Loan Lawyers is a debt relief law firm that you can turn to when you’re unsure of how to handle your overwhelming amount of debt. We have earned a credible reputation for our exceptional bankruptcy services throughout South Florida because of our experience and our successful track record. We strive to provide the best customer service and legal consultation for our clients, no matter what their financial situation may be.
At Loan Lawyers, we know how stressful it can be for our clients when they are deciding whether or not to file for bankruptcy. This is why we want our clients to know that their financial stability is important to us.
Because bankruptcy can be a long and complicated process, we want to ensure our clients that we have their backs and will do our best to get them the best debt relief solution possible for their specific situation.
Filing For Bankruptcy
There are three common chapters of bankruptcy that consumers typically file under. Depending on the circumstances surrounding your debt, you can file under Chapter 7, Chapter 13, or Chapter 11 bankruptcy.
- Chapter 7 Bankruptcy – Chapter 7 requires individuals to pass a Means Test, which weighs their income against your overall debt amount. If you qualify, you can reduce or eliminate your debt by liquidating assets and applying that value to what you owe your lenders. These assets can include household goods, personal property, pensions, retirement accounts, vehicles, and more.
- Chapter 13 Bankruptcy – If you do not qualify for Chapter 7 bankruptcy, you can file under Chapter 13 bankruptcy. With this chapter, you can work on negotiating new terms for your current debt payment plan, so that you are better able to make payments under terms that are more suitable for your financial picture.
- Chapter 11 Bankruptcy – This chapter is basically for a “reorganization” for businesses that have a large amount of business loan debt, but they are still receiving an income. In this chapter, business owners can liquidate assets and restructure other debt.
Contact Our Miami Lakes Bankruptcy Attorneys Today
For more information, contact our experienced Miami Lakes bankruptcy attorneys and schedule a consultation today.
