Tamarac, FL Bankruptcy Lawyers
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Living with extensive debt that you are unable to pay is frustrating and discouraging. You are likely wondering when something will change or if you will ever find financial relief. Unfortunately, debt doesn’t just go away on its own; in fact, it only grows. At some point, you may have to come to terms with the fact that filing for bankruptcy is the only option you have for eliminating your debt and improving your financial situation. Many people are unaware of the benefits of filing for bankruptcy, though, and have such a negative impression of it that they go on suffering under the weight of their debt. We are here to challenge the stigma!
At The Santos Law Offices, our goal is to educate you and put you on the path to financial freedom. Call our Tamarac bankruptcy lawyers today to schedule your free consultation where we can review your circumstances and help you determine which type of bankruptcy you qualify for so that we can begin moving forward together.
Chapter 7 Bankruptcy
Who It’s For: individuals with a large amount of unsecured debt such as that from credit cards, medical bills, past-due utility bills, business debts, collection accounts, or personal loan debt that they cannot repay. To ensure that a person is truly unable to pay back their debt and that the system doesn’t get abused, they must prove that they do not have the resources or disposable income available to repay the debt. Usually, it is proof enough if they fall below the state’s median income. However, if they do not meet the income requirement, they must pass what’s called a “means test” where their income and expenses will be calculated and then compared to the existing debt.
How It Works: if you qualify for Chapter 7 bankruptcy and make the choice to file, you must participate in mandatory credit counseling at least 180 days before filing. Our attentive Tamarac bankruptcy lawyers can assist you with the paperwork, as well as submitting your Statement of Intention, and communicating with creditors. You can either reaffirm your debt held by collateral (continue making payments) or liquidate it. Within about 6 months of filling, your debt will be discharged by the court.
Benefits: all collection efforts, notices, foreclosure sales, and wage garnishments stop immediately; there is no debt repayment plan, debt is discharged quickly, you will keep most property, and you get relief from debt as soon as you file.
Drawbacks: you can’t file for Chapter 7 if your income is too high, your credit will take a temporary hit, not all unsecured debt will be erased, and co-signers will not be protected.
Chapter 13 Bankruptcy
Who It’s For: while there is no income requirement to file for Chapter 13, you must still prove that you cannot repay your debt. You must also fall under the debt threshold for both secured and unsecured debt, which is adjusted by the federal government periodically. Individuals who file for Chapter 13 tend to have a considerable amount of disposable income, assets they want to protect, and are willing and able to stick to a payment plan.
How It Works: similar to Chapter 7, you must participate in mandatory credit counseling and debt education courses. After filing, your debt will be reorganized and the court will determine a plan for you to repay it over the next 3-5 years. Again, our Tamarac bankruptcy lawyers are highly experienced in the process and can help you gather and submit all necessary paperwork, which includes a list of creditors, evidence of income, a list of property and valuables, recent tax returns, and more.
Benefits: all collection efforts, notices, foreclosure sales, and wage garnishments stop immediately; you will keep your assets, co-signers will likely be protected, and your bankruptcy will remain on your credit report for a shorter amount of time.
Drawbacks: your credit will take a temporary hit, there are no second chances for neglecting your payment plan, and you will likely have high interest rates and fees on loans.
Trust Our Tamarac Bankruptcy Lawyers To Improve Your Experience
The bankruptcy process is complex and there are a lot of steps involved. If a step is missed or done incorrectly, it could jeopardize your opportunity to get relief from your debt and begin practicing improved financial habits. You can rely on our team to treat your case with careful attention and create a strategy that gives you the best chance of getting your life back. Call The Santos Law Offices today and learn more about our personalized and affordable services!
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Tamarac, FL Practice Areas
I highly recommend the Santos Law Office if you get sued by a credit card collection agency. I called them and had an appointment by phone, the next day. Within 3 weeks my case was settled and I had a affordable payment plan to settle my debt. Best part of all, I never stepped foot in a court. Thank you Santos Law Offices!!
I want to take a second to thank you guys! I never thought that the claim to bring my mother to come from Cuba would move so quickly! it's incredible that within 10 months I was able to finally have my mother by my side after not seeing her for 16 years thank you so much guys!!
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