Palmetto Bay, FL Bankruptcy Lawyers

Have you tried every possible solution to try and pay off your debt, but haven’t made any progress? If it seems like your financial situation is not improving – or even getting worse – it may be time to take critical action. Living under the weight of debt with no financial freedom can lead to intense emotions of despair and helplessness. While making the decision to file for bankruptcy is often viewed in a negative light, many people are unaware of the benefits that can actually arise from going through the process. No matter if you’ve already made the decision to file and are confident in it, or if you’re on the fence, our judicious Palmetto Bay bankruptcy lawyers can help you make the right decision for your unique financial circumstances. Our team has nearly 15 years of experience in navigating South Floridians to a brighter financial future and we can do the same for you! Call The Santos Law Offices, P.A. today to schedule your free phone consultation and learn more about how we can save you time and stress in the bankruptcy process. 

What Is The Difference Between Chapter 7 and Chapter 13 Bankruptcy?

The average American who is struggling with their own personal debt will likely file for either Chapter 7 or Chapter 13 bankruptcy. There are some key differences between the two, and are intended for those in specific financial situations. 

Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, is intended for individuals who have a large amount of unsecured debt, such as that accrued from credit cards, medical bills, past-due utility bills, personal loan debt, and more. What often scares people about Chapter 7 is the fact that some assets may be sold to pay off the debt. However, many assets are exempt under Florida law and will not be sold. Not everyone is eligible to file for Chapter 7, though; you must first pass a means test which shows you fall below the income limit. 

On the other hand, Chapter 13 bankruptcy, also known as “reorganization” bankruptcy, is intended for individuals who also have a large amount of unsecured debt, but exceed the income limit required to qualify for Chapter 7. Many people who file for Chapter 13 have a steady income, and do not liquidate their assets (unless they choose to). Then, their debt is consolidated by the court, who will establish monthly payments to be made over the next 3 to 5 years. Then, the remainder of the debt will be discharged. 

Is Bankruptcy The Right Decision For Me?

Our experienced Palmetto Bay bankruptcy lawyers can evaluate your finances and answer any questions you have about the bankruptcy process. Their practical advice and prediction of what the bankruptcy process might look like for your specific condition will clear up the vast majority of the confusion you may be experiencing. But, the only person who can make the best decision for you…is you!

There are definitely some considerations to take into account before filing. First, your credit score will be significantly impacted, and your credit report will display your bankruptcy for up to 10 years. This may affect you in the future when it comes to applying for loans to make large purchases such as cars or a house. It does not mean that your credit will never recover! In fact, it may be able to recover faster than you thought without the weight of your debt holding it down. 

Other positive aspects that are often overlooked when it comes to bankruptcy are that creditors and collection agencies can no longer harass you for payments, and all of their actions against you – such as foreclosure, repossession, and wage garnishment – must cease. 

How Can Palmetto Bay Bankruptcy Lawyers Make A Difference In My Experience?

If you decide that filing for bankruptcy is the only way to achieve relief from your financial hardships, our team is ready to step in and help you navigate the complex process. We will support you as you move through each stage and make sure you don’t make any errors that could cost you time, money, and stress. Call today to schedule your free phone consultation and learn more about how The Santos Law Firm, P.C., can give you peace of mind!