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The first thing we advise clients, when they're deciding whether or not to file - is  to

"try to put your emotions aside." 

 

We know it's hard, but, when you think about it, we're talking about your family's finances and emotions have nothing to do with it.

 

It's a business decision ... what can you do now to turn around your family's financial problems as quickly as possible?

Here are some debt relief scenarios where filing a Chapter 7 or Chapter 13 could be the quickest way to solve your money problems and even rebuild your credit!​​​​

Chapter 7 could be your best solution if:

  • you’re facing a lot of unsecured debt (credit cards, medical bills, personal loans) and based on your current income, ​it will take years to pay them off (if ever)!

    • in a Chapter 7, you can simply wipe out (discharge) such unsecured debts and not have to pay them anything!​

  • you’re in a car or house loan that’s too much & you want to get out from under it?

    • in a Chapter 7, you can "surrender" such debts. Then, when the creditor gets the house or car back, they can no longer sue you for any money they claim you still owe them!​

  • your car was repossessed, or your house was foreclosed on already and you are now being sued for a deficiency claim (where they are claiming you still owe them money)?

    • once the car is repossessed, or home is foreclosed, these debts become "unsecured" debts and can simply be wiped out in a Chapter 7.​

  • your wages are being garnished after you were sued by a creditor.

    • in a Chapter 7, wage garnishments automatically stop!​

    • additionally, it is possible to get the creditor to refund you any wages that were garnished during the few months before you filed your bankruptcy!

  • lawsuit has been filed against you and do not want a judgement to be entered against you which would enable your creditor to garnish your wages or take money from your bank account.

    • in a Chapter 7, all lawsuits against you must automatically stop.

    • additionally, no judgments on old debts can be entered against you after your Chapter 7 is filed.

  • you owe back taxes that you cannot afford to repay​​​.

    • in a Chapter 7, you are often times able to wipe out (discharge) older tax debts.​

  • Under these circumstances, a Chaper 7 could give YOU the power to now:

    • wipe out all those debts which have been holding you down (often in as little as 3 months)!

    • start to rebuild your credit so you can now get better interest rates and save even more money!

    • finally sleep at night knowing that you have chosen the quickest to resolve your family's financial concerns!

Chapter 13 could be your best solution if:

  • you are facing a foreclosure and want to keep your home.

    • because in a Chapter 13, any missed mortgage payments (i.e. arrears) that you owe are not due now and are "spread out" over the next 36-60 months ... therefore making the payments affordable!​

  • you are facing a vehicle repossession and want to keep your vehicle.

    • in a Chapter 13, any missed car payments are not due now and, instead, the vehicle loan balance is "spread out" over the next 36-60 months ... therefore making the payments affordable.​

    • and if you've owned the car more than 910 days (2.5 years), you can "cram-down" your car loan and repay the loan by paying the "fair market value" of the car versus the amount owed on the loan!

  • you have a lot of unsecured debt (credit card debt, medical bills, personal loans) that you cannot afford to repay, but have a lot of equity in your home or personal property.

    • in a Chapter 13, you can often repay your unsecured debts by paying only a fraction of the total amount owed.​

  • you cannot afford to pay all your bills, but have made too much money to qualify for a Chapter 7.

    • in a Chapter 13, you can keep any secured debts (home loans, car loans, furniture loans, etc.) that you want to keep; and​

    • often repay any unsecured debts (credit cards, medical bills, personal loans) at a mere fraction as payment in full!

We recommend contacting a Fort Lauderdale area bankruptcy attorney today. Having the advise of an attorney who concentrates in representing clients in Chapter 7 and Chapter 13 bankruptcies can provide you valuable insight as to the pros and cons of filing for bankruptcy.
Contact Beacon Law, P.A. today to discuss your case!
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We serve clients throughout Broward County in the City of Coconut Creek, City of Coral Springs, City of Dania, City of Davie, City of Deerfield Beach, City of Everglades Parkway, City of Fort Lauderdale, City of Hallandale, City of Hollywood, City of Lauderdale Lakes, City of Lauderhill, City of Pembroke Pines, City of Plantation, City of Pompano Beach, City of Miramar, City of Southwest Ranches, City of Sunrise, City of Tamarac, City of West Park.
We serve clients throughout Miami-Dade County in the City of Aventura, Village of Bal Harbour, Town of Bay Harbor Islands, Village of Biscayne Park, City of Coral Gables, Town of Cutler Bay, City of Doral, Village of El Portal, City of Florida City, Town of Golden Beach, City of Hialeah, City of Hialeah Gardens, City of Homestead, Village of Indian Creek, Village of Key Biscayne, Town of Medley, City of Miami, City of Miami Beach, City of Miami Gardens, Town of Miami Lakes, Village of Miami Shores, City of Miami Springs, City of North Bay Village, City of North Miami, City of North Miami Beach, City of Opa-Locka, Village of Palmetto Bay, Village of Pinecrest, City of South Miami, City of Sunny Isles Beach, Town of Surfside, City of Sweetwater, Village of Virginia Gardens, City of West Miami.
We serve clients throughout Palm Beach County in the City of Atlantis, City of Belle Glade, City of Boca Raton, City of Boynton Beach, Town of Briny Breezes, Town of Cloud Lake, City of Delray Beach, Town of Glen Ridge, Village of Golf, City of Greenacres, Town of Gulf Stream, Town of Haverhill, Town of Highland Beach, Town of Hypoluxo, Town of Juno Beach, Town of Jupiter, Town of Jupiter Inlet Colony, Town of Lake Clarke Shores, Town of Lake Park, City of Lake Worth, Town of Lantana, Town of Manalapan, Town of Magnolia Park, Village of North Palm Beach, Town of Ocean Ridge, City of Pahokee, Town of Palm Beach, City of Palm Beach Gardens, Town of Palm Beach Shores, Village of Palm Springs, City of Rivera Beach, Village of Royal Palm Beach, City of South Bay, Town of South Palm Beach, Village of Royal Palm Beach, Village of Tequesta, Village of Wellington, City of West Palm Beach.

Should I File For Bankruptcy ?

Some Perspective From an Experienced
South Florida Bankruptcy Attorney