FORT LAUDERDALE BANKRUPTCY LAWYERS
PROVIDING AN OPPORTUNITY FOR A FRESH START IN SOUTH FLORIDA
What do Abraham Lincoln, Walt Disney, and Donald Trump have in common? They have all filed for bankruptcy, and the Donald and Abraham Lincoln have done so several times. In fact, if you saw how long the list of celebrities, famous business people, and politicians who have filed for bankruptcy protection before, you probably wouldn’t believe it.
The truth is that there is no reason whatsoever to be ashamed about the prospect of filing for bankruptcy. Bankruptcy is a right afforded to every United States citizen under the Constitution, and the entire purpose behind the bankruptcy laws of this country are in order to provide a fresh start for individuals who have fallen into financial distress or are struggling because they can no longer afford to pay their bills.
UNDERSTANDING THE BANKRUPTCY CODE
The bankruptcy code is quite complex, and at Loan Lawyers, we have been able to help thousands of consumers and business owners in South Florida not only get a fresh start, but often save their homes and benefit from hundreds of thousands of dollars in principal reductions and mortgage lien strip offs.
Frequently, people will come to Loan Lawyers for a free consultation with one of our Fort Lauderdale bankruptcy attorneys ready to walk away from their homes or investment properties, and we have been able to:
- Drastically increase their financial picture
- Save their homes
- Restructure their debt through employing strategic bankruptcy applications
Some ways to restructure debt is through:
- Modifying their loans in bankruptcy court
- Removing second mortgages
- Cramming down investment properties to their fair market value enabling them to be owned free and clear in five years
Some of the most common questions that people who are contemplating bankruptcy have are:
- What type of debts can be discharged in bankruptcy?
- How long will bankruptcy affect my credit?
- Which assets or personal belongings are exempt from bankruptcy?
- How long does the bankruptcy process take?
- Which bankruptcy should I file?
- Can I file an individual bankruptcy if I’m married?
- Are my wages protected from bankruptcy?
- What about my savings? Can I keep money if I file bankruptcy?
- Can I keep my car?
- Can I keep my credit cards?
- How will bankruptcy affect my business?
- What if I cannot keep up with my Chapter 13 repayment plan?
If you have any of these questions, do not hesitate to come to our firm for legal guidance.
FILING UNDER CHAPTER 7
Chapter 7 Bankruptcy is the most common and straightforward bankruptcy option available to most people. Chapter 7 Bankruptcy is often referred to as a liquidation bankruptcy. By filing a Chapter 7 Bankruptcy you may be able to eliminate most or all of your debts and have a fresh start in as little as a few months.
Chapter 7 is not available to everyone, therefore, the bankruptcy court uses the “Means Test” to measure income and expenses to determine if someone qualifies for Chapter 7 Bankruptcy relief. Individuals are often able to discharge tens or hundreds of thousands of dollars in debt through a Chapter 7 Bankruptcy.
Some of the debt situations that may be eliminated in Chapter 7 are:
- Medical bills
- Credit card debt
- Wage garnishment
- Business debt that was personally guaranteed
- Legal judgments
- Collection agencies
- Student loans (not common, must be a unique situation)
There are various Florida laws that affect what types of exemptions are available to someone seeking Chapter 7 Bankruptcy protection, so make sure you consult with a qualified and knowledgeable bankruptcy attorney in Fort Lauderdale that can help educate you as to what your rights are prior to filing for bankruptcy.
CHAPTER 13 BANKRUPTCY
Chapter 13 Bankruptcy differs from Chapter 7, in that its goal is to restructure debts and create a more manageable payment plan, rather than dissolving the debt. Although you won’t experience full loan forgiveness from Chapter 13, you will save your home, reduce your mortgage, and be able to restructure mortgages on multiple properties so that they become more affordable.
The average time frame for debt repayment under Chapter 13 is 5 years. Through this process, your mortgage can become current by spreading out your missed payments across those years.
With a Chapter 13 bankruptcy, many types of debt can be liquidated, while also allowing for mortgage or automobile debt to be restructured. Additionally, for consumers who simply do not qualify for Chapter 7 due to their incomes being too high, Chapter 13 is often the perfect solution to their financial hardships.
BENEFITS OF FILING UNDER CHAPTER 13
Chapter 13 bankruptcy is flexible and offers many benefits. If you own multiple properties or investment properties and are struggling with enormous debt, filing for Chapter 13 may be the best choice for you.
Chapter 13 bankruptcy may allow you to:
Eliminate a second or third mortgage or other lien on the home
“Cram down” a mortgage on an investment property, which will allow you to pay what the property is worth instead of what you owe in debt
There are no income limitations to file a Chapter 13 bankruptcy, but there are limits to how much secured debt you can have. If you are not sure whether or not you qualify for Chapter 13 bankruptcy, enlist the help of a knowledgeable and experienced Fort Lauderdale bankruptcy lawyer to receive counsel. We will help you navigate this process and make sure you are informed about the benefits and options available to you, so that you can make the best possible decision for your situation.
CHAPTER 11 BANKRUPTCY
Chapter 11 is a complex bankruptcy option that is most often used by businesses. Nevertheless, if an individual consumer cannot pass the Means Test and their secured debt is above the limits allowed by Chapter 13, they may have no alternative but to file an individual Chapter 11. This is also considered a reorganization bankruptcy. While Chapter 11 is a time consuming, complex, and often expensive way to go, it can offer many benefits to businesses or consumers who don’t qualify for a Chapter 7 or 13.
Chapter 11 Bankruptcy may provide unique solutions to minimize business risk and financial loss, and at the same time, allow the business owner the ability to continue running the business and remain in operation.
WHY HIRE LOAN LAWYERS?
At Loan Lawyers, you will benefit from more than 100 years of combined legal experience helping consumers. Bankruptcy is a tremendous legal strategy, but it’s also of the utmost importance that it is used in the right way, and implemented at the right time. Because we handle all aspects of consumer debt and litigation, we can benefit our clients by making sure that they are properly advised of the right legal strategy for their unique situation.
At times, bankruptcy is most effective when used immediately, and in other situations, it’s better to litigate or negotiate the underlying debt issues and hold off with the bankruptcy until it is determined that it’s absolutely needed. Don’t be taken advantage of by bankruptcy filing mills that treat every case the same and put every client that walks into their door immediately into bankruptcy.
At Loan Lawyers, we have the knowledge and the experience on how to guide you through the bankruptcy process, and many times, we are able to resolve the underlying debt issues and avoid bankruptcy for our clients altogether.
SCHEDULE YOUR FREE CONSULTATION
If you are contemplating filing bankruptcy or just want to find out some more information and what options are available for you, don’t hesitate.
Call Loan Lawyers today at (844) 344-4813 for a free consultation with one of our bankrtupcy lawyers to find out how we may be able to help you. We serve clients throughout Miami & Fort Lauderdale.