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.
How Can a Pembroke Pines Chapter 13 Bankruptcy Lawyer Near You Help?
You are not required to have legal representation when filing Chapter 13, but there are many benefits a Pembroke Pines Chapter 13 bankruptcy attorney can bring to your case. A Pembroke Pines bankruptcy lawyer will evaluate your financial history and debts and recommend whether Chapter 13 is right for you. A Pembroke Pines bankruptcy attorney near you can also advise on the allowable expense limits and how they will impact your repayment plan. When working on your case, a Pembroke Pines bankruptcy lawyer will also:
- Prepare and file all necessary forms: Filing for bankruptcy requires an immense amount of paperwork. A bankruptcy lawyer near you will collect all the necessary information, prepare your forms properly, and review all details before submitting the paperwork to the court.
- Attend court hearings: To confirm your Chapter 13 repayment plan, you will have to attend different court hearings. You will also have to meet with the bankruptcy trustee and perhaps even a bankruptcy judge. An experienced Pembroke Pines lawyer can represent you during these hearings, allowing you to enter into them confidently.
- Communicate with creditors and the trustee: You will have to speak to your bankruptcy trustee regularly and potentially even your creditors. A Florida bankruptcy attorney can communicate with these parties on your behalf and respond to their inquiries promptly.
Essentially, a Pembroke Pines Chapter 13 lawyer near you will ensure your case is filed properly while also helping you avoid potential pitfalls, such as having your case dismissed. We have helped hundreds of bankruptcy clients through Chapter 13 in Florida. You can hear or read some of their testimonials to see how we can help you too.
Qualifying for Pembroke Pines Chapter 7 Bankruptcy
Regardless of the type of bankruptcy being filed, all borrowers must qualify to discharge or restructure their debt. A Pembroke Pines Chapter 7 bankruptcy has some of the strictest qualifying requirements, including the means test. The means test will compare your household income to the average income for a family of your size in Florida. Your average monthly income for the six months prior to your bankruptcy filing is taken into consideration during the means test.
The means test was added to the U.S. Bankruptcy Code in 2005 to limit abuse in the bankruptcy system. The purpose is to determine whether a borrower has sufficient disposable income to repay their debt. If you do not pass the first part of the means test, there is a second part you may qualify under. If you still fail the means test, you cannot file Chapter 7 but may qualify for another type of bankruptcy, such as Chapter 13 bankruptcy.
You are also required to successfully complete a credit counseling course as part of the Florida Chapter 7 bankruptcy case. You will receive a certificate once you have completed the course, and this is submitted to the court.
Need a Foreclosure Lawyer in Pembroke Pines, FL?
Florida is consistently in the top 10 states with the highest foreclosure rates every year. While foreclosure rates have slowed since the recession, there are still tens of thousands of Florida homes in foreclosure every year.
Life often happens fast and unexpectedly. Situations that are out of our control can lead to wiped-out savings accounts due to emergency expenses and this is, unfortunately, a reality for Pembroke Pines residents, Floridians, and Americans as a whole.
What many homeowners do not always know is that there are ways to avoid foreclosure and keep your valuable assets and property.
Typically, a homeowner ends up facing foreclosure because of missed payments. Our Pembroke Pines foreclosure lawyers will stand by your side to help you keep your home and beat your foreclosure case.
At Loan Lawyers, our Florida foreclosure defense lawyers are fully committed and dedicated to helping our clients retain their homes. It doesn’t matter what your circumstances are, we can help you with viable solutions to keep you in your property.
Schedule a free consultation to discuss your situation.
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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