At Gallardo Law Firm, we not only have the professional guidance you need to get out of a financial crisis, but we are also there with you the entire way. When it comes to filing for Chapter 13 bankruptcy, things can get confusing and overwhelming. Here's a break down of the specifics and what we can do for you.
The United States economy has been experiencing a period of financial crisis resulting in unemployment and increased debt. Unfortunately, the financial state of the U.S. has forced many Americans to fall into debt while others simply do not know how to manage their earnings and thus become tangled in further, overwhelming debt—most likely as a result of Chapter 13 bankruptcy.
Major cities in the country have been affected by the downfall of the country’s financial stability. Gallardo Law Firm has professionally assisted debtors in filing Chapter 13 bankruptcy in Miami. For individuals who currently face such a situation, filing for bankruptcy is the perfect solution to solve their economic problems by proving their eligibility. Bankruptcy is established under federal law to eliminate and/or repay—according to federal court—the obtained debt.
In the United States, there are six categories of bankruptcy: Chapters 7, 11, 12, and 13. Chapter 7 is also known as debt settlement. Chapter 12 meets the same requirements as Chapter 13 bankruptcy, but is aimed specifically at debtors who are engaged in agriculture and fishing. According to professionals, filing for bankruptcy under Chapter 13 can be the lifesaver that several debtors are searching for.
Are there big differences between Chapter 7 and Chapter 13 bankruptcy? The difference between these two chapters depends on the particular case and for that reason their subject matter differs to the situation’s particular circumstances related to each case. Chapter 7 bankruptcy, also known as liquidation, is when a client removes unsecured debts and does not have to pay any of the debts that are accumulated. This could help the client if they are wishing for a clean, fresh start. Also, Chapter 7 has the option to protect the individual from a credit collector right after filing and the case can be discharged within three to six months.
While with Chapter 13 bankruptcy, the debtors have to pay those debts that they can afford and within a long term they’re maintaining their properties. In many cases, they significantly reduce their debts. At Gallardo Law Firm, an expert bankruptcy lawyer in Miami can advise you on what is the best way to file for bankruptcy. We can guide you through the proper steps to take once reviewing your case so that we can see what’s the most appropriate for you while noting the requirements for your particular case. In many cases—depending on your current situation and future goals—Chapter 13 bankruptcy could be more convenient than Chapter 7. In addition, Chapter 13 can be filed as many times as necessary without time exceptions.
Chapter 13 bankruptcy is also referred to as a “wage earner” or “acquired salaries.” This Chapter is the practical solution for you if you are struggling with financial difficulties. This process is better defined as a payments strategy that is legally declared by the court. Chapter 13 bankruptcy you to pay all your debts within a period of 3 to 5 years, for example—depending on your case and/or your situation—without risking the loss of properties that were obtained throughout your life. In layman's terms, in the long run there is an opportunity to keep your possessions following Florida Bankruptcy exemptions.
Chapter 13 bankruptcy in Miami can be used to avoid foreclosure, catch up on car and mortgage payments, and tax debt as well as the interest in it. This includes the advantage of keeping the assets. The payment plan and amount remunerated differs on many factors such as income, which could be determined by the Florida Means Test, and factors that must be discussed in detail with an expert bankruptcy lawyer at Gallardo Law Firm.
Chapter 13 bankruptcy is the best option for debtors that wish to keep their secured properties, followed by a payment plan. The debtors must have the correct guideline knowledge that is necessary to file under Chapter 13 due to the fact that not every case can fall under such requests to which the Florida law calls for.
In order to file for Chapter 13 bankruptcy, the following list of guidelines must be executed in order to be eligible.
Chapter 13 Bankruptcy in Miami can provide a number of benefits to an individual that is going through an economic crisis. Gallardo Law Firm lawyers can elaborate on confusing lingo and guide you to detailed benefits and solutions to any issue that you are facing. In order to gain a new level of freedom in the face of financial struggles, we can help you to get rid of the following depending on your case and situation.
The following steps are necessary when it comes to establishing Chapter 13 Bankruptcy in Miami:
Creditors have no jurisdiction over your properties once the process of bankruptcy has begun, and debtors cannot donate any of the goods that have been set out in the Chapter 13 bankruptcy process. The commissioners of the case can also cancel some money transfers that were made by the debtor within a year before starting the process—if any fraud is recognized.
Scary factors that come with this process include but are not limited to, not having the correct guidance as well as not having enough knowledge on the topic. However, deciding to embark on this process can save you.
“Bankruptcy helps people who can no longer pay their debts, get a fresh start by liquidating assets to pay their debts, or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.”- United States Courts
A bankruptcy lawyer in Miami plays an important role in the process of financial crisis. Do not be afraid to file for bankruptcy,for it is the best solution to improve your financial status. When filing Chapter 13 bankruptcy in Miami, it is important to contact a bankruptcy attorney from day one. Gallardo Law Firm bankruptcy lawyers have advanced knowledge of the laws of Florida and we can help you to restore of your personal economy.