruptcy or any of our other practice
our Palm Beach
(561) 513-5809. We can provide
answers to your additional questions!