If you are in Miami and you find yourself bankrupt or bankrupt, you are interested in knowing what exactly is Chapter 13 Bankruptcy in Miami, because if you understand it correctly and seek legal help, it can be of great help. in the most difficult moments and also, it will help you start from scratch, not lose your home and offer your family some guarantees.
Next, you will be able to learn what rights and responsibilities you have if you are a US citizen and you are in bankruptcy, how the law can help you and what you have to do to make your situation as favorable as possible in Miami.
What is bankruptcy law in Miami?
Bankruptcy law in the United States is one of the oldest in existence. In fact, it was created in the year 1800 and despite the fact that it has undergone some changes, its application and use is still essential for the American economy. For this reason, it is highly protected and you can take advantage of the different chapters established by law.
In fact, it is a help or lifesaver for those people and companies that cannot face the following payments.
In fact, if you want to start over and leave behind a life of debt and complications to reach the end of the month, what you should do is learn in detail what chapter 13 bankruptcy in Miami is and you can start from scratch and full of energy.
What is the bankruptcy law in Miami for?
Bankruptcy law is crucial, because people who have left their balance at zero cannot face many necessary expenses and need help that they can obtain by declaring bankruptcy.
Though of course this is a legal step that will take some time.
And not all issues can be avoided. For example, if you are divorced and you have to pay alimony, being in bankruptcy does not exempt you from it. Neither if you have criminal restitution to do so you don’t go to jail.
On the other hand, declaring bankruptcy is not always necessary to obtain help for your situation. There are many other options and perhaps this one, Chapter 13 bankruptcy, is not the one that suits you best.
What is chapter 13 bankruptcy in Miami?
There are many types of bankruptcy and they appear in the different chapters of the Bankruptcy Law. One of the best known and most applied chapters in the US is 7.
But then, what is chapter 13 bankruptcy in Miami? is a chapter that speaks and refers to a particular type of bankruptcy, which may or may not be your case. In fact, it is not the bankruptcy that is most applied, the 7, although it is similar.
A chapter 13 bankruptcy involves restructuring debt.
The usual thing is that the person makes a debt plan where he extends the debts he has up to now. Payment is made over the following three and five years.
On the other hand, if the person filing for bankruptcy has terminated the payment plan, the outstanding debts will be cancelled. That way, the debtor can start from scratch.
In addition, chapter 13 bankruptcy in Miami is the best way to keep your assets such as your house or car, something that chapter 7 bankruptcy Miami cannot offer.
In other words, it is the best way to maintain and also to rescue assets.
Who can use Chapter 13 bankruptcy in Miami?
You already know what chapter 13 bankruptcy in Miami is, but if the person who seeks to file for chapter 13 bankruptcy in Miami does not meet a series of requirements, this will not do them any good . Therefore, the law establishes some characteristics that the legal person or company that declares bankruptcy must meet.
They are the following:
- You must have credit counseling.
- You must provide Miami courts with financial and debt records, as detailed as possible.
- And since you commit to making payments in the next 3 – 5 years, you have to show that you have that minimum income requirement.
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