Bankruptcy Law

How To Get Financial Freedom With A Bankruptcy Lawyer In Miami

Making a choice to file for bankruptcy is never easy. There are many different reasons why you’re making the final decision, but there’s no reason you have to make it alone. Hiring a bankruptcy lawyer in Miami to help you through this transition in your life will ensure the process goes smoothly and you’re ready to face the next step in your life. Arturo R. Alfonso, P.A. has been helping individuals file for bankruptcy for over twenty-five years, and has the knowledge and experience to help with you.

What Is Bankruptcy?

Understanding what bankruptcy is and how it affects you will help you determine if it’s truly the next step in your financial life. Bankruptcy occurs when an individual cannot repay all their debts to the collectors and instead choose this legal process in which these debts will be waived. The process is court-ordered, usually by the debtor, and is a way for the debtor to “clear the slate” so to speak, while also treating the collectors in a fair manner as they may receive some repayment. The debtor will begin the process by filling out paperwork, listing all debts and assets, as the assets are sometimes used to pay a portion of the outstanding debt. This legal process is largely used when people or businesses can’t afford to ever pay off their current outstanding debt. Through filing for bankruptcy, this will essentially be starting over. It does affect your credit score and ability to utilize credit moving forward, but if the endless amount of bills and late notices are stressing out your life, it may be the next step for you. If you still need help in determining whether it’s right for you, a bankruptcy attorney in Miami will be able to better assist you through this difficult decision.

Chapter 7 Bankruptcy

There are multiple types of bankruptcy within filing this legal process, usually referring to their chapter within the U.S. Bankruptcy Code. Chapter 7 is the most widely used type of bankruptcy and refers to clearing all debts. It’s a liquidation of all your current assets to pay off your current outstanding debt and begin a new chapter yourself. Though, there are certain assets that the state of Florida cannot take away from you, including interest from retirement or pension plans, government benefits, money from wages still in your banking account, and many other exemptions. This chapter of bankruptcy is often the last resort for individuals who aren’t making enough income to cover all their bills and expenses or aren’t bringing in income and have no means of paying off the debt they owe. Having a Miami bankruptcy lawyer on your side can help you navigate what’s available to you to keep and what will be used in the liquidation process.

Chapter 13 Bankruptcy

Filing for chapter 13 usually entails trying to save property during the process of bankruptcy. If you are still earning a steady income but are overwhelmed by debt, you may be afraid of losing your home or business. Chapter 13 bankruptcy involves a debt repayment plan where a certain amount of your monthly wages goes towards your debt to save your home or business from being taken away from you. It’s a great way to continue living where you’re at with no threats while being proactive in getting some of your debt under control. If you’re not sure which chapter is right for your situation, a bankruptcy attorney in Miami can help you sort out the details and find the right action plan for your future.

Contact Us

Are you ready to get out of your debt and live life? It all begins with hiring a bankruptcy lawyer in Miami, and the offices of Arturo R. Alfonso, P.A., can assist you. Our team has helped hundreds of people settle their outstanding debts and enjoy financial freedom again. Don’t settle for “bankruptcy lawyer near me”, call us today to see what we can do for you.

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