Bankruptcy

Bankruptcy Attorney Miami

Garcia Hernandez, P.A. has represented thousands of clients in bankruptcy throughout central and south Florida in Miami, Broward, West Palm Beach, the Treasure Coast, Naples, Cape Coral, Ft. Myers and Tampa. There are many factors that force people to file bankruptcy but some of the most common are medical debt, student loan debt, loss of employment or income, and foreclosure. Bankruptcy affords people the opportunity to start over with a fresh start or to reorganize their debt

What is Bankruptcy?

Bankruptcy is a legal way for people (and corporations) who are unable to pay their debts get a fresh start or reorganize debt. It is done by liquidating assets to pay debts, creating a debt repayment plan, or discarding debts some altogether.

How does bankruptcy work?

In most cases, a judge and court trustee examine the assets (what is owned) and liabilities (what is owed) of individuals and businesses who are unable to pay their bills and decide whether to discharge those debts so they are no longer legally required to pay them.

Is bankruptcy the right decision for you?

Around 97% of bankruptcies are filed by individuals, according to debt.org. This means that you do not need to feel defeated or alone when deciding to file for bankruptcy. Many people – from all walks of life – struggle with debt management and have found themselves in overwhelming debt. Sometimes individuals take on expenses (like a mortgage, auto loan, or student loan to name some of the most common) and don’t have the income to pay for it. Other times they are faced with unexpected expenses such as medical debt, loss of employment, business closure, the death of a loved one, or a disability that keeps them from earning at their full potential. Whatever the reason for you to feel like the debt is crushing and there is no way out of it, bankruptcy can be the solution.

What are the repercussions of filing bankruptcy?

It is crucial to understand that even though bankruptcy offers a chance to start over financially, there are some consequences. It negatively impacts your credit and reduces your ability to take out loans in the future. Bankruptcy may stop wage garnishment, collection calls, and prevent or delay foreclosure on a home, and repossession of a car, but there is a small price to pay.

Different types of bankruptcy

Chapter 7 and Chapter 13 Bankruptcy are usually filed by individuals depending on their situation.

Chapter 11 is filed by individuals who don’t qualify for Chapter 13 and corporations seeking to reorganize their debts.
Click here to learn more about Chapter 7 Bankruptcy
Click here to learn more about Chapter 13 Bankruptcy
Differences between Chapter 7 and Chapter 13
Click here to learn more about Chapter 11 Business Bankruptcy
Click here to learn more about Mortgage Modification Mediation
To learn more about which bankruptcy option is best for you, contact our office today to schedule your consultation.