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Miami Bankruptcy Law Blog

Harassment from creditors is not acceptable

Very few people go through life without using credit. We use credit for everyday expenses or to make more substantial purchases such as a home or vehicle. We obtain this credit with the full intention of repaying it. And often, the more credit we have, the more we can get. Although it's extremely beneficial to our way of life, obtaining too much credit can lead to difficulties. When unexpected things happen in life, such as unforeseen medical expenses or unemployment, we may find ourselves in a situation where we have more debt than we can repay. Nobody wants to end up with these financial challenges, but many people do.

There may be other options when facing foreclosure of your home

We work hard to provide for our family. One of the most significant ways we do this is by purchasing a home. When we buy a home, we expect that we will be able to keep that home. One of the most stressful situations we can face is the thought of losing the home we've worked so hard to provide. Unfortunately, sometimes circumstances in life change. When those circumstances negatively impact our income, we can face the possibility of foreclosure. This is the process of repossession of a mortgaged property when the homeowner cannot keep up with the mortgage payments.

Including your spouse's income on the means test

When a married individual chooses to file bankruptcy, it doesn't always mean that both spouses file jointly. There are certain situations which make it more beneficial for just one spouse to file bankruptcy. In the event one spouse files for Chapter 7 bankruptcy, it is important to understand when and how their spouse's income will affect their eligibility.

Chapter 13 bankruptcy is helpful but complex

Bankruptcy is, unfortunately, a common occurrence for many American families. Although the immediate fresh start of a Chapter 7 bankruptcy is typically the more attractive option, many individuals with a regular source of income are not eligible for it. Fortunately, individuals with substantial assets and a steady income can still find debt relief through Chapter 13 bankruptcy. Although all bankruptcies are highly complex, a Chapter 13 debt restructuring bankruptcy may be even more so and usually requires the legal guidance of an experienced attorney.

What does it mean when a bankruptcy trustee abandons property?

During chapter 7 bankruptcy proceedings, the filer's property is put into what is known as the bankruptcy estate. A bankruptcy trustee is then put in charge of this estate to determine what can be sold to pay back the filer's debts. Most property can be held onto by filers through the use of exceptions. However, even for property that is not exempt, there may be a way for filers to hold onto it after bankruptcy.

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.

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