Miami Bankruptcy Attorney
If you are considering filing bankruptcy, you are likely already feeling a great deal of stress. Creditors may be calling, or even threatening to take legal action against you. Filing for bankruptcy can provide a positive way to clean your financial slate and emerge even stronger. A Miami bankruptcy attorney can guide you through the process and provide the necessary help during this very difficult time.
What is Bankruptcy?
Contrary to what many people think, bankruptcy does not erase or forgive your debts. Instead, bankruptcy can discharge your debt or reorganize it into a repayment plan that makes payments more affordable for you. Whether your debt is discharged, or eliminated, or restructured depends on the type of bankruptcy you file. Chapter 7 bankruptcy will discharge most or all of your debt. Chapter 11 and Chapter 13 involve creating a repayment plan that extends up to five years or more.
Determining if Bankruptcy is Right for You
Bankruptcy can provide you with a fresh financial start, but it is not for everyone. Before filing, a Miami bankruptcy attorney can help you consider different factors to determine if it is the right option for you. These include:
- Whether you are eligible, and what type of bankruptcy is right for your situation
- Which debt you have that is dischargeable and which is not
- What will happen to your vehicle and other assets
- Whether you can pay off your credit cards during bankruptcy
- The impact bankruptcy may have on your life
Understanding Bankruptcy Exemptions
Florida’s bankruptcy laws are intended to give people a fresh start once they have completed the process. While some of your property may be sold during the bankruptcy process, the law also outlines many exemptions. These exemptions protect a person’s property from being seized by creditors. When a bankruptcy case is opened, an estate is created and property is placed within the estate. If any assets are exempt, they are then removed from the estate so they are protected. A bankruptcy attorney can help you determine which exceptions you are eligible for so you do not lose valuable property.
What Debts Cannot Be Discharged in Bankruptcy?
Bankruptcy can discharge most types of debt, but there are some exceptions. These are as follows:
- Alimony and child support obligations
- Fines and fees owed to government entities
- Tax debt
- Student loans, unless they are causing undue hardship
- Any debt not included in the bankruptcy petition
- Debt incurred by fraudulent means
- Debt that resulted from causing willful and malicious harm
It is important to determine the type of debt you are trying to discharge to know if bankruptcy is right for you.
Call Our Bankruptcy Attorney in Miami Now
If your debt has become unmanageable and you cannot repay it, our Miami bankruptcy attorney at Ronald Cutler can help you determine if bankruptcy is the right option for you. Call us now at 386-490-9949 or chat with us online to book a free consultation with our experienced attorney and to learn more about your legal options.