While many people are reluctant to file bankruptcy due to the stigma, it is actually a right that allows individuals to get back on their feet financially. While bankruptcy is a way to start the path to financial freedom again, it can be a complicated process.
At Loan Lawyers, we have over 90 years of combined experience in helping individuals successfully navigate through the bankruptcy process and our Cooper City bankruptcy attorneys are here to help
The Florida Bankruptcy Process
Because the process of filing for bankruptcy can be difficult to comprehend and maneuver, you must have a qualified and knowledgeable bankruptcy lawyer to help you along the way. Not only can our Florida bankruptcy attorneys help you with the actual filing, but they can also assist with making sure you can keep your assets and property, as well as assist with a better way to manage your future bills and payments.
Our goal at Loan Lawyers is to assist you with restructuring your debt. There are a variety of ways in which we can accomplish this. Some of the most common avenues include:
- Modifying current mortgage plans and loans through bankruptcy court
- Eliminating any second mortgages where possible
- Decreasing investment property mortgages to the current market value
There are different chapters that you can file under when it comes to bankruptcy based on your requirements. Below are the three options.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the first option that we tend to look at when it comes to filing for bankruptcy. Chapter 7 allows you to eliminate most, if not all, of your debt. To be eligible to file under this chapter, you must take a ‘Means Test’ that looks at your finances, income, and your current level of debt.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is for those who do not meet the criteria for filing under Chapter 7. Under Chapter 13, you can restructure your debt, extend payment timelines, or reduce monthly payments to get on the path to financial stability again.
Chapter 11 Bankruptcy
Finally, the last option is to file under a Chapter 11 Bankruptcy. This is most common when individuals are business owners and are facing a large amount of debt from business loans. However, there are cases when individuals do not qualify for Chapter 7 but their debt is too high for Chapter 13, therefore, they must file under Chapter 11.
We know how stressful it can be when you are unsure of how to handle your debt situation. We want to make sure that you have the best resources on your side so that you can be on your way to financial freedom as quickly as possible.
Contact Our Bankruptcy Attorney in Cooper City, Florida
If you are facing a large amount of debt and need assistance, contact Loan Lawyers for a free consultation today.
For more information from our Fort Lauderdale bankruptcy attorney, give us a call at 844-344-4813.
