If you have had enough of living paycheck to paycheck and not being able to catch up on the amount of debt you owe, filing for bankruptcy may be the solution to help you finally get some stability financially again. While filing for bankruptcy doesn’t necessarily mean that all of your debts will be forgiven or dismissed, it can be the first step to gaining control of your finances.
While some individuals find themselves in debt due to high credit card bills or poor financial planning and budgeting, there are also circumstances that can occur that were unforeseen, such as medical emergencies or being laid off from your job.
If you find yourself facing an incredible amount of debt and are unsure of how to get back on your feet financially, contact Loan Lawyers today. After a thorough review of your financial picture, we will advise you on the best course of action. Our Southwest Ranches bankruptcy attorneys have years of experience guiding clients through the bankruptcy process.
We know that many consumers tend to hesitate or push off asking for assistance with filing for bankruptcy. This is because they are usually embarrassed, ashamed, or just completely unsure of how to go about starting the process. We understand why you may feel this way, which is why we want to do everything we can to assure you that you have the right team standing behind you. We handle all communication with creditors and lenders, as well as all court and legal communications.
The Bankruptcy Process
In most cases, you will either file under Chapter 7 bankruptcy or Chapter 13 bankruptcy. The main difference is that those that qualify to file under Chapter 7 usually have fewer assets and will not need to follow a repayment plan that is authorized by the court system. For those that have higher monthly incomes, they will usually file under Chapter 13 and come up with a repayment plan that is reasonable for them to pay back their debts.
- Chapter 7 Bankruptcy: Chapter 7 bankruptcy is usually referred to as liquidation. Individuals, corporations, or partners can file under Chapter 7. In this case, consumers will sell their nonexempt assets to pay creditors back accordingly. In many cases, consumers are able to keep certain properties or items, such as their house, because of the Bankruptcy Code.
- Chapter 13 Bankruptcy: Chapter 13 bankruptcy is when one’s income is more than the average household income in the state of Florida. When a consumer files under this chapter, a court-approved repayment plan is passed and the consumer must repay their debts back within an agreed-upon timeline, which is usually up to five years.
When you file for bankruptcy, this will appear on one’s credit report for a specific number of years. This is usually around ten years for Chapter 7 and seven years for Chapter 13.
Contact Our Southwest Ranches Bankruptcy Attorneys
Our attorneys at Loan Lawyers will be able to advise on whether or not now is the right time to file for bankruptcy. We maintain transparent and open communication throughout the entire process so that you are always aware of what is going on. Get on the path to financial freedom now.
For more information from our Southwest Ranches bankruptcy lawyers, contact us today.