If you have found yourself struggling with credit card debt, business debt, student loans, medical bills, IRS debt, or any other form of debt, the best solution may be to declare bankruptcy. Because filing for bankruptcy can be a complex process, it is crucial to ensure you have an effective strategy in place prior to moving forward with filing to set yourself up for financial success in the long haul.
With Loan Lawyers’ knowledge, experience, and passion in handling bankruptcy cases, our team of bankruptcy lawyers will thoroughly review your financial situation and work with you to deliver the best debt relief results possible. Even if you are unsure if now is the right time to actually file for bankruptcy, our bankruptcy attorneys can help you determine the best course of action for your current debt.
Filing For Bankruptcy
The first step of Chapter 7 bankruptcy is to determine your eligibility by examining your income against the amount of debt you currently have. However, it is important to note that you cannot eliminate student loan debt, domestic support requirements, or personal taxes under Chapter 7. The biggest advantage of filing under Chapter 7 is that you may be able to eliminate all of your debt through liquidation of non-exempt items. In most cases, you do not have to stress over losing your valuables and possessions, such as your home, car, or other assets.
Chapter 13 is for those individuals that do not qualify for Chapter 7 or are in need of preventing a foreclosure from happening. In many cases, individuals who have found themselves unable to pay their mortgage payments will file Chapter 13 to avoid losing their homes. Chapter 13 results in a reorganization of one’s debt so that they can manage their repayments better and have a longer period of time to pay off their total amount of debt.
Chapter 11 is known as the most complicated chapter of bankruptcy because it usually deals with small business owners, individuals with a very high debt amount, and individuals with many different real estate properties. Chapter 11 typically results in the reorganization of business debts or personal debts. Many business owners file under this chapter because you are able to negotiate a new payment plan, while still running your company without fear of having to shut down.
Contact Our Hialeah Bankruptcy Attorneys Today
Contact us and speak with our experienced Hialeah bankruptcy lawyers today for more information and to schedule a consultation.