Filing for bankruptcy can be a difficult decision to make. But with the help of an experienced Miami bankruptcy attorney, you can make the most of your opportunities under bankruptcy laws and obtain a “fresh start.”
I have practiced in the Bankruptcy Court here in Miami for over 25 years. I have filed over 8,000 bankruptcies and have advocated on the clients’ behalf to provide counsel in chapter 7 and chapter 13 cases. I can help you choose the best course of action since each type of bankruptcy has different requirements and provides different type of relief.
Immediate Relief from Debt
The filing for bankruptcy grants you immediate relief from most collection activity. The Bankruptcy Court will notify your creditors of your filing and that the “automatic stay” of most collection activities is in place. If you are primarily seeking relief from only credit cards, chapter 7 bankruptcy may be the best way forward for you. If your home is in foreclosure, chapter 13 reorganization may be appropriate for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of bankruptcy. In 2013 about a million Americans filed for bankruptcy relief. Like most of them, you may be able to discharge most of your unsecured debt, such as credit cards, personal loans, and medical bills.
Chapter 13 Bankruptcy
Chapter 13 is often used to stop mortgage foreclosures and to get an opportunity to save your home by modifying your mortgage. Upon the filing for chapter 13, the Bankruptcy Court generally the “automatic stay” of most collection activities as immediate relief in order to give you time to formulate a chapter 13 plan of reorganization. The chapter 13 plan of reorganization may include the discharge of “underwater” second mortgages and the modification of first mortgages by the Court’s new mortgage mediation program (“LMM”).
The Bankruptcy Code outlines how much you will be expected to pay, depending on your assets, income, and necessary expenses. After your plan is approved, you fulfill your end of the plan, which is normally 3 to 5 years.
Call me today to schedule a free initial consultation at (305) 891-4055.