Bankruptcy Attorney Miami | Bankruptcy Lawyer Miami

Dealing with difficult debt can be a challenging experience, but you are not alone in this situation. In Miami, there are lots of people and businesses who are turning to bankruptcy as a legal option to recover their financial stability. If you are looking for a bankruptcy lawyer in Miami, then Garcia Hernandez is one of the best law offices based in Coral Gables, FL and serving people from across the state, including 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 the Process of Bankruptcy Work?

Bankruptcy is a legal procedure that allows people or companies to erase or repay their debts under the security of the federal bankruptcy court. This procedure starts with a consultation to evaluate your economic condition and decide the most suitable law to file under, either Chapter 7 or Chapter 13.

Chapter 7 Bankruptcy:

• It is available to people or companies with low income and resources.
• This chapter involves the selling of non-exempt properties to pay creditors.
• Normally finishes within 4 to 6 months.
• Removes the most unsecured debts and provides a fresh start to people.

Chapter 13 Bankruptcy:

• It is developed for people with a consistent income who can stick to an offered repayment plan.
• In this procedure, the court establishes a 3 to 5-year repayment plan to pay the creditors.
• Allow people to keep their property and catch up on missed car payments.

Chapter 11 Bankruptcy:

• Mainly used by businesses, but people with huge debts probably also qualify for this.
• It involves the repayment plan of debts and business operations.
• This procedure offers a way for businesses to resume operations while repaying debts to creditors.

These procedures involve an automatic stay after filing for bankruptcy that holds creditor activities, such as collections, foreclosures, and harassment.

Why did People in Miami File for Bankruptcy?

In Miami, people usually face unique financial difficulties that lead to bankruptcy filings. In the year 2023, the southern region of Florida, near Miami, recorded a total of almost 3372 Chapter 7 filings, 99 Chapter 11 filings, and 2373 Chapter 13 filings. Here we mentioned some Common reasons for filing bankruptcy in Miami:

1. High Medical Bills: Unexpectedly high medical costs can lead to difficult debt for people.
2. Credit Card Debt: The high interest on credit card debt can become uncontrollable for people in Miami.
3. Job Loss: Underemployment or unemployment can make it tough to meet financial commitments.
4. Divorce: The financial stress of divorce can lead to huge debt acquisition.
5. Foreclosure: The threat of losing the house can incline people to seek bankruptcy filing.

After seeing these stats and key reasons, the significance of seeking legal assistance to navigate the difficulties of bankruptcy filing and discover a path to stable financial conditions.

What Are the Consequences of Filing for Bankruptcy?

Although bankruptcy provides relief from particular debts, it also has some associated consequences that people should think about before filing. These are:

• Affect Credit Report: Bankruptcy can be visible on your credit report for almost 10 years, possibly impacting your ability to acquire credit.
• Public Record: Filing for Bankruptcy is a public procedure and is recorded publicly, which probably impacts your privacy.
• Asset Liquidation: As per Chapter 7, non-exempt properties are probably sold to pay the debt to creditors.
• Mental Stress: This procedure can be mentally straining, but legal help from a lawyer can offer some support and guidance.

Along with these consequences, it can offer a fresh or new start to someone who is burdened by impossible debt.

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.

Types of Bankruptcy Garcia Hernandez Handles

At Garcia Hernandez, our lawyers, Henry Hernandez, and Carla Garcia, specialize in the many types of bankruptcy, such as:

1. Chapter 7 Bankruptcy
2. Chapter 13 Bankruptcy
3. Chapter 11 Bankruptcy

Our experienced and knowledgeable lawyers at Garcia Hernandez guide clients through each step of the bankruptcy procedure. We ensure clients for the best possible result based on their situations.

Why Choose Garcia Hernandez in Coral Gables

Garcia Hernandez is a reputed and trusted law office based in Coral Gables, FL. We specialize in handling normal to complicated bankruptcy cases across the state of Florida, including Miami. Here are the reasons why the people of Miami chose us for their Bankruptcy filing:

• At Garcia Hernandez, our lawyers have almost 15 years of combined experience in bankruptcy law.
• Our lawyers are familiar with Miami-Dade County courts and procedures.
• We offer personalized and tailored solutions to meet the unique needs of each client.
• Our professional attorneys are fluent in multiple languages, such as English and Spanish.
• We offer free starting consultation for clients, so they can tell their all situation freely and discuss their case perfectly.

Selecting Garcia Hernandez as your bankruptcy attorney in Miami means associating with a law office committed to navigating you through the difficulties of this procedure and regaining financial stability.

What to Expect During the Bankruptcy Process

Garcia Hernandez included and informed you through each step of the bankruptcy procedure with clarity and care. Here is what you can expect from us:

Free Initial Consultation

Our lawyers evaluate your financial condition and decide even if filing bfor ankruptcy is the perfect way for you or not. We discuss your goals, income, properties, and debts to select the suitable Chapter for you.

Credit Counseling Requirement

Before filing for bankruptcy, federal court law requires you to complete a credit counseling session from a government-authorized agency. Our team helps you find and finish this procedure correctly.

Petition Filing

Then, we are ready and file your bankruptcy petition with the USA bankruptcy court for the southern region of Florida. It involves schedules of your debts, assets, earnings, and a statement of financial matters.

Automatic Stay Begins

After filing for bankruptcy, the automatic stay goes into effect. This powerful order of the court stops repossession, foreclosure, wage garnishment, and calls of creditors instantly.

341 Meeting of Creditors

Almost 30 to 40 days after filing for bankruptcy, you have to attend a short meeting with a bankruptcy trustee assigned by the court. Creditors can ask some normal questions in the presence of your lawyer.

Plan Confirmation or Asset Liquidation

The court confirms your repayment plan in Chapter 13, or erases your debts and liquidates non-exempt properties in Chapter 7 to pay debts to creditors.

Discharge of Debts

In the end, your applying debts are legally erased. It means you are no longer legally obligated to pay creditors, giving you a clean and fresh financial beginning.

Ready to Take the First Step?

If you are overwhelmed by unmanageable debt and looking for a way to relief, Garcia Hernandez is here to help you in Miami! As one of the leading law offices based in Coral Gables, we specialize in bankruptcy cases and help hundreds of people in Miami regain their financial stability. Need Help? Call On: (305) 771-3374 Office Address(Coral Gables): 2655 LeJeune Road, Suite 802, Coral Gables, FL 33134. You can contact us by calling, visiting our office, or scheduling a virtual meeting with our lawyers to discuss your case. Contact now!

Frequently Asked Questions for Bankruptcy Lawyers in Miami

Question 1. Will I lose my home if I file for bankruptcy in Miami?

Answer: As we know, the state of Florida has one of the strongest homestead laws in the country. Provided you meet residency needs, in most situations, your primary home is protected from foreclosure, even in Chapter 7.

Question 2. Can bankruptcy stop wage garnishment?

Answer: At the filing of your bankruptcy case, the automatic stay instantly stops wage garnishment. This protection then remains in place for the duration of the case and usually will permanently discharge the underlying debt, causing the garnishment.

Question 3. How long does bankruptcy stay on my credit report?

Answer: It stays on your report for almost 10 years for Chapter 7 and 7 years for Chapter 13, starting from the filing date. Many clients begin rebuilding their credit shortly after discharge by using secured credit cards and maintaining good financial habits.

Question 4. How much does a bankruptcy lawyer in Miami cost?

Answer: The fees depend on the complexity and chapter. As Garcia Hernandez, we are happy to arrange for flexible payment plans, and we also offer free initial consultations so that your case can be evaluated before any work or payment is required.

Question 5. Can I keep my car if I file for bankruptcy?

Answer: In most cases, yes. If you are present on payments, Florida’s vehicle law and bankruptcy provisions will allow you to retain the vehicle. In Chapter 13, people have the option of restructuring their car payments.

Question 6. What kinds of debts are not dischargeable in bankruptcy?

Answer: Some debts simply can not be wiped out. These are major student loans, child support, alimony, certain taxes, and certain other liabilities, like those resulting from fraud or a personal injury while driving under the influence.

Question 7. Is it a good option for me to go through bankruptcy if foreclosure is being put on my property?

Answer: Bankruptcy, indeed, will stop foreclosure proceedings and will give the debtor some time to get caught up on categories of payments. Chapter 13 is especially useful for those who want to keep their house and restructure their automobile debt.