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When should I see a bankruptcy lawyer about getting information on filing a bankruptcy

Even though most people don’t know it, once you start to pay less than the full amount you owe on credit cards, you are in trouble.  The interest rate that credit card companies can charge might be illegal if a person charged that same amount.  In Florida, a person can charge as much as 18% interest on a loan.  If they charge more than that, the loan may not be valid, and all the money you paid to the lender would have to be returned to you.  If you charge more than 25% interest, that is a crime in Florida, and the person charging that amount could go to jail.  Credit card companies charge between 12% and 25% interest on their cards.  Even if you have credit card debt and are being charged 12%, that is a huge amount of interest to pay back.  At 12% interest, the principle doubles every five years.  But most cards are even higher than 12%.  If you have credit card debt, you have to get rid of it or you will never be able to buy a house or a car with a normal interest rate.  Creditors love when people owe on their debts because that’s how they make money.  With late fees and other charges, the debt can add up very quickly.

Once you have debt, you should get a free consultation with an experienced and qualified bankruptcy attorney.  You will know if the attorney is qualified and experienced by talking to them.  They can answer any question you have regarding bankruptcy.  Sometimes, you may have questions that need additional information to answer, but general questions should be able to be answered by the attorney if they are qualified and experienced.  Sometimes the correct answer to the question of should I file bankruptcy in Miami or Ft. Lauderdale is no.  The reasons why you should not file bankruptcy should be explained just as the reasons why you should file bankruptcy in Miami or Ft. Lauderdale should be explained.  Any qualified and experienced attorney in Miami or Ft. Lauderdale should always be acting in your best interest.  In fact, all lawyers have an ethical duty to put their client’s interests before their own.  If an attorney doesn’t file a lot of bankruptcy cases, he/she may want to build up their caseload by telling you bankruptcy is a good idea.  Honestly, most of the time, filing for bankruptcy is a good idea.  But if it’s not the right thing for you to do, your lawyer should tell you it’s not the right thing to do.  

Once you start seeing that you are having trouble with any debts, like credit cards, medical bills, car payments or mortgage payments, you must immediately seek the advice of a qualified and experienced attorney in Miami or Ft. Lauderdale.  The sooner you see the attorney, the easier it will be to make a plan of action.  Some people can’t file bankruptcy right away.  There may be planning involved. There are certainly a lot of documents you will need to gather if bankruptcy is your best option.  All of this takes time.  So the sooner you see a qualified and experienced attorney in Miami or Ft. Lauderdale, the better off you will be.  

People are always worried about what filing bankruptcy in Miami or Ft. Lauderdale will do to impact their credit.  Almost everyone who comes to see me about filing bankruptcy in Miami or Ft. Lauderdale either has bad credit or will soon have bad credit.  Even if you are current on your credit card debts, if you go to buy a car or a house, the lender will ask how you will be able to afford to repay them the money you are seeking to borrow for the car or house. This is called the debt to income ratio.  They want to know if you have not only enough income to pay the debt you presently have, but they also want to know that your income is enough to also pay the money back that you are borrowing.  So even if your credit score is high, you may not get approved for a loan because the lender may believe you cannot afford to repay all of your debt.  The best way to get these loans is to get to a point where you owe creditors nothing.  The fastest way to do that would be to file for bankruptcy or to just pay off all of your debt.   Obviously, if you had the money to pay off your credit card debt, you would.  In these situations, bankruptcy in Miami or Ft. Lauderdale may be the best option.  Two years after the bankruptcy is discharged, your credit will be high, and you can qualify for a conventional mortgage.  Auto loans are even easier to get after the bankruptcy is discharged (finished).  As long as you can show you have income and the bankruptcy is discharged, you should be able to get a conventional loan to buy a car.  

The bottom line is that filing for bankruptcy in Miami or Ft. Lauderdale may be your best option, not only to get rid of your credit card debt, medical bills, allow you to catch up on your car payments or mortgage, it may be the best thing to fix your credit.  It may take a while, but filing bankruptcy in Miami or Ft. Lauderdale may be your best option to rebuild your credit and concern yourself with the rest of your life rather that taking years to repay debts that you have already incurred.  

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