If you have found yourself stuck in a situation where your debt keeps piling up, and you continue to live paycheck to paycheck, it may be time to explore what debt relief options are available to you. One of the major ways in which consumers are able to get back on their feet financially is through filing for bankruptcy. Because many people think of bankruptcy in a negative light, they often tend to hesitate to move forward with filing. However, filing for bankruptcy can help you regain control of your finances and work toward financial freedom again.
At Loan Lawyers, we can help you understand the bankruptcy process and assist in navigating the entire process.
We are well aware of how different everyone’s financial situation may be – whether you are experiencing debt because of unforeseen medical expenses, the loss of a job, or simply just credit card debt that continues to pile up, we have the necessary experience to help you reach debt relief today.
Experienced Medley Bankruptcy Lawyers
At Loan Lawyers, we work for you. We know how stressful it is to be in debt and not know when you will have your finances under control once again. This is why we thoroughly review each and every case individually to determine the best course of action for debt relief. We also ensure that you are familiar with all of the processes and where we are at each step of the process. We believe in being fully transparent with our clients, and we believe in handling all of the complicated matters so that you do not have even more added stress.
How the Bankruptcy Process Works
There are different chapters of bankruptcy that you can file under depending on your current financial situation and what your ultimate objectives are. In most cases, consumers will file under Chapter 7 or Chapter 13, but it is possible for some consumers to file under Chapter 11 as well.
- Chapter 7: Otherwise known as liquidation, Chapter 7 is for those who have a massive amount of debt and a low income. After you pass what is called a Means Test, you will typically sell any nonexempt assets to pay your creditors back. The good news with Chapter 7 is that you are usually able to keep your home or other valuable assets, like your car, for example.
- Chapter 13: For those that do not qualify for Chapter 7 because their income is too high or their debt is too low, they will more than likely file under Chapter 13. In this case, you are granted an extended timeline to repay your debts and can even negotiate the monthly payment amount.
- Chapter 11: Chapter 11 is usually filed under small business owners who have a large income but also very high business or personal loans. Some consumers may file under this chapter if they have too high of debt for either of the above chapters.
Contact Our Medley Bankruptcy Attorneys
With over 100 years of combined experience, we have helped residents all over South Florida get ahead of their debt. Now is the time to move forward with exploring your debt relief options. Don’t let things get worse before they get better. Our experienced debt defense lawyer is here and ready to help. Contact us today and schedule a consultation
