Considering Bankruptcy in Pembroke Pines?
Despite the negative connotation that is often associated with bankruptcy, this process is designed to help those struggling with debt to get back on their feet.
It is highly recommended to avoid putting off filing for bankruptcy, as your debts will just continue to increase.
While filing for bankruptcy can jump-start your path to financial freedom from debt, it can be a difficult and time-consuming process. This is why it is critical to consult with our Pembroke Pines bankruptcy attorneys before moving forward with filing a claim. We have Pembroke Pines Chapter 7 lawyers, Pembroke Pines Chapter 13 attorneys, loan modification attorneys, and debt defense attorneys in Pembroke Pines standing by to help you in any way we can.
Call us now at (954) 523-4357 or reach out to us online to schedule a free consultation and to learn more.
The Bankruptcy Process in Pembroke Pines, FL
At Loan Lawyers, our Pembroke Pines bankruptcy lawyers can help you through the entire bankruptcy process so that you can see the best outcomes in the end and begin your pathway to freedom from large amounts of debt.
The process of filing for bankruptcy can be quite complex, and various laws and limitations can come into effect when it comes to your eligibility for different claims.
Loan Lawyers is a leading bankruptcy law firm that has years of experience in successfully helping thousands of clients file for bankruptcy and get on the path to a fresh start financially.
We will help you through the procedures so that you can start paying off your debts and eliminate your financial struggles.
How Will Filing Bankruptcy Impact Your Credit?
Filing for bankruptcy will impact your credit, how exactly, and for how long any potentially negative impacts are felt depends upon your specific situation, the type of bankruptcy filed, and how your case is handled.
This is a question we hear a lot from clients, and we understand why it’s such an important concern.
Bankruptcy may seem like a get-out-of-debt-free card to some, but there are disadvantages. If you receive a discharge in bankruptcy, it will negatively impact your credit score and history, potentially for a long period of time.
However, research has shown credit scores increase considerably post-bankruptcy. Accounts that are past-due accounts or other lawsuits have a greater impact on your credit than filing for bankruptcy.
To further that point, the Federal Reserve Bank concluded in a 2015 study that “insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to new lines of credit and display lower credit scores than individuals who file for bankruptcy.”
This is another reason why speaking with an experienced bankruptcy lawyer, one with a winning track record, and a compassionate history of service is so important. You need to understand all of the options available to you before actually claiming bankruptcy.
What Are the Most Common Defenses to Bankruptcy?
Bankruptcy law presumes that a debtor is insolvent within 90 days before the filing of a bankruptcy petition.
As a result, a trustee or debtor may treat any debts incurred, or payments made, in the 90 days before the filing of a bankruptcy petition as a preferential payment, and demand that those payments be returned to the trustee or bankruptcy court for redistribution to creditors.
However, creditors may have defenses to bankruptcy preference claims, under which payments to these creditors are deemed “avoidable” preferences since the creditor can avoid having to pay back the preferential payment.
The most common defenses to bankruptcy that our Pembroke Pines bankruptcy attorneys see include:
- Payments made in the debtor’s ordinary course of business.
- New value considerations.
- Contemporaneous exchange for new goods or services.
- Preferential payments generate considerable litigation in bankruptcy proceedings.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy allows for the complete forgiveness of outstanding debts owed. However, it is often difficult to qualify for this chapter as you must be below a certain income level. When you apply for this chapter, you must take a ‘Means Test’ which evaluates your income against the amount of debt owed.
In addition to this ‘Means Test’, there are also state laws that can affect your qualification for Chapter 7. Take advantage of the knowledge and experience of our Pembroke Pines bankruptcy lawyers so that you are fully aware of your eligibility for this type of claim.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is the alternative when individuals are unable to qualify for a Chapter 7 bankruptcy claim. In Chapter 13, you are usually able to receive a five-year payment extension or modified repayment amounts based on your exact financial situation.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy claims are usually filed by business owners who have large loans to repay or individuals with unusually high debts. Chapter 11 bankruptcies are very complex and it is highly recommended to consult with our bankruptcy attorneys in Pembroke Pines to make sure you are following the correct procedures required for Chapter 11.
Talk with a Pembroke Pines Bankruptcy Attorney Near You Today
If you are struggling financially with tons of debt, then it is time to contact a skilled bankruptcy lawyer in Pembroke Pines, FL so that you can get on your way to becoming debt-free.
Call Loan Lawyers at 954-523-HELP (4357) for a legal consultation today.
Other Areas in Florida That We Service
Call us now at (954) 523-4357 or reach out to us online to schedule a free consultation and to learn more.
How Do You Choose the RIGHT Bankruptcy Lawyer?
Top-Rated Pembroke Pines Bankruptcy Lawyers
Read this 5-star Google review below regarding a foreclosure defense case
“I’m am totally amazed how fast and easy Loan Lawyers helped me with my Bankruptcy.. Jason and Yanique we’re absolutely the best of the best! I want to thank you both for all your help. If you are thinking about Bankruptcy you have picked the right place LOAN LAWYERS ARE ABSOLUTELY AMAZING!”
By: Janice Bonilla
Rating: 5/5 ⭐⭐⭐⭐⭐
Read more reviews on Google!
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