Filing Bankruptcy in Miami Florida

Filing Bankruptcy

Maybe you suddenly loss your job, had unexpected medical expenses and can no longer pay your car and/or mortgage payments. Your savings has been depleted and have now found yourself dipping into your personal assets out of desperation. Things may now be out of hand and are now drowning in debt. Bankruptcy is a perfectly legitimate way to stop foreclosures and repossessions, put an end to lawsuits, protect paychecks from garnishments and regain control of your life once again.

The following are gains when filing for Bankruptcy:

Bankruptcy can:

Halt almost every type of lawsuit.
Stop Foreclosure.
Prevent you driver’s license from being yanked for unpaid fines or judgments. (This does not include judgments for child support.)
Stop IRS Seizures.
Prevent garnishment of any wages you earn after filing.
Avert repossession.

Bankruptcy generally won’t prevent:

Criminal prosecutions.
Proceedings against someone who cosigned your loan, unless you file a Chapter 13 repayment and propose paying the loan in full.
Contempt of court hearings.
Actions to collect child support or alimony.
Governmental regulatory proceedings

If bankruptcy is an option for you it is important to know what is or will be required of you. Bankruptcy is regulated by Federal law and may be affected by Florida state law. Even though you are not required by law to work with an attorney to file for bankruptcy, it is highly recommended. When filing for bankruptcy, it must be filed correctly in order to have the chance for it be successful.
It is important to consult a bankruptcy attorney or debt relief lawyer in your area in order to ensure that you fully understand your options regarding bankruptcy and whether this is the best decision for your financial future.

The following is a list of facts you should know about filing Bankruptcy:

Bankruptcy is a matter of public record.
You can suffer some discrimination.
You will need to take a credit counseling course and financial management course before you can file for bankruptcy.
When you initially file for bankruptcy, the court will mail a notice to all the creditors listed in your bankruptcy schedule. Creditors will then be prohibed from contacting you concerning you debt.
Florida law will exempt certain assets. A lawyer can help determine what is exempt and can help protect particular property.
In a Chapter 13 bankruptcy, you and your lawyer will need to work out a payment plan wherein you will pay creditors over a period of up to 5 years.
Your income, bills, assets and property will all need to be evaluated in order to determine what is subject to liquidation, what debts can be discharged, the amount and duration of your payment plan (if any) and much more.
A stigma may still be attached to filing bankruptcy.
A record of filing for bankruptcy may remain on your credit profile for up to 10 years, depending upon the particular circumstances.
While a bankruptcy filing does appear on your credit report, most people fail to realize that the damage has already been done to their credit due to missed payments or late payments. By eliminating your debt in chapter 7, or making payments in a chapter 13, you will immediately improve your credit score.