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Miami Bankruptcy Law Blog

Is a car exemption possible when filing bankruptcy?

One of the myths Miami residents may believe about filing for bankruptcy is that they will have to surrender their vehicle to their creditors. This, of course, would really be onerous to debtors,making it difficult or impossible to get to work or to meet family obligations without a car.

As one of the largest firms handling bankruptcies in south Florida, our attorneys can assure you that it is indeed possible to retain ownership of your vehicle after filing for personal bankruptcy. There are ways to discharge debt and still preserve some main assets and property.

Foreclosure doesn't have to be an absolute if you act fast

An old adage says that your home is your castle, so when you are threatened with losing your home, you likely want to fight to keep it. Learning about your options to keep your home can be a complex undertaking during which you can benefit from getting your questions answered by someone who is knowledgeable in foreclosure prevention.

Knowing the ins and outs of the mortgage and foreclosure processes might help you to get a favorable outcome for your case. It might be possible for you to get a new mortgage, improved terms, a better interest rate or more time to come up with the money you need to save your home. When those don't work, filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the answer to your problem.

Don't let a perfect storm ruin your life in South Florida

People who find it necessary to file for bankruptcy often find themselves in that position for a number of reasons, most of which does not involve mismanagement of money. For some people, job loss is the primary cause of needing to file for bankruptcy. For others, it might be medical bills, or other unexpected expenses. The bottom line is that bankruptcy is a tool for people to use when situations beyond their control come together to form the perfect storm that wrecks their finances.

One factor that most people who file for bankruptcy have in common is the desire to overcome the financial stressors that are plaguing them so they can come out of bankruptcy on top. A second factor that seems to be common is the inability to make high bankruptcy payments. That is where Chapter 7 bankruptcy might help South Florida residents. Unlike Chapter 13 bankruptcy, a Chapter 7 bankruptcy covers your debts by using your assets. Those assets are sold off and the funds are used to satisfy debts.

What are bankruptcy exemptions in Florida?

A common question from people who are filing for bankruptcy has to do with what property they will be allowed to keep. Property that isn't subjected to becoming part of the bankruptcy estate is considered exempt property. This means that people can hold on to some items, while other items might be part of the bankruptcy proceedings.

Does the bankruptcy chapter affect exempt property?

Debt collectors and creditor harassment

Florida residents with spotty credit histories may find their debts have been turned over to debt collection agencies who try various methods to get the debt repaid. Some of their methods can definitely be annoying if not outright illegal. Below is information about creditor harassment some may find helpful.

When can debt collectors contact me?

Foreclosure rates down, but Florida still leads the country

As the economy continues to recover, there's generally good news on the foreclosure front. Foreclosure filings in the U.S. were nearly 20 percent less in the first half of this year than in the same period during 2013. These include bank repossessions, scheduled actions and default notices.

An executive with RealtyTrac says that foreclosures fell "to levels not seen since before the housing price bubble burst in August 2006." He says he expects them to level off within the upcoming months and for rates "to flat line at consistently historically normal levels."

What is the means test for Chapter 7 bankruptcy?

For people who need to file bankruptcy, determining what type of bankruptcy to file can sometimes be as simple as completing the means test. This test is one that is used to determine if you can file for Chapter 7 bankruptcy.

What is Chapter 7 bankruptcy?

Making the choice between Chapter 7 or 13 bankruptcy

The last decade has caused severe financial unrest all over the country, and while it appears the United States economy is now on the upswing, many Miami residents are still struggling under crushing debt. All want solutions, but a great deal of confusion exists on the best way to extricate themselves from their debt.

Two forms of bankruptcy proceedings may be the consumers' only remaining options, but they must determine which will be the better choice for their personal situations.

Basic information about the Fair Debt Collection Practices Act

Dealing with creditors isn't high on the list of activities considered fun for most people. Regardless, if the debt collectors are calling, it is important for you to know your rights. These rights are covered under the Fair Debt Collection Practices Act. That act, which applies to residents of all the states in the United States, covers anyone who collect debts on a regular basis. These can include collection agencies, debt buyers, and other companies.

When you are contacted by the debt collectors, even if you don't owe a debt, the Federal Trade Commission recommends that you speak to them at least once to see if the issue can be resolved. You can then decide how to proceed.

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