Bankruptcy in Hard Economic Times in Miami

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Bankruptcy in Hard Economic Times in Miami

Crisis is the word of current economic order, and even economists and financial professionals sometimes find it difficult to keep up with all the issues of the day. Our country is going through the biggest crisis in recent decades, and has been mired in a recession that involves the economy and its different levels, and South Florida is one of the most harmed regions. A drop in the stock market means layoffs and job cuts.

Foreclosures have had a major impact on the present state of the economy. With increasing unemployment levels, other issues like swelling credit card debts and the inability of making mortgage payments rise to the surface.

These ever increasing credit card debts and mortgage payments that are not paid lead to more serious financial issues, such as pushing up the interest rates of mortgage loans. The economic downturn affects individuals of all economic classes.

The process of bankruptcy in Miami, Florida is a complex but effective procedure when completed with the help of a good bankruptcy attorney. First, you must contact Gallardo Law Firm and our lawyers will explain in detail the process of bankruptcy and how it will allow you to achieve your financial objectives. Then, a report of your assets, income, debts, and any additional information about your creditors is performed. The lawyer will then be able to determine which type of bankruptcy is best suited for your financial situation; whether it is Chapter 7, 11, or 13 of bankruptcy.

From this point, the bankruptcy lawyer in Miami presents the case to the federal court in the relevant district, where it is analyzed in depth and judge will determine whether or not you are eligible for the type of chapter presented. If the type of bankruptcy is Chapter 7 or 13, the debtor must also file a report that shows advice of using credit has been received to be eligible to declare bankruptcy. Then, the debtor must appear at a meeting that is known as 341 in which that person will have to answer questions from a syndicate of creditors in Florida. Depending on the type of bankruptcy that is filed; the debtor may have to go before the bankruptcy judge. At the end, the judge will release the debtor from his/her debt if filing under Chapter 7 or will grant the repayment plan in Chapter 13 of bankruptcy.

Bankruptcy Lawyers in Miami

Bankruptcy attorneys in Miami can help individuals recover from their current financial crisis. Having many debts can be a major problem requiring the legal counsel of an experienced attorney. An attorney can guide you through the whole process and explain to you in more details how Florida bankruptcy laws apply to your specific situation.

It’s possible to reduce your debts and stop creditor persecution with the help of a bankruptcy attorney. At Gallardo Law Firm we tailor our legal counsel to your needs. We can help you find the type of bankruptcy that best fits our case. It’s important to always hire a practicing attorney to guide you through everything. Other available options may be cheaper but not necessarily better. Bankruptcy organizers, for example, are less costly but they can’t provide a complete legal counsel as a bankruptcy lawyer would.