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Miami Bankruptcy Law Blog

The many aspects of Chapter 13 bankruptcy

Filing for bankruptcy does not mean that you have somehow failed or are poor. It means that your financial struggle has become too difficult and that you are ready to do something about it. Chapter 13 bankruptcy is the preferred method of debt repayment for small-business owners. While many individuals may want to file their own petition, people looking to restructure debt through Chapter 13 face more complexities than those filing a standard Chapter 7.

When is the right time to file bankruptcy?

Many people wait until the last minute of sanity before filing bankruptcy. Faced with extreme hardship and frustration, most people that consider it, don't actually do it until they have nearly lost their minds fighting the uphill battle against financial struggle. Unless you know for sure that bankruptcy is your best option, making the decision to do it can be extremely difficult. If you have been struggling with the decision to file for bankruptcy and just need some advice, consider asking yourself a few questions. How you answer may help you reach a decision you actually feel good about.

100 Montaditos back after bankruptcy

Florida sandwich lovers can rejoice now that they know the beloved 100 Montaditos sandwich chain is not leaving the state. After filing bankruptcy more than eight months ago and closing 10 of its 17 restaurants, it's reported that not only is 100 Montaditos back, but their five restaurants located in Florida are here to stay.

Filing bankruptcy as a senior

The financial struggle can affect anyone at any stage of life. For seniors, dealing with financial struggle while in retirement can make them concerned about what assets may be at risk of creditors. While bankruptcy may seem like the only option, speaking to an attorney can help you identify what option is best for you, and may help clear up some myths about what is and is not in jeopardy.

Can a bankruptcy discharge be denied?

For most bankruptcy petitioners, the time period between when they file and when their bankruptcy is discharged is long but worth it. However, occasionally, missing or inaccurate information prolongs the process and leads to increased frustration and anxiety. For those individuals, the day when their bankruptcy is finally discharged is a cause for celebration. Unfortunately for some, that day never arrives.

Inheritance during Chapter 13 bankruptcy

If you have decided to file a Chapter 13 bankruptcy, you should be aware of things that may impact your situation even after the petition has been filed. Giving the bankruptcy trustee full disclosure of debts and assets will allow them to better assist you in your restructuring. Certain things can change how your bankruptcy is handled, and while the outcome may not be ideal, being honest and forthcoming about any inheritances or newly acquired assets will only help you in the long run.

Focus on retirement not consolidation

Typically when a person is struggling financially, they explore all the options available to them before considering bankruptcy. Many times for these people the promise of debt freedom through consolidation seems like a viable option. However, when considering what your debt is actually costing you, especially for those struggling later in life, it may be a better option to file Chapter 7 bankruptcy. By doing so, you may be able to focus on retirement rather than giving up valuable income to a consolidation plan that may still damage your credit.

Consider Chapter 13 for student loans

Student debt is a hot topic right now. Roughly 40 million students owe an average of $30,000 each, making student debt the second largest class of debt among consumers just behind mortgages. When students borrow for their education each year, it is difficult to realize how much all their loans are adding up to be. So when students graduate and get out into the working world, finding a job that pays enough to make ends meet, save for retirement and pay back student debt is near impossible.

Reality show star may face jail time

Filing a bankruptcy petition is a lengthy and complex process. Without the experienced eyes of an attorney looking things over, it is easy for the novice petitioner to miss things or exclude information.  Accidentally leaving things out of your petition probably won't get you jail time but can extend or even dismiss your bankruptcy. When petitioners purposely exclude or omit information is when the bankruptcy court has a real problem forgiving.

Giving your home back versus having it taken away

Many people that consider bankruptcy believe that when they file bankruptcy their home will go into foreclosure. If you're not going to reaffirm your mortgage then yes it can go into foreclosure for non-payment. If you reaffirm your mortgage, you may continue your payments as usual. However, aside from reaffirmation or foreclosure you also have the choice to surrender your home. By surrendering your home, you are giving it back to the lender. In contrast, when you foreclose on your home, it is essentially being taken away from you.

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