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Miami Bankruptcy Law Blog

Financial struggle doesn't always come on suddenly

If you are facing financial struggle, chances are it wasn't one big event that caused it. More often than not, it is a series of several unfortunate events that are to blame for families falling behind on mounting debt. There are, however, several common events that are significant enough alone to rapidly plunge families into bankruptcy.

Be prepared for Chapter 7 bankruptcy paperwork

Although the decision to file Chapter 7 bankruptcy is a big one, many individuals do not realize just how much work goes into the actual filing. There are quite literally dozens of pages that have to be filed after the initial petition. Regardless of how simple or complex your Chapter 7 bankruptcy is, it requires an abundance of paperwork.

Why is a Chapter 13 bankruptcy called a wage earner's plan?

For many individuals, Chapter 7 bankruptcy is not an option. This may be the case for those that have an above average income or a large number of secured debts. While eligibility for both Chapter 7 and Chapter 13 bankruptcies weigh heavily on an individual's income, only a Chapter 13 allows individuals with steady incomes to restructure and repay a portion of their debt.

What you can't discharge in a Chapter 13 bankruptcy

Many people believe bankruptcy will eliminate all of their debts. For those with credit card debt or medical debt, this would be true. However, you cannot discharge certain debts through bankruptcy. Furthermore, while Chapter 13 allows you to place arrears, or overdue payments, into your repayment plan, the underlying debt itself will not be discharged when the bankruptcy is complete.

Don't leave valuable property behind

One of the most confusing aspects of bankruptcy is the exemption process. In fact, many individuals that are considering bankruptcy put off doing so because they are under the misconception that they will lose everything. Fortunately, bankruptcy law offers protection to filers so that they can keep their car, home, and other valuable property. By working with an experienced bankruptcy attorney, individuals can receive the information they need to make an informed decision about bankruptcy and their financial well-being.

Can I stay in my home during foreclosure?

When financial hardship has reached the point of foreclosure, many individuals find it difficult to fight against what they believe is inevitable. It is quite common for individuals that are facing foreclosure to be extremely frustrated, depressed or even scared. Not knowing what rights they have during the foreclosure process may only add to their confusion and fear. Fortunately, even in foreclosure, homeowners have options, and staying in their home for the duration of the foreclosure process is one of the.

4 Alternatives to filing bankruptcy

Over 845,000 people filed bankruptcy in the U.S. in 2015, according to statistics gathered by the U.S. Bankruptcy Court. While bankruptcy can be a useful tool to stop a home foreclosure, put an end to creditor harassment and get rid of overwhelming debt, it can also temporarily impact your credit rating and make it difficult to borrow money for the near future.

The truth is that bankruptcy is just one solution among many. A skilled bankruptcy lawyer can advise you on whether your situation merits filing bankruptcy or looking into alternatives to bankruptcy like the following.

Interpreting your credit report

After filing bankruptcy, repairing your credit is one of the most important things you can do to get back on your feet financially. A key component is knowing how to read your credit report. Your credit report not only tells you the current state of your credit, but it also allows you to identify any problems in your credit history and take steps to fix them, before they become a problem.

Here is a breakdown of the information found on your credit report and what it means.

Put an end to creditor harassment

Being in debt is extremely frustrating. Even more frustrating is having debt collectors call at all hours harassing you and your family. While getting out of debt may take some serious work, putting an end to creditor harassment may only take one meeting with an experienced attorney.

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