Bankruptcy is a word that often is associated with negativity, however, there are actually many people that end up needing a fresh start financially because of unforeseen situations, or it could even be due to someone having a low pay but has high monthly bills to pay. No matter what the situation is, bankruptcy is a legal right that you have to gain control of your finances once again and start fresh.
Before you move forward with this option, however, you should consult with a professional bankruptcy law firm to determine if this is the right time for you to file or not. You will also want to determine which chapter of bankruptcy is the best chapter for you to file under. Since this process can become quite complicated, it’s important to have the right resources guiding you.
With over 100 years of combined experience, Loan Lawyers has been helping residents of South Florida get out of debt and back on their feet financially for many years now. Our team of bankruptcy attorneys will thoroughly review your financial situation and advise on the best course of action accordingly.
Filing For Bankruptcy
Chapter 7 requires individuals to take a ‘Means Test’ that reviews finances and determines if they are eligible. If they do qualify, they can liquidate any non-exempt assets to repay creditors, while the remaining debt is dismissed.
If you are not eligible to file under Chapter 7, you may be able to file under Chapter 13. Our Coconut Grove bankruptcy lawyers will work with your creditors to come up with new terms for your repayment plan that better suit your financial picture. In most cases, you are granted an extended timeline to repay your overall debt, but this can vary based on your specific situation.
Chapter 11 is more so for small business owners or individuals that have a high debt to repay, but they are still receiving a large income. Because Chapter 11 is the most complicated chapter to file under, it is typically necessary to have an experienced bankruptcy attorney representing you during this process. In most cases, new payment terms are negotiated and agreed upon by creditors and the person facing a large amount of debt. In addition, these terms must be court-approved in most cases.
Contact Our Coconut Grove Bankruptcy Attorneys Today
Contact us today and request a consultation with our Coconut Grove bankruptcy lawyers for more information.