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Miami Bankruptcy Law Blog

How bankruptcy may prevent eviction on your rental

There are many positives that come from a bankruptcy. While the connotation around a bankruptcy was once stigmatized, it now is more commonplace and accepted, especially with the volatility of the economic climate. You were not alone in believing the favorable economic temperatures would last, and the inclement weather had passed. The hot and cold nature of the economy has left many people floundering financially and looking for a way to find their feet and try again.

Will bankruptcy remove my late payments from my credit report?

For many people filing for bankruptcy, the decision to do so is not immediate and is not done at the first sign of trouble. It isn't until debts begin to significantly stack up, and creditor calls are more frequent than friends or family that people are likely to think about filing for bankruptcy and imagining the feeling of relief that would come from a fresh financial start.

5 bankruptcy alternatives you may not know about

When you are caught up in excessive debt, it can be difficult to find the best way out of your current situation. While filing for bankruptcy is an available option for those who qualify, it may not be the right solution for everyone. Here are five bankruptcy alternatives you may not currently know about.

Can I keep my home if I file bankruptcy in Florida?

For many people, debt starts small. You might fall behind on a credit card payment here and there. This can be upsetting, but not disastrous. But over time, the penalties can stack up and you can fall behind on other bills as well. Before you realize it, you could be drowning in debt and facing the loss of your home.

If you are in this situation, keeping your home can be your top priority as you figure out how to deal with your debt. If you live in Florida, you should know that even if you file for Chapter 7 bankruptcy protection, you can still keep your home thanks to this state's generous laws regarding homestead exemptions.

An umbrella in the rain, a lifeboat in the flood

When you stop checking the mail because you don't want to see the various letters demanding payments that you don't have, you are probably suffering from anxiety already. Serious letters, notices for certified letters from creditors; all of this can instantly inspire a feeling of hopelessness and fear. However, you are likely burdened with the anticipation of those letters and that means you are carrying emotions that can wreak havoc on your mind and body.

Is there a way to discharge tax debt?

When you file for bankruptcy, you do so with the understanding that not all of your debts will be discharged. In truth, there are still a few debts you will have to pay. This remains true regardless of what type of bankruptcy you file.

Can I get my repossessed car back?

When you are in financial trouble, you are probably very familiar with the sentiment behind the expression, "When it rains, it pours." You may have lost your job or had your hours cut back and you may be under overwhelming anxiety brought on by creditors demanding payment and your mortgage lender threatening foreclosure. Moreover, the answer creditors all seem to have that is supposed to help you make that payment is hefty late fees, raised interest rates and negative information supplied to credit reporting agencies.

What does it mean that I have nondischargeable debts?

When you are looking into a fresh start, it may be disappointing to find that in any bankruptcy ruling there are certain debts that just won't ever go away. These debts are called nondischargeable debts and while you may wonder what the benefit of bankruptcy is if you cannot get relief in these areas, keep in mind that the debts that are discharged should substantially ease the pain in paying these tenacious debts.

5 Things you shouldn't do before filing for bankruptcy

You may have seen our earlier post on "4 things to do before filing for bankruptcy." On the flipside are things a person should not do before filing for bankruptcy. What you do or don't do before filing can have a great impact on whether your filing achieves your desired goals.

Let's take a look at some of the things to avoid before filing for bankruptcy:

Ineligibility under Chapter 7

Chapter 7 bankruptcy can be a very appealing form of bankruptcy to file. It discharges a good portion of the filer's debts completely, almost guaranteeing a fresh start and another chance at financial solvency. However, because this type of bankruptcy leaves some creditors unpaid and puts the burden of your debts onto others, there are limitations as to who can file for it. What factors may make you ineligible for Chapter 7 bankruptcy?

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