If you’re having financial difficulties and your debts have become overwhelming, you already know how stressful financial instability can be. Not only are you dealing with creditors trying to reach you day and night, but you may also worry about losing your car, your home, and other valuable assets. In a situation like this, it can seem like there’s no way out. However, bankruptcy offers a lifeline to people and families with major financial problems.
A bankruptcy lawyer is an essential ally if you’re thinking about filing bankruptcy. The foreclosure defense, debt defense, and bankruptcy attorneys at Loan Lawyers have been helping Florida residents find their financial footing again for decades. Our Miami-Dade bankruptcy attorneys have more than 100 years of combined experience and have had more than $100 million in debt and mortgage principal wiped out for our clients. To learn more about how our Florida bankruptcy lawyers can help with your case, contact our office today.
How the Bankruptcy Attorneys at Loan Lawyers Can Help You?
Here are a few of the ways that our bankruptcy attorneys can help you:
- Helping you find the right bankruptcy option — There are many different options when it comes to filing for bankruptcy, and it’s important to choose the right option for your situation. A law firm can go over your situation with you and find the best way forward. At Loan Lawyers, our Miami-Dade bankruptcy attorneys want to help you find the solution that is truly best for you.
- Helping you fill out your bankruptcy application — To get you the financial relief you need as soon as possible, it’s a good idea to get legal counsel from an attorney when you’re filling out your initial bankruptcy application. There’s a lot of information required in these applications. Failing to include everything that’s required or filling out a form incorrectly could have major ramifications for your case. You could potentially have your application denied if you fill something out incorrectly or even find yourself looking at allegations of fraud. Don’t take any chances – get help from a knowledgeable Miami bankruptcy lawyer.
- Representing you in court hearings — Most bankruptcy cases require you or your legal representative to appear in court before a judge at least once. It’s important to have someone on your side in the courtroom who is familiar with the procedural rules. A Miami-Dade bankruptcy attorney can attend any court hearings related to your case to defend your rights and keep your creditors at bay.
Types of Bankruptcy
There are several different types of bankruptcy available for individuals and businesses. They include:
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy application is what most people think of when they picture filing for bankruptcy. A Chapter 7 bankruptcy is often referred to as a “liquidation” bankruptcy because you have to sell (or “liquidate”) your non-exempt assets to pay back a portion of your debts. Our knowledgeable bankruptcy lawyers can work with you to maximize your exemptions so you can keep as much of your property as possible.
Once you’ve filed your application and your non-exempt assets have been sold, the judge will determine which of your debts will be wiped out. While bankruptcy allows you to discharge many of your debts, some debts cannot be eliminated through the bankruptcy process. These include certain student loans, unpaid alimony and child support, some unpaid back taxes, and some debts related to unpaid personal injury awards.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy filing is what most individuals or married couples use if they don’t file under Chapter 7. A Chapter 13 bankruptcy (also known as a “reorganization” bankruptcy) allows you to potentially keep more of your assets, assuming you meet certain requirements.
When you file for bankruptcy under Chapter 13, you’ll include certain information about your debts, current income, available assets, and expenses. You can then take this information and work out a plan with your creditors to pay back some of your debts over a three- or five-year period.
Once your repayment plan has been approved, you’ll start making payments to your creditors. Assuming you make all of your payments on time, your remaining eligible debts will be discharged once you’ve finished your repayment plan.
Chapter 11 Bankruptcy
Chapter 11 is what many businesses use when they file for bankruptcy, though it’s also available to individuals in some cases. A Chapter 11 bankruptcy is similar to applying for bankruptcy under Chapter 13 in that they’re both “reorganization” bankruptcy filings instead of liquidations. The fees are higher and the process to have your debts discharged is more complicated under Chapter 11, though, which is partly why it’s more popular with businesses instead of individuals.
If you own a business and apply for Chapter 11 bankruptcy, you will likely maintain control over the day-to-day operations of the business (though some actions will require court approval). After you’ve filed your initial paperwork, you’ll work with your creditors and the courts to come up with a repayment plan. You can also ease your debt burden in other ways by extending the term of your loans, getting your interest rate or principal reduced, and so on. Many business owners find that Chapter 11 can be a much better option than shutting down their operations.
Filing for Bankruptcy in Florida
A bankruptcy lawyer can describe the financial information you need to file bankruptcy and fill out your court paperwork. Bankruptcy lawyers can also explain whether you qualify for Chapter 7 bankruptcy under the means test.
If your monthly household income is lower than the median household income level for the state, you automatically qualify for Chapter 7 bankruptcy. If your monthly income is higher than the median for a family the same size as yours in Florida, to qualify for Chapter 7, you’ll have to prove that you’ll have little to no disposable income left after your regular monthly expenses are paid. A law firm can help you with the means test or any other aspect of the Florida bankruptcy process.
Cities in Miami-Dade County We Serve
Explore Your Options With a Miami-Dade Bankruptcy Lawyer
If your financial situation has reached the point where you’re considering bankruptcy, call Loan Lawyers right away. We have the experience and skills to help you determine the best path forward when you need a fresh start. We will always put your interests first and give the best advice and guidance based on your situation and needs. Contact our office today for a free initial consultation.
