Miami Gardens, Florida Bankruptcy Lawyer

The Miami Gardens, Florida bankruptcy lawyer at Rodriguez Law, P.L. helps clients escape the burden of debt and debt collections. Many people end up struggling under the weight of unmanageable debt through no fault of their own. Unexpected medical bills can send a family’s budget into a tailspin. Higher costs of living and inflation along with stagnant wages have left many families unable to make ends meet, and unable to pay off their debts. In some cases, inflation and higher costs of living has led families to take on more debt than they can afford or find themselves underwater on their mortgage or car payment. If you are facing financial challenges, you don’t have to suffer in silence. The Miami Gardens, Florida bankruptcy lawyer at Rodriguez Law, P.L. is here to help. Our bankruptcy lawyer in Miami Gardens, Florida can review your unique situation, evaluate your debts, and offer guidance on the next steps. Bankruptcy can help you clear your debts, put a stop to debt collection, and give you a fresh financial start.

We can help you decide whether Chapter 13 or Chapter 7 bankruptcy is right for you and can help you decide whether bankruptcy is truly the best option. Every person and family’s financial situation is unique. If you are facing calls from debt collectors or have questions about your rights, reach out to the Miami Gardens, Florida bankruptcy lawyers at Rodriguez Law, P.L. today. We can help.

Is Bankruptcy Right for Me?

If you find yourself unable to pay your debts, are taking hits to your credit scores due to late payment of bills or non-payment, or if you are concerned that your credit card bills, medical bills, or personal loan debts might make it impossible for you to pay these bills and your mortgage or car payments, bankruptcy might be an option. With bankruptcy, it may be possible clear your debts. This means your debts are gone. In most cases, your primary home is protected, and you might be able to keep your car and other exempt property. Bankruptcy can end debt collector harassment, eliminate unmanageable debt, and give you a fresh financial start.

If you aren’t sure whether you should file for bankruptcy, you may want to reach out to the Miami Gardens, Florida bankruptcy lawyer at Rodriguez Law, P.L. Our attorney can review your situation and help you understand the benefits and drawbacks of bankruptcy given your unique circumstances. We can evaluate your assets and help you understand which assets you might be able to keep and which ones you might lose as a result of bankruptcy. We can also help you choose the right type of bankruptcy for your situation, whether that is Chapter 7 bankruptcy or Chapter 13.

Contact the Miami Gardens, Florida bankruptcy lawyer at Rodriguez Law, P.L. today. We understand that debt can lead to immense stress, and the thought of bankruptcy is not something that should be taken lightly. Yet, for many individuals and families, it is the best option.

When Bankruptcy Isn’t the Best Option

If you have savings or have any way at all to pay your debts, bankruptcy may not be the answer for you. A bankruptcy will affect your credit rating. In addition, individuals with bankruptcy on their records may have difficulty opening new credit lines immediately after the bankruptcy and may pay higher interest rates for the loans they do take out. Bankruptcy may not be the choice for you if you have a way to pay off debts, or if you plan to get a new car loan or mortgage any time soon. Bankruptcy will significantly affect your credit score, and the bankruptcy can remain on your credit report for up to ten years.

But if you are already seeing hits to your credit score because of your inability to pay credit cards, medical debt, or other personal loans, bankruptcy may be a good option to stop the “bleeding.” If you are concerned that you might not be able to pay your mortgage or your car payments because of unexpected medical bills, or credit card expenses, bankruptcy may be an option to explore. If you have high debts, but don’t have many assets, or no assets, Chapter 7 bankruptcy may be able to help you clear your debts and get a fresh start.

The bankruptcy lawyers in Miami Gardens, Florida are here to help. We understand that bankruptcy isn’t a process anyone should take lightly because of the long-term consequences. We also have seen so many instances where bankruptcy has set clients free from the harassment of debt collectors and the burden of unmanageable debt. If you want to explore whether bankruptcy is right for you, reach out to the bankruptcy lawyers in Miami Gardens, Florida at Rodriguez Law, P.L.

Chapter 7 vs. Chapter 13 Bankruptcy

The two main types of bankruptcy typically available are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 was designed for people with limited assets or no assets and may eliminate all unsecured debts such as credit cards, medical bills, and personal loans. Many times, people leave Chapter 7 bankruptcy owing nothing. On the other hand, Chapter 13 bankruptcy will typically require a 3 to 5 year payment plan but that doesn’t mean you’ll have to pay everything off. Most of the time Chapter 13 plans may require partial payment of the debts owed.  The benefit of Chapter 13 bankruptcy is that you’ll be able to keep unprotected assets such as a paid off car or boat or if you’re behind on mortgage payment, a Chapter 13 can allow you to cure your arrears. Both Chapter 13 and Chapter 7 bankruptcy clear unsecured debt, that is, debt like credit card debt, medical debt, and personal lines of credit. The main difference between Chapter 7 and Chapter 13 bankruptcy is how assets are treated. If you own assets such as second home and want to keep it, you will most likely choose Chapter 13 bankruptcy. With Chapter 13, after the three to five year period, unsecured debts are discharged.

Contact our Miami Gardens Bankruptcy Lawyers Today,  

Not sure which type of bankruptcy is right for you? The bankruptcy lawyer in Miami Gardens, Florida at Rodriguez Law, P.L. have answers. We can take a close look at your financial situation and help you choose the bankruptcy option that’s best for you. Reach out to our bankruptcy attorneys in Miami Gardens, Florida today.