Whether it’s unexpected medical bills, credit card debt buildup, business loans, or other types of expenses, it can be a very stressful situation when you are unsure of how you will repay your debts and get caught up financially. However, there are options available to you, including filing for bankruptcy as well as other alternatives if bankruptcy is not the ideal option at this time for your current situation. The first step is to contact an experienced Sunny Isles Beach bankruptcy attorney for a consultation to review the options available to you based on your financial picture.
Loan Lawyers is the leading bankruptcy law firm in South Florida with over 100 years of combined experience in helping South Florida residents overcome their debt and get a fresh start financially.
Experienced Sunny Isles Beach Bankruptcy Lawyers
When you are faced with a large amount of debt and are hesitant to file for bankruptcy because you are unsure of what it means and what it exactly entails, it is essential to contact a qualified Sunny Isles Beach bankruptcy law firm. Loan Lawyers has the knowledge, experience, and proven success record to help you determine the best option in overcoming your debt. If bankruptcy is the right option for you, our team of experts will help you understand the right chapter of bankruptcy to file under. Below is a brief overview of each of the different chapters that you could potentially file under:
Chapter 7 Bankruptcy
Chapter 7 is an option that you can file under if you pass the Florida Means Test. The Florida Means Test looks at both your income and your total debt to determine if you qualify to file under this chapter. Under Chapter 7, your assets typically are liquidated and then you put your proceeds toward your debt. After this, your debt is usually forgiven, and you are able to start with a clean slate financially.
Chapter 13 Bankruptcy
Chapter 13 is an option for those that usually do not qualify for Chapter 7 because they have too high of an income or too low of a total debt amount. When you file under this chapter, it usually means you are able to make some type of monthly payment toward your debts. In most cases, you are able to receive lower monthly payments or an extended timeline to repay your total debt.
Chapter 11 Bankruptcy
Chapter 11 is usually for those that own small businesses and have taken out business loans, but they are unable to repay these loans. In this case, they are still maintaining an income, but the debt is much too high for either of the above options. This chapter gets very complex and requires the services of a skilled Sunny Isles Beach bankruptcy lawyer.
Mortgage Modifications
One of the main ways in which bankruptcy lawyers can assist in helping to manage your debt and payments is to negotiate your current mortgage or loan terms with your lenders and creditors. In this process, Loan Lawyers will aim to achieve reduced monthly payments, reduced interest rates, and extended timelines for repayment, among other options.
Contact Our Sunny Isles Beach Bankruptcy Attorneys
At Loan Lawyers, our Sunny Isles Beach bankruptcy lawyers will be by your side every step of the way during the bankruptcy process to ensure the best possible outcome happens.
For more information from our Sunny Isles Beach bankruptcy lawyers, please contact us to schedule a consultation at 954-523-HELP (4357) today.
