If you owe an extraordinary amount of debt and are tired of living paycheck to paycheck while barely making a dent in your debt payments, our Kendall bankruptcy attorneys can help with custom debt solutions.
One option that many people consider when aiming to get back in control of their finances is filing for bankruptcy. There are many times where unforeseen situations arise that require a substantial amount of funds, leading to individuals falling into massive amounts of debt. And, there are often times where individuals may have built up their credit card debt because of low wages and high demands in their personal lives. Whatever the case may be, Loan Lawyers is a leading South Florida bankruptcy law firm that has successfully helped individuals in a range of scenarios file for bankruptcy and become financially stable once again.
How the Bankruptcy Process Works
Often, bankruptcy can be associated with negative connotations because people simply have the wrong assumptions. Bankruptcy is actually a right that we all have as American citizens to get a chance at financial freedom.
There are typically two chapters that an individual will file under when considering bankruptcy – the chapter that you file under just depends on your specific financial situation. Chapter 7 and Chapter 13 are the two most common forms of bankruptcy that an individual would file under. How do you know which chapter is the right chapter for you to file under?
- Chapter 7 – Chapter 7 is for individuals, partners, or corporations that have a small income but a large amount of debt. After passing what is called a Means Test – where they compare your income vs. your debt – you usually will sell any nonexempt assets in order to repay creditors, while having the rest of your debt dismissed. In this case, most valuables are able to be retained including homes and cars.
- Chapter 13 – When it comes to filing under Chapter 13, individuals will usually go to court and receive an agreed-upon, revised payment plan. In most cases, individuals will be granted a longer timeline, typically five years or so, to repay their debt. There are other scenarios that can occur, such as lower monthly payments, reduced overall debt, and so forth.
There is also Chapter 11 bankruptcy that is more so for small business owners or individuals with high incomes and substantial debt. Loan Lawyers can assist with determining the best chapter for you to file under by thoroughly assessing your financial picture and advising on the ideal chapter.
While bankruptcy does appear on a credit report for a few years, it will eventually be taken off as long as you follow through on your payment terms.
How Loan Lawyers Can Help
Loan Lawyers has over 100 years of combined experience in assisting individuals all over South Florida to get back on their feet financially and overcome their debt. It is often difficult for the average person to understand the entire bankruptcy process. This is where our experienced attorneys can help. Don’t wait until matters get worse – get ahead of your debt today.
For more information, contact us and request a consultation with our experienced Kendall bankruptcy lawyers today.