There are millions of people who are stuck facing large amounts of debt due to unforeseen emergencies, credit card buildup, personal loans, and more. One way in which these individuals can start to see the light at the end of the tunnel is to consider filing for bankruptcy.
Filing for bankruptcy is a solution to helping those with outstanding debt start to finally pay off their loans and get a fresh start financially. However, the process for filing for bankruptcy can be a bit complicated if you are unsure of all of the legalities attached to this process. This where the experts at Loan Lawyers come into play. Our Lauderdale Lakes bankruptcy attorneys have over 100 years of combined experience in helping residents of South Florida get on their feet financially and overcome their debts.
How Loan Lawyers Can Help with the Bankruptcy Process
When you call our team of Lauderdale Lakes bankruptcy lawyers, we will review your specific situation to determine if the right time to file bankruptcy is now. Then, we will advise on the ideal chapter of bankruptcy that you should file under.
- Chapter 7 – Chapter 7 is for those who pass the Florida Means Test, which compares your income verse your overall debt. If you pass, you are likely able to have all of your debt forgiven.
- Chapter 13 – Chapter 13 is typically what those who do not qualify for Chapter 7 file under. Under this chapter, you can negotiate an extended timeframe or lower monthly payments to begin paying off your debt more easily.
- Chapter 11 – Chapter 11 is typically what small business owners file under, but individuals can file under this chapter too. This chapter is best suited for those with extremely high debt but a high enough income to be able to still make payments toward the debt.
Alternatives to Filing for Bankruptcy
Filing for bankruptcy is not your option, which is why it is essential to work with experienced Lauderdale Lakes bankruptcy attorneys to weigh out all of your options.
- Loan or Mortgage Modifications – With this option, negotiations with your lender can lead to reduced payments, temporary pauses on payment, lower interest rates, and more.
- Workout for Your Current Mortgage – With mortgage workouts, you will typically be able to negotiate new terms with your lender that prove beneficial to you for your current mortgage contract.
Your Trusted Lauderdale Lakes Bankruptcy Law Firm
At Loan Lawyers, we put our clients at the top of our priority list so that we can help them overcome their debt as quickly as possible. We know how stressful and frustrating it can be when you are unable to repay your debts and the amount just keeps increasing.
For more information on our Lauderdale Lakes bankruptcy services, please contact us at 954-523-HELP (4357) today.