When Filing for Bankruptcy Protection, you want us on your side! Deciding whom to hire is never easy. At Rodriguez Law, P.L., we set ourselves apart from the rest by building life long relationships with clients centered on trust and confidence. Rodriguez Law, P.L. is family run – Ricardo A Rodriguez is the sole attorney and his wife is the office manager. They are a team dedicated to providing the support and dedication clients deserve. Our clients’ problems become our problems, and we focus our resources on getting our clients the best possible results. Although no attorney can guarantee results, we can guarantee that we will be 100 percent dedicated to helping you obtain the results you want. Unlike other firms, you will have direct one-on-one communication with Ricardo A Rodriguez, and he will be solely responsible for your case. Call us for a free face-to-face consultation with him.
The benefits of bankruptcy relief are numerous, and they can give you the peace of mind you need to help you focus on your personal life and not your debts.
Filing for Chapter 7 Bankruptcy protection may have the following benefits:
- May eliminate your responsibility to pay all or most of your outstanding debts
- May stop harassing phone calls and collection letters
- May stop credit card lawsuits against you
- May stop wage garnishments
- May stop levies against bank accounts or personal property
- May delay a foreclosure sale
Filing for Chapter 13 bankruptcy relief may have most of the benefits of a Chapter 7 plus the following advantages:
- May allow you to make missed mortgage payments to stay with your home
- May allow people with reverse mortgages to repay the mortgage company property taxes and insurance in installment payments
- May help you reduce the mortgage on investment properties to its market value
- May eliminate the lien for past due condominium or homeowners association fees.
- May eliminate a second mortgage on your home or investment property
- May allow you to retain assets you would not be able to retain in a Chapter 7 bankruptcy
- May help you pay back past due Federal income taxes without incurring additional penalties or even eliminate most of them
- You may only have to pay back a small amount of what you owe in debt
Chapter 7 vs. Chapter 13
Chapter 7 and Chapter 13 are the two main bankruptcies filed by individuals and married couples. The most prominent difference between the two is that Chapter 7 eliminates your responsibility to pay most or all of your debts without a plan of repayment. In other words, people who file for Chapter 7 bankruptcy usually don’t have to pay any of their debts, but there are limited exceptions. A Chapter 13 bankruptcy requires a plan of repayment, but don’t be alarmed. Most people who file for Chapter 13 relief only pay back a fraction of the amount owed in debts. For instance, assuming you owed $75,000.00 in credit card debt, you may potentially only be required to pay two percent ($1,500) of the total balance over a period of 36 to 60 months.
The other primary differences between a Chapter 7 and Chapter 13 are the assets a debtor may retain and how much a debtor is earning. Among other things, Chapter 7 debtors must have limited assets. If the debtor has more assets than are allowed by the bankruptcy laws, the trustee can liquidate the assets to pay toward creditors. Assets that are permitted may potentially include your homestead, a vehicle worth $1000 and personal property worth $1,000. These figures change depending on whether clients file jointly and whether they own a home. Income is also a factor in deciding whether you qualify for a Chapter 7 bankruptcy. If your household income exceeds the limits allowed for a family of your size, you may still qualify. If you exceed the household income for a family of your size, qualifying for Chapter 7 bankruptcy may become much more stringent and technical. Chapter 13 on the other hand is designed for people with regular income who simply want to retain assets that would not be protected in a Chapter 7 or who need the functions of a Chapter 13. In a Chapter 13, debtors are allowed to retain assets of value beyond those assets in a Chapter 7.
Call 305-262-8226 to make an appointment for a FREE consultation to determine if a Chapter 7 or 13 bankruptcy is right for you.
Does Filing for Bankruptcy Mean You’re Financially Irresponsible?
For many years, it was assumed that if a family had to file for bankruptcy, it meant they were financially irresponsible. In today’s changing economy, nothing could be further from the truth. Often, unexpected medical bills, car problems, and other things that just weren’t in the budget can lead to a financial crisis. Families who always pay their bills can suffer from a job loss, suddenly rendering them unable to meet their financial obligations. Even people who work hard to stay financially sound can hit a bump or two in the road that causes them to need to file for bankruptcy when they can no longer make ends meet.
How to File for Bankruptcy
There are several different types of bankruptcy that may be available to you, depending on your individual financial situation, including how much debt you owe, what type of debt you owe, and how much you earn. Typically, individuals will file a Chapter 7 or a Chapter 13 bankruptcy, while businesses file a Chapter 11 bankruptcy. However, determining what type of bankruptcy is best for your individual situation requires the expertise and advice of a experienced bankruptcy lawyer.
Your attorney will go over your unique financial situation and ask you questions regarding your bills, your debts, how much you make now, and how much you expect to make in the near future. Additionally, your attorney will ask about your assets, including how many assets you have and of what type, as well as if any of your assets can be liquidated to meet some or all of your financial obligations.
Contact Rodriguez Law, P.L. Today for More Information
Financial challenges can be stressful on you and your family. If you are struggling with debt, don’t wait to get help. Call Rodriguez Law, P.L. today for a consultation to discuss your financial needs and whether bankruptcy is the right choice for you. We can help you carve out a path to a clean financial slate, so you can begin looking towards a brighter future for you and your family. Call now at (305) 262-8226.