Bankruptcy Attorney in Miami, FL
Bankruptcy Attorney in Miami, FL
Chapter 7 bankruptcy in Miami dates back to the 1800s, during the making of the bankruptcy law by the United States Congress. Currently, it is one of the most used resources in practice, both by individuals and organizations. Basically, this legal resource allows you to get a fresh start in financial terms, when you find yourself in a delicate situation.
Using Chapter 7 bankruptcy in Miami, all non-exempt properties will be sold. With the money resulting from the operation, the debts you have up to that moment will be paid. Through this operation, part of the debts are cancelled, so it is not necessary to pay them.
An important note is that not all debts can be eliminated by filing for Chapter 7 bankruptcy in Miami. Debts from certain taxes, fines or penalties will not be eliminated. Nor those that come from the payment of alimony or child support. In most cases, student debt is also not eliminated, except in cases of extreme necessity.
There are several benefits of Miami Chapter 7 bankruptcy over other similar options. One of the main ones is the speed with which the process is carried out. Within 3 or 4 months, you can be back on your feet and starting from scratch. This makes it one of the best options, as it is very simple.
Another of the main advantages is what is known as automatic stay, which protects the individual in bankruptcy. While the process is carried out from the filing of the bankruptcy and after its approval, creditors cannot take collection actions. This means no notification letters, harassing calls, new garnishments or liens, etc. Creditors are required to abide by the rulings of the Miami Chapter 7 bankruptcy regulations.
In addition, there are some other additional advantages. Foreclosures are canceled and of any purchase that has collateral, even the properties are recovered. The time for credit reestablishment is shorter than in other similar procedures, so the start-up of new projects is not delayed. Finally, there are no monthly payments as in Chapter 13, which avoids certain inconveniences and damages for the debtor in bankruptcy.
The Chapter 7 bankruptcy process in Miami can be done by individuals, organizations or small business owners. The first thing you should do is consult with a qualified attorney, such as Michael Brooks. He will be able to advise on the best options for his future, and accompany him throughout the process to obtain the most favorable result. If you qualify for this type of bankruptcy, you will proceed to fill out the Chapter 7 form called “Declaration of Financial Matters.”
Along with the form, all supporting information for the case must be submitted. This includes reports of expenses and income, a list of properties and another of debts, with the detail of the creditors to whom money is owed. This information about your Miami Chapter 7 bankruptcy will be presented in federal court, where it will be analyzed to determine if you may be eligible for this chapter.
The judge will inform the creditors about the start of the process, which will place them under the obligation to stop any action or attempt to collect. An escrow agent will be in charge of collecting non-exempt assets: second properties, second cars, cash and investments, and other personal effects not excluded by law. These items will be sold, as established by Chapter 7 bankruptcy in Miami. With the resulting money, it will be possible to face the debts that remain with the creditors. They must go to court in order to confirm the information, and there the bankruptcy is accepted. At that point, all debts you owe will be paid off, and you’ll be off to a fresh start.
In the Miami Chapter 7 bankruptcy filing process, the rol of the lawyer is essential. In the face of a financial crisis, it is important to remain calm and there is nothing better for that than being well advised. Attorney Michael Brooks has over 30 years of bankruptcy experience, making him one of the most authoritative words in Miami. With a team of professionals available, you will have the best information and the best advice.
The initial bankruptcy consultation is free, so you pay absolutely nothing. You will be asked to complete an information sheet, in order to recommend the most appropriate actions in your situation. If you qualify for a Chapter 7 bankruptcy in Miami, then the fees and payment plan will be discussed, so as not to make the process even more complicated. You will also be advised on more complex matters, such as foreclosure or vehicle repossession issues.