Bankruptcy Attorney in Miami, FL
Bankruptcy Attorney in Miami, FL
During times of economic crisis, it is very common to see that many people find it difficult to cope with the situation. Much more if they find themselves with debts to pay and do not have enough income with which to face them. For many people, a possible solution to their financial problems is to file for bankruptcy and start over. That is why it is so common to see chapter 13 bankruptcy proceedings in Miami, or other similar ones.
This process is called “earned wages”, because it is a plan with a projection into the future. It turns out to be a good solution for those people with a high level of indebtedness who do not wish to lose part of the assets or properties acquired. Chapter 13 bankruptcy in Miami is defined as a strategy consisting of a monthly payment plan over a long period of time. Through the judicial authorization of this process, it is possible to face debts in the course of life, and obtain some benefits.
Chapter 13 bankruptcy in Miami is a process designed for private individuals, not corporations. In addition, certain requirements must be met regarding the amounts owed. Amounts of secured debt (mortgages, car loans, etc.) and unsecured debt (credit card, personal loans, etc.) are defined and change over time.
The plus points for filing a chapter 13 bankruptcy in Miami are many when compared to other available options. Mainly, the fundamental benefit is the possibility of partial or total elimination of a large part of the debts that the individual has. But this is not the only advantage.
The debtor is also given the opportunity to recover financially by controlling the monthly payments, so they do not incur large capital losses. In addition, with Chapter 13 bankruptcy in Miami, the client has much more time to recover. You will be able to get rid of your debts without having to sell your properties.
Many additional charges will be reduced by entering this payment plan. After 30 or 60 consecutive payments, demonstrating the client’s willingness, many debt loads can be eliminated entirely. At the end of that period, only 10% of the original debt may have been paid. This means that Chapter 13 bankruptcy in Miami can help many people greatly reduce their financial burden.
Finally, it should be noted that from the filing of the bankruptcy and during its duration, the automatic suspension clause for creditors is activated. This means that they will not be able to take additional actions, such as wage garnishments or new levies, or send warning letters or make threatening calls. Since the bankruptcy filing for chapter 13 in Miami, the creditors will stop bothering, since they must abide by what the law and the judge of the case indicate.
The first step in declaring bankruptcy is to consult with an experienced attorney, such as Michael Brooks. Together, you will file for Chapter 13 bankruptcy in Miami. For this, it is necessary to gather the information corresponding to total income and expenses, properties and assets that are available, and any other relevant financial data. With this information, it is possible to assess whether the case applies to this or another chapter.
Once the lawyer presents the case in front of the court, the client will be summoned to testify. Creditors will also show up to ask questions and gather all necessary information. In the event that the escrow agent approves the bankruptcy case for chapter 13 in Miami, the payment plan is prepared. These are monthly, and can be automatically deducted from salary.
This bankruptcy arrangement prevents creditors from taking possession of the debtor client’s property. In other words, no matter how much you have debts, you can keep your assets, as long as you meet the requirements and the payment plan for Chapter 13 bankruptcy in Miami. It is important to clarify that during this period, it is not possible to make donations of the assets included in the bankruptcy declaration. In addition, the commissioner in charge can roll back anytransfer made up to one year before the presentation, in case there is suspicion of fraud.
All these details and many more that are found in the law, may be unknown to citizens. Therefore, it is highly recommended to have the advice of an attorney with the experience of Michael Brooks. He has more than 30 years of experience performing chapter 13 bankruptcy in Miami, among other processes of this type.
The first inquiry about his bankruptcy is free of charge. In it, you will be asked to complete in as much detail as possible the relevant information to evaluate the case. It is possible, then, that you be considered eligible to file for Chapter 13 bankruptcy in Miami. Otherwise, Michael Brooks will recommend another type of procedure, more appropriate to his case. Ultimately, it will be his decision that prevails when continuing the process.</ Span>
Also in the first consultation, an agreement will be reached for fees and costs, as well as a disbursement plan to facilitate payment to the client. During the process, creditors may try to collect some credit card balance, which should be considered. You will also receive advice on more complex issues such as foreclosure or vehicle repossession issues. Count on our services to file your Chapter 13 bankruptcy in Miami or any other related matter.