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Miami Bankruptcy Law Blog

Information that is required when filing a Chapter 13 petition

Trying to get out of debt on your own can be overwhelming. Those who have finally decided to seek help and file Chapter 13 have probably worked hard to get relief from debt, but may not have been very successful in their efforts. It is true that Chapter 13 can help people address their problems with debt, but first, there is information that must be collected from the filing party, also known as the debtor.

Negotiate with your creditors when they contact you

If you have ever owed someone money, then you have probably had a first-hand experience with the harassing calls. On almost a daily basis, creditors will call multiple times, threatening to sue you, garnish your wages and more if you don't pay what you owe. You may have even gotten a few letters in the mail and possibly an email or two with the same threatening message.

Do you need a lawyer to file for bankruptcy?

When hard times hit, many people are forced to turn to payday loans and credit cards to get by. Once this process begins, it can be difficult to stop. Interest builds and as the number of payments increase, there is less money left to pay out, leading to a downward spiral that has pulled many Americans into a seemingly hopeless position. Often the only choice available when this point is reached is to file for bankruptcy to get a clean start and try again. The question that remains is whether or not to hire an attorney.

The differences between chapter 13 and 7 bankruptcies

When you are considering bankruptcy, you are probably stressed and worried about what will happen to your house, your car and your income should you go that route. Not all debts are dischargeable. According to the U.S. Bankruptcy Court, you cannot discharge these types of debts:

  • Certain taxes or government fines
  • Debts not listed on your bankruptcy petition
  • Child support or maintenance
  • Government-guaranteed student loans

Are all debts forgiven under bankruptcy?

There are a number of misconceptions about bankruptcy that often leads people to make uninformed decisions. You might, for example, assume that you are not eligible and neglect to pursue it. On the other hand, you might be wondering if bankruptcy will allow you to absolve all debts. The following five types of debt are typically not eligible for forgiveness under the terms of a bankruptcy agreement.

Dispelling common myths regarding bankruptcy

If you are in debt and struggling to find a solution, chances are you have at least thought of bankruptcy. Perhaps it has been a fleeting thought, or maybe it has been a consistent subject of your consideration. No matter where you currently stand on the issue, you could likely benefit from better understanding what exactly bankruptcy involves. Most people have at least some misconceptions, and these four myths are ones that can easily be dispelled.

Why medical debt is a common cause of bankruptcy

People file for bankruptcy for many reasons. For example, they may have obligations such as past-due federal tax that they are struggling to pay. However, there is no doubt that medical debt is a common cause of bankruptcy, although the exact math remains fuzzy. Here is a review of why a strong relationship exists between bankruptcy and medical debt.

How to prepare for the meeting of creditors

While the act of declaring bankruptcy can bring financial relief, the process leading up to it can have stressful moments. One of those difficult times can be the meeting of creditors, although there is usually no reason to be concerned. In the meeting, a trustee ensures all paperwork is accurate and that there is no bankruptcy fraud. To help the process go smoothly, there are many things you should do to prepare.

Helping you decide if chapter 13 bankruptcy is the right choice

If you are considering bankruptcy, you need to determine the best option for your situation. Deciding bankruptcy is the correct way to resolve your financial turmoil is a serious decision. Chapter 13 bankruptcy, also known as a wage earner's plan, could be the right choice for you if you are eligible and weigh the benefits. Before you make your final choice, learn how filing chapter 13 bankruptcy could work for you.

5 bankruptcy myths debunked

Misconceptions surrounding bankruptcy add unnecessary confusion to a situation that is already stressful for many people; just the concept of bankruptcy can seem frightening. There are widespread myths about bankruptcy that need to be debunked so individuals and families make the best decisions for their financial situations.

To help determine whether declaring bankruptcy is the right path for you, you should devote some time to researching the facts about bankruptcy. Separating fact from fiction is crucial.

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