• (305) 261-7000
  • Contact
  • HABLAMOS: Español

OFFICE: Miami - Hialeah
  • en
    • English
    • German
    • Espaniol
    • Portugise
gallardo law firm logo
×
  • Home
  • Services
    • Personal Injury
    • Immigration
    • Family
    • Criminal Defense
    • Workers Comp
    • Labor Law
    • Bankruptcy
    • Civil
    • Elder Law
    Personal Injury
    • Personal Injury Lawyer
    • Car Accident
    • Bus Accident
    • Bicycle Accident
    • Slip And Fall
    • Wrongful Death
    • Truck Accident
    • Motorcycle Accident
    • Pedestrian Accident
    • Brain Injuries
    • Product Liability
    • Burn Injury
    • Boating Accident
    Medical Malpractice Injuries
    • Medical Malpractice
    • Surgical Errors
    • OB-GYN Malpractice
    • Pharmacy Malpractice
    • Birth Injury
    • Nursing Home Abuse
    Immigration Lawyer
    • Immigration Lawyer
    • Deportation Defense
    • Removal Proceedings
    • Immigration Bail Bonds
    • Criminal Conviction & Immigration
    • Prosecutorial Discretion
    Reunification And Deportation
    • Family Reunification
    • Cuban Family Reunification
    • DACA Deferred Action
    • DAPA Deferred Action
    Visa, Residency and Citizenship.
    • Fiance Visa
    • Non Immigrant Visa
    • Temporary Worker Visa
    • Visa Waiver
    • US Visa
    • Religious Worker Visa
    • U Visa (Victims Of Criminal Activity)
    • Investor Visa
    • T Visa
    Hearings, Conviction and Other
    • Citizenship
    • Family Based Green Card
    • Employment Based Green Card
    • VAWA self-petition (Victims Of Domestic Violence)
    Family Lawyer
    • Family Lawyer
    • Divorce
    • Equitable Distribution
    • Breach Of Divorce Agreement
    • International Divorce
    • Alimony
    Child Custody Law
    • Child Custody
    • Child Support
    • Time Sharing
    • Third Party Visitation
    • Child Relocation
    • Paternity
    Divorce Lawyers
    • Modify Divorce Decree
    • Prenuptial Agreement
    • Post Nuptial Agreement
    Other Divisions
    • Trust, Will & Estate Planning
    • Domestic Violence
    Criminal defense Lawyer
    • Criminal Defense Lawyer
    • Appeals & Post-Convictions
    • Probation Violation
    • Grand Jury
    • Death Penalty
    • Miranda Rights
    • Asset Forfeiture
    • Seal Criminal Records
    Criminal defense Lawyer
    • Assault And Battery
    • Sex Crimes
    • Criminal Assault
    • Theft And Robbery
    Criminal Defense
    • Drug Crimes
    • DUI Defense
    • Misdemeanor Charges
    • Federal Crimes
    • Weapons Charges
    • Criminal Traffic Offense
    Criminal Defense
    • Money Laundering
    • White Collar Crime
    • Health Care Fraud
    Workers Comp Lawyer
    • Workers Compensation Lawyer
    • Worker’s Comp Injuries
    • Workers Compensation Benefits
    • Chemical Exposure Injuries
    • Strain & Sprain Injuries
    • Cuts & lacerations Injuries
    • Hearing loss Injury
    • Repetitive Trauma Injury
    • Construction Accident
    Workers Compensation
    • Who Is Eligible For Workers’ Comp
    • Denied Workers Comp Claim
    • Return To Work After Injury
    Employment Lawyer
    • Employment Attorney
    • Equal Pay Act
    • Family Medical Leave Act
    • Employment Discrimination
    • Unpaid Wages
    • Unpaid Overtime
    • Minimum Wage Violations
    • Sexual Harassment At Work
    Employment Division
    • Business Litigation
    • Employee Class Action Lawsuit
    • Wrongful Termination
    • Whistleblower Claims
    • Disciplinary Procedure
    Bankruptcy
    • Bankruptcy Attorney
    • Bankruptcy Process
    • Bankruptcy Property
    • Bankruptcy In Hard Economic Times
    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 13 Bankruptcy
    • Creditor Harassment
    • Life After Bankruptcy
    Real Estate
    • Foreclosure
    • Foreclosure Defense
    • Home Insurance Claims
    • Loan Modification
    • Real Estate Disputes
    • Landlord-tenant Disputes
    Civil Litigation
    • Civil Litigation
    • Civil Rights
    • Construction litigation
    • Breach of contract
    • Commercial Litigation
    • Mediation & Arbitration
    • Defamation
    • Money Seizure
    Elder Law
    • Estate Planning
    • Adult Guardianship
    • Probate
  • Attorneys
    Carmen Gallardo Attorney in Miami

    Carmen Gallardo
    Leisy Jimenez Family Lawyer Miami

    Leisy Jimenez
    Elvis John Adan workers comp Lawyer Miami

    Elvis John Adan
    Natalia Timmons personal injury lawyer Miami

    Natalia Timmons
    Jesús Novo Miami Attorney

    Jesús Novo
    Maria Vargas civil litigation Lawyer

    Maria Vargas
    Irene Romero Immigration Lawyer Miami

    Irene Romero
    Maria D. Lopez Lawyer

    Maria D. Lopez
    Rainier Regueiro Labor Lawyer Miami

    Rainier Regueiro
    Dianelys Cala Immigration Lawyer Miami

    Dianelys Cala
    Ismael Labrador Bankruptcy and Immigration Lawyer Miami

    Ismael Labrador
    Mayron Gallardo Criminal Defense and Immigration Lawyer Miami

    Mayron Gallardo
    Miguel Planas Immigration Lawyer Miami

    Miguel Planas
    Eusebio Gonzalez Civil Lawyer Miami

    Eusebio Gonzalez
    Camila Gonzalez Family Lawyer Miami

    Camila Gonzalez
    Salomón Valladares Family Lawyer Miami

    Salomón Valladares
    Mara Fontanet Immigration Lawyer Miami

    Mara Fontanet
    Gipsy Sosa Immigration Lawyer Miami

    Gipsy Sosa
    Yesenia L. Alfonso Immigration Lawyer Miami

    Yesenia Alfonso
    Marcos Garcia Immigration Lawyer Miami

    Marcos Garcia
    Shedwin Eliassin Employment Lawyer Miami

    Shedwin Eliassin
    Jonathan Gutierrez Immigration Lawyer Miami

    Jonathan Gutierrez
  • Videos
  • About us
  • Testimonials
  • Client Portal
Right Time to File for Bankruptcy

Right Time to File for Bankruptcy

By Julianne Fitzgerald
On 01 Jan, 2014

    Making the decision to file bankruptcy is never easy. For those who have made the decision, it is often to relieve the financial stress and get a fresh start. Many may be facing bankruptcy due to no fault of their own, such as the death of a spouse or loss of employment. It is important, however, to time the filing of your bankruptcy properly as timing could affect the outcome of your case.

    Delay if Mortgage Modification is Possible

    Filing Bankruptcy Miami can delay foreclosure on your home, but if you file too soon, you may lose the opportunity to obtain a mortgage modification. Bankruptcy cancels the promissory portion of your mortgage, but does not remove the lien from your home. Therefore, a lender has nothing to negotiate once a bankruptcy is filed. In some cases a lender may refuse to enter into mortgage modification once bankruptcy is filed.

    Delay if Your Recent Income is High

    If you have worked overtime in the past few months or have just recently lost your job, it may be best to delay filing until your average income is lower. The courts will review six months of income to determine eligibility, so it is best to wait until you are sure your income will be low enough to qualify you.

    Delay if You Expect a Financial Windfall

    If you are expecting an annual bonus at work or a tax refund, it is best to get the funds and use them toward necessities before filing. If you file bankruptcy and then receive the bonus or refund, you must surrender it to the bankruptcy trustee. However, it is important to use the funds for necessities rather than frivolously to avoid having your bankruptcy dismissed.

    File Immediately if you are Facing Loss of Assets

    Filing for bankruptcy automatically stops creditors from continuing collection efforts, even in the case of mortgages or car loans. Filing Chapter 7 bankruptcy only provides temporary relief, while Chapter 13 bankruptcy may allow you to catch up on missed payments through your payment plan. In Chapter 13, you may be able to get a repossessed car back if it has not been sold, but once it is sold, bankruptcy will not help. Therefore, if you are facing a sheriff’s sale of your home or the sale date for your vehicle is approaching, filing bankruptcy prior to the sale can help protect your assets.

    File Immediately if You are Sued

    If you are facing a lawsuit, filing for bankruptcy can stop legal proceedings against you. If the obligation is discharged through your bankruptcy, the lawsuit will be dismissed and the judgment unenforceable. However, a bankruptcy will not remove liens from your property automatically. If a creditor has filed a lien against your property, you may need to take additional steps to have it removed, and, in some states, it cannot be removed at all. Therefore, it is critical to discuss your options with a bankruptcy attorney if you receive lawsuit documents from a creditor.

    Although each case must be reviewed on an individual basis, these are common situations that can help you determine whether you should file for bankruptcy immediately or if waiting to file is more beneficial.

    Practice Area

    • Family(32)
    • Immigration(38)
    • Criminal Defense(34)
    • Bankruptcy(7)
    • Personal Injury(47)
    • Civil(7)
    • Employment(5)
    • Blog Posts Related to this
      Practice Area
    • Which Kind of Bankruptcy Should I File?
      Which Kind of Bankruptcy Should I File?
      15 Sep, 2016
    • Good Credit Score Benefits
      Good Credit Score Benefits
      29 Apr, 2016
    • Best Credit Score Ratings Awarded to Coral Gables
      Best Credit Score Ratings Awarded to Coral Gables
      12 Apr, 2016
    • Bankruptcy Miami: The Cost of Living in the Magic City
      Bankruptcy Miami: The Cost of Living in the Magic City
      18 Feb, 2016
    • Miami Bankruptcy Attorney Fees
      Miami Bankruptcy Attorney Fees
      18 Jul, 2015
    • Filing for Bankruptcy, some Basics
      Filing for Bankruptcy, some Basics
      17 Feb, 2015

    CONSULT WITH US YOUR CASE

    *SMS Terms of Service and Privacy Policy

    About Us

    Gallardo Law Firm specializes in areas of law such as personal injury, bankruptcy, immigration, criminal defense, and family law. We pride ourselves on our experienced lawyers who are highly dedicated to your case. We strive to provide solutions geared towards your needs and work hard with our clients to achieve success.


    Quick Links

    • Home
    • Who We Are
    • Community Involvement
    • Accessibility Statement
    • SMS Terms of Service
    • Business Contact
    • Blog
    • FAQs

    Miami Office

    • 8492 SW 8th St Miami Fl 33144
    • (305) 261-7000
    • info@gallardolawyers.com
    • Fax: (786) 527-3242
    Gallardo Law Firm logo

    Hialeah Office

    • 7802 NW 103rd St #113 Hialeah FL 33016
    • (786) 800-9356

    All Rights Reserved. | Privacy Policy